INTERFAITH HARMONY COMMITTEE TO CONVENE EMERGENCY MEETING

TO ADDRESS HEIGHTENED RACIAL AND RELIGIOUS TENSIONS p2

W E D N E S DAY, A P R I L 3 , 2 0 2 4 t h e e d g e m a l ay s i a . c o m
ISSUE 743/2024

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HOME: AmInvest names Hong Leong Bank, IOI Properties and Greatech as new top picks p6
Nestcon plans diversification into renewable energy p7
Johor Plantations Group gets SC’s nod for Main Market listing p7
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SUHAIMI YUSUF/THE EDGE ZAHID IZZANI/THEEDGE

MACC to charge My priority

is to sort
‘Casio King’ Robert out legacy
issues in
Tan over RM4.5 bil Tabung
Haji, says
Spanco deal today Rashid
Hussain
Report on Page 2.
Report on Page 3.

Robert Tan
 W E D N E S D AY A P R I L 3 , 2 0 2 4 2 THEEDGE CEO MORNING BRIEF

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H O M E

MACC to charge
KUALA LUMPUR (April 2): The Malay- in the 1990s, including a former prime
sian Anti-Corruption Commission (MACC) minister and finance minister.

‘Casio King’
has obtained permission from the Attorney “We will call up anyone who made the
General’s Chambers to charge Tan Sri Rob- decision at the time, who decided to award

Robert Tan over

ert Tan Hua Choon, widely known as ‘Casio the project to Spanco,” Azam was quoted
King’, at the Sessions Court on Wednesday, to have said.

RM4.5 bil Spanco

in relation to the RM4.5 billion government On Feb 22, Azam said the MACC had
fleet project involving Spanco Sdn Bhd. already recorded the statement of a former

deal today
Tan’s name was listed on the Sessions
Court’s registry, while the MACC noti-
fied that a corporate figure was set to be
charged without providing details.
When contacted by The Edge, MACC’s
prosecution head Datuk Wan Shaharud-
din Wan Ladin confirmed the matter and
confirmed that the subject was Tan.
It is not known what Tan will be charged
with, but he is slated to be charged in one
of KL’s specialised Sessions Court that
hears corruption cases.
Last month, MACC chief commissioner
Tan Sri Azam Baki was quoted as saying
that the anti-graft body would call up all
key decision-makers involved in the award-
ing of a government contract to Spanco
finance minister with regards to the deal.
It was reported in January that MACC
had raided the home of a corporate figure
and seized personal and company accounts
BY HAFIZ YATIM under his control, but the said assets have
theedgemalaysia.com not been frozen.
News reports did not reveal the name of
the individual, but said that the individual
is a major shareholder of Spanco.
Tan, known as ‘Casio King’, is the first
and only distributor of the brand’s watches
and calculators in Malaysia.
A company search via SSM data reveals
Spanco’s shareholders are Jati Rata Sdn
Bhd (46%),Tan (24.65%), Datuk Seri Tan
Han Chuan (14.67%), Datin Tan Ching
Ching (9.68%) and Minhat Mion (5%).

KUALA LUMPUR (April 2):The inter-
faith harmony committee, jointly man-
aged by the Ministry of National Unity
and the Department of Islamic Devel-
opment Malaysia (Jakim), will convene
an emergency meeting to address the
escalating racial and religious tensions
in the country.
In a joint statement on Tuesday, Min-
ister of National Unity Datuk Aaron Ago
Dagang and Minister in the Prime Min-
ister’s Department (Religious Affairs)
Datuk Dr Mohd Na’im Mokhtar con-
demned all recent incidents of racial and
religious tensions that have threatened
the harmony of the people.
“We strongly condemn all incidents
that jeopardise the harmony of our peo-
ple, particularly those involving racial and
religious sensitivities,” the statement read.
They urged the authorities, especially
the Royal Malaysian Police (PDRM), to
Interfaith harmony
committee to convene
emergency meeting to
address heightened racial
and religious tensions
BY CHOY NYEN YIAU
theedgemalaysia.com
take strict action against any parties vio-
lating the law and ensure they face justice.
“The involved parties need to be pun-
ished appropriately as a lesson to all,” they
said.
Both ministers also issued a stern warn-
ing to individuals against inciting past ra-
cial tensions to the extent of creating social
discord among people of diverse races, re-
ligions and cultures in the country.
They reiterated their stance, urging
that no party instigate matters that touch
on religious sensitivities and should be
in compliance with the Federal Con-
stitution.
“The community must always uphold
and practice life values, which are the
responsibility of every citizen to protect
and defend the stability and security of
the country from any threats of conflict,
provocation, and hostility,” they stated.
A molotov cocktail was reportedly
hurled at a KK Mart outlet in Jalan Sa-
tok, Kuching, on Sunday.This marks the
third such attack in the country after the
issue of socks bearing the word “Allah”
first emerged on March 13.
The first incident was at a KK Mart
outlet in Bidor, Tapah, on March 26,
and the second incident was reported
in Sungai Isap, Kuantan, on March 29.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
KUALA LUMPUR (April 2): Lembaga
Tabung Haji’s newly appointed chairman
Tan Sri Abdul Rashid Hussain said his
main priority as he takes the helm at the
pilgrim management fund is to “sort out”
legacy issues.
The former investment banker did not
specify the exact legacy issues that he needs
to resolve when he spoke at the press con-
ference in conjunction with the release of
Tabung Haji’s financials in 2023.
Abdul Rashid, however, highlighted
that it is important to stabilise the pilgrim
fund’s balance sheet in order to main-
tain sustainable earnings for the fore-
seeable future. Besides, he said Tabung
Haji needs to strengthen its investment
team is also another top priority for the
newly appointed chairman.
“Tabung Haji is a very well-estab-
lished institution with a history that runs
for about 60 years. It has a lot of legacy
issues, so obviously the first things are to
sort out the legacy issues and stabilise the
balance sheet in order to maintain sus-
tainable earnings for the future,” he told
the media.
In addition, Abdul Rashid said another
concern would be the rising costs of per-
forming haj that would have to be borne
by the depositors as well as Tabung Haji
Tabung Haji in ‘early discussion’ with govt to reclaim its assets
KUALA LUMPUR (April 2): Lemba-
ga Tabung Haji is currently in the “early
discussion stage” with the government
to reclaim its assets that the government
acquired at a premium in 2018 through
Urusharta Jamaah Sdn Bhd (UJSB).
However,Tabung Haji executive direc-
tor group finance Mustakim Mohamad
said he could not disclose which specific
assets will be returned or when the pro-
cess of returning those assets will begin.
“We will assess whether returning
these assets will benefit Tabung Haji or
not, and then decide which assets can
be used or remain within UJSB,” he said
during a press conference after the re-
lease of Tabung Haji’s 2023 financials.
UJSB, a special purpose vehicle
(SPV) established under the Ministry
of Finance (MOF), took over the un-
derperforming assets from the pilgrim
fund in 2018. The assets were valued at
approximately RM9.7 billion at the time.
Accordingly, UJSB paid RM19.6 bil-
lion, which was raised through two sukuk
issued in 2019, along with an additional
RM300 million in cash to Tabung Haji, as
reported by the Auditor General’s Report.
3 THEEDGE CEO MORNING BRIEF
H O M E
My priority is to
sort out legacy
issues in Tabung
Haji, says Rashid
Hussain
BY EMIR ZAINUL & LUQMAN AMIN
theedgemalaysia.com
through the subsidy it provides.
“My main concern for the future is the
escalation of cost in performing haj, 85%
of the cost of performing haj are external
— the agencies, transportation, and accom-
modation. In the longer term, the cause
for concern will be if we have to reduce
the subsidy or only subsidise the poorest
segment,” he said.
Earlier, Tabung Haji noted that the cost
of performing haj has risen by about 8%
from RM30,850 per person in 2023, to
RM33,300 this year, driven by higher ac-
commodation costs in Saudi Arabia fol-
lowing the rapid development surround-
ing the holy cities of Medina and Mecca.
BY LUQMAN AMIN & EMIR ZAINUL
theedgemalaysia.com
ZAHID IZZANI/THE EDGE
Lembaga Tabung Haji executive director
group finance Mustakim Mohamad said
he could not disclose which specific assets
will be returned or when the process of
returning those assets will begin.
Of the assets that were acquired, 80%
were equities while the remaining 20%
comprised properties. UJSB currently owns
shares in about 54 companies listed on Bursa
Malaysia. Of these, it holds substantial stakes
in eight companies, including Pelikan Inter-
national Corp Bhd, Malakoff Corp Bhd, and
Datasonic Group Bhd.
For this year’s haj season, the fee for
a prospective haj pilgrim from the B40
(bottom 40% income) group, who is per-
forming the pilgrimage for the first time,
has been set at RM12,356, while it is
RM19,152 for the M40 (middle 40% in-
come) group, after deducting subsidy by
Tabung Haji.
Following the rise in haj expenses,
Tabung Haji has allocated financial assis-
tance amounting to 63% of the haj cost for
the B40 group, and 42% for the M40 group.
As for the T20 (Top 20% income)
group, similar to last year, pilgrims are
required to make the full payment of
RM33,300.
Abdul Rashid was appointed as the
chairman of Tabung Haji on Dec 20 last
year, taking over from Tan Sri Azman
Mokhtar, who has served the position for
two years from Dec 20, 2021.
Abdul Rashid, co-founder of Rashid
Hussain Securities and the RHB Bank-
ing Group, was also one of six members
of the Tabung Haji Royal Commission of
Inquiry set up in 2022 to review the fund’s
operations in the 2014-2020 period.
Abdul Rashid lost control of RHB when
he was “forced” to sell his stake after falling
out of favour with the political powers that
be following the 1998 Asian Financial Crisis.
Among the assets transferred to UJSB
were four Tabung Haji hotels: TH Hotel
Kota Kinabalu, TH Hotel Bayan Lepas,
TH Hotel and Convention Centre Alor
Setar, and TH Hotel and Convention
Centre Kuala Terengganu, all of which
have been renamed Raia Hotel.
In September last year, Prime Minis-
ter Datuk Seri Anwar Ibrahim announced
that the government would initiate discus-
sions to return the assets held by UJSB
back to Tabung Haji as MOF was satis-
fied with Tabung Haji’s management and
governance, as well as its ongoing financial
performance, especially after overcoming
previous stumbling blocks.
The SPV has redeemed RM400 mil-
lion of the RM19.6 billion sukuk it is-
sued. Based on the outstanding sum of
RM19.2 billion, the gap between the as-
sets UJSB holds and the sukuk amounts
to RM9.49 billion, as estimated through
back-of-the-envelope calculations.
According to the Auditor General’s
Report on the federal government finan-
cial statement for 2022, UJSB redeemed
RM200 million worth of sukuk in Jan-
uary this year.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
KUALA LUMPUR (April 2): Lembaga
Tabung Haji has declared a profit distri-
bution of 3.1% after zakat for the finan-
cial year ended Dec 31, 2023 (FY2023),
maintaining the same rate for the fourth
consecutive year.
The total distribution amounted to
RM2.72 billion, to be distributed to 9.15
million Tabung Haji depositors, compared
with a distribution of RM2.64 billion to
8.8 million depositors in 2022, said Min-
ister in the Prime Minister’s Department
Datuk Dr Mohd Na’im Mokhtar at a press
conference on Tuesday.
Tabung Haji also declared zakat of
2.57% for FY2023, bringing total zakat
payment to all state Islamic religious
councils on behalf of depositors to
RM101 million.
As at Dec 31, 2023, Tabung Haji’s
total assets under management stood
at RM93.6 billion, while its fund size
(deposits) amounted to RM89 billion.
While Tabung Haji did not announce
its net income for the year, its manag-
ing director and chief executive officer
Syed Hamadah Syed Othman noted that
its performance in 2023 was driven by
shariah-compliant investments in fixed
income instruments, namely sukuk,
which generated 52% of total income,
while 24% was contributed by equity
investments.
Meanwhile, the remaining 16% was
contributed by investments in money
markets, and 8% by investments in prop-
erties.
In terms of strategic asset allocation,
Tabung Haji allocated 58% of its invest-
ments into fixed income instruments,
25% into equity investments, 10% into
money markets, and 7% into properties.
KUALA LUMPUR (April 2): The
Malaysian Oil, Gas & Energy Servic-
es Council (MOGSC) said national oil
company Petroliam Nasional Bhd (Pe-
tronas) should prioritise awarding con-
tracts to qualified companies with local
capabilities to ensure that the overall
ecosystem in Malaysia gains from such
awards, creating multiplier effects that
benefit the nation.
In a statement on Monday, the coun-
cil further urged Petronas to realign
the oil and gas services and equipment
(OGSE) ecosystem through its licensing
and registration, and ensure companies
that had gained reasonable track records
and invested in the segment to be given
proper consideration.
“This is an ongoing initiative and we
are following through consistently,” it
said.
4 THEEDGE CEO MORNING BRIEF
H O M E
Tabung Haji
maintains profit
distribution at
3.1% for fourth
straight year in
FY2023
BY EMIR ZAINUL & LUQMAN AMIN
theedgemalaysia.com
No plans to increase overseas
investment exposure
Syed Hamadah revealed that only 10%
of Tabung Haji’s investments are located
overseas, complying with the strategic
asset allocation set by the government.
Although he acknowledged that there
might be more opportunities in over-
seas investments that could provide
more competitive returns, Syed Ham-
adah maintained that the pilgrim fund
does not intend to increase that exposure
in the short to medium term.
“Our priority is to ensure safe depos-
its and stable returns, in line with the
mandate given to Tabung Haji. This is
achieved by being disciplined in com-
plying with the strategic asset allocation
that always focuses on the rate of return
commensurate with the investment risk
taken.
“For now, we have no plans to in-
crease investments abroad, in line with
the government’s aspirations to support
domestic investments,” he said.
MOGSC: Petronas
should prioritise
awarding contracts to
qualified companies
with local capabilities
BY SURIN MURUGIAH
theedgemalaysia.com
Profit distribution rate
(%)
3.5 3.10 3.10 3.10
3.05 3.10
3.0
2.5
2.0
1.5 1.25
1.0
0.5
0.0
2018 2019 2020 2021 2022 2023
Source: Lembaga Tabung Haji
Contribution to income
Properties
8%
Money
markets
16%
Fixed income
(Sukuk)
52%
Equity
24%
Source: Lembaga Tabung Haji
“More than half of Tabung Haji’s in-
vestments are in sukuk or fixed income.
And this is the basis for safe and recur-
ring returns. Apart from that, Tabung
Haji also has long-term strategic invest-
ments that can help increase returns
for depositors for years to come,” Syed
Hamadah added.
The council further urged Petronas
to encourage consortiums or partner-
ships with foreign entities to be awarded
any contract that is beyond local com-
panies’ capability so that local compa-
nies can benefit from technology trans-
fer and gain the necessary expertise and
experience.
MOGSC said the OGSE segment in
Malaysia has 50 years of track record in
supporting Petronas in nation-building
through the oil and gas industry.
“We have built a resilient, competi-
tive and sustainable ecosystem that will
continue to support Petronas to move
forward while navigating its energy tran-
sition agenda.
“It is paramount for Petronas to con-
tinue nurturing capacity and capability
to ensure local OGSE players prosper
domestically and internationally,” it said.
w e d n e s d ay A p r i l 3 , 2 0 2 4 5 TheEdge CEO morning brief
 W E D N E S D AY A P R I L 3 , 2 0 2 4 6 THEEDGE CEO MORNING BRIEF

H O M E

AmInvest names Hong Leong Bank,

IOI Properties and Greatech as
new top picks
BY JUSTIN LIM
theedgemalaysia.com
AmInvestment Bank’s top 10 stock picks
Company Sector Share price Fair value Upside
KUALA LUMPUR (April 2): AmInvest- RM/share RM/share %
ment Bank Bhd has selected Hong Leong Tenaga Nasional Power 11.34 13.00 14.6
Bank Bhd, IOI Properties Group Bhd and
Greatech Technology Bhd as its new top Hong Leong Bank Banking 19.52 24.10 23.5
stocks to buy. RHB Bank Banking 5.69 6.60 16.0
These three counters replaced its ear- Telekom Malaysia Telco 6.00 7.02 17.0
lier picks namely CIMB Group Holdings
Gamuda Construction 5.21 6.54 25.5
Bhd, Mah Sing Group Bhd and Sunway
Bhd, after their share prices have reached Dialog Group Oil & Gas 2.31 2.91 26.0
near or above the research house’s fair IOI Properties Property 2.21 2.84 28.5
values, said AmInvestment Bank Bhd in Yinson Holdings Oil & Gas 2.38 4.02 68.9
a note released on April 2.
Greatech Technology Technology 4.70 5.67 20.6
The house’s other favourites include
RHB Bank Bhd, Tenaga Nasional Bhd, Pavillion REIT REIT 1.29 1.64 27.1
Telekom Malaysia Bhd, Gamuda Bhd, Source: AmInvestment Bank
Dialog Group Bhd, Yinson, and Pavil-
ion REIT.
AmInvestment Bank said it likes Hong The research house likes Greatech due it of RM215.5 million in FY2025 and
Leong Bank due to its resilient asset qual- to the stock currently trading at an at- RM235.7 million in FY2026.
ity and robust contribution from asso- tractive valuation, with its price-earnings
ciates. ratio for FY2024 standing at 32 times, AmInvest keeps end-2024 KLCI
Additionally, the research firm opined below its five-year peak of 46 times. target at 1,500, with ringgit to trade
that the bank’s valuation is attractive, The research outfit likes Greatech as at 4.5
trading at a price-to-book value (P/BV) it believes the group’s business in green AmInvestment Bank has maintained its
ratio of one time for FY2025, below its technology, solar photovoltaic, electric end-2024 target for the FBM KLCI at
five-year historical average of 1.3 times. vehicles industries and life science sec- 1,500 points under its base case sce-
The research house also projected tors have bright prospects. nario.
Hong Leong Bank’s return on equity It is believed that Greatech will contin- Its conservative target stems from
stood at 11%, which it deemed higher ue to grow its businesses driven by new factors such as slowing global econom-
than most peers. product/model launches of existing cus- ic growth, volatility in markets due to the
With that, AmInvestment Bank has tomers, new customers coming on board timing of the US interest rate cut, and
rated a fair value of RM24.10 for Hong for e-mobility and life science segments, moderating domestic consumption amid
Leong Bank, implying an upside of 23% and riding on customers’ expansion plan rising inflation from targeted subsidy ra-
compared to its share price of RM19.58 with the requirement of more production tionalisation and imposition of service
as at 12.30pm on Tuesday. line systems. tax hikes as well as ringgit appreciation
AmInvestment Bank also likes IOI This was premised on Greatech’s tar- against US dollar.
Properties given the anticipated substan- get to secure a new order book of RM1.1 It expects the ringgit to trade at 4.5
tial contributions from recurring income billion this year. Greatech’s outstanding against the greenback by end-2024 —
of IOI Central Boulevard upon its com- order book stood at RM1.05 billion as up from 4.7473 against the greenback,
pletion in FY2024, along with launches at February 2024. Bloomberg showed.
of major projects in Singapore, namely As such, it forecast Greatech to achieve “We note that the FBM KLCI has
Marina View with a huge gross devel- resilient earnings growth between finan- a strong negative correlation coefficient
opment value (GDV) of S$2.6 billion cial year ending Dec 31, 2024 (FY2024) to USD/MYR of -0.65 to -0.75 for the
(RM8.6 billion). until FY2026, growing at a rate between past three to 10 years. This could mean
It has rated a fair value of RM2.84 for 9% and 27%, supported by a gradual that a stronger ringgit towards the end of
IOI Properties, translating into a poten- improvement in product mix skewed to- the year could mean a reversal in foreign
tial upside of 31% when compared to its wards higher margin projects from the so- equity inflows.
share price of RM2.17 as at noon break lar and life science segments, and higher “However, we acknowledge that a
on Tuesday. operational efficiency. slower-than-expected US rate cut could
Meanwhile, AmInvestment Bank has It is anticipated that Greatech will de- lead to persistent ringgit weakness and
initiated coverage for Greatech with liver annual earnings of RM186 million consequently, volatile foreign equity
a “buy” call and a fair value price of for FY2024, up from RM154 million in flows for the rest of the year,” the re-
RM5.67. FY2023. This was followed by a net prof- search house said.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
KUALA LUMPUR (April 2): Construc-
tion firm Nestcon Bhd has proposed to
diversify its existing business operations
to include renewable energy (RE), aiming
to bolster future earnings and expand the
group’s income stream.
In a bourse filing on Tuesday, Nestcon
disclosed plans to diversify operations, in-
cluding engineering, procurement, con-
struction and commissioning (EPCC) of
solar photovoltaic (PV) systems, project
management of RE activities, and own-
ership and operation of solar PV assets.
With Malaysia’s growing population,
economic development, and urbanisation,
the group noted that the RE business is
positioned to benefit from the increasing
demand for renewable energy.
The group foresees the RE business
potentially contributing 25% or more to
the group’s net profits and/or diverting
Johor
Plantations
Group gets SC’s
nod for Main
Market listing
BY SURIN MURUGIAH
theedgemalaysia.com
KUALA LUMPUR (April 2): Johor
Plantations Group Bhd (JPG), former-
ly known as Johor Plantations Bhd, has
obtained approval from the Securities
Commission Malaysia (SC) to list on
the Main Market of Bursa Malaysia Se-
curities Bhd.
In a statement on Tuesday, the up-
stream oil palm plantation company
said that pursuant to the listing, its in-
itial public offering (IPO) of up to 875
million shares will comprise a public
issue of 464 million new shares, and
an offer for sale of up to 411 million
existing shares.
It said of these 875 million shares,
up to 485 million will be made available
to Malaysians and foreign institutions,
312.5 million will be allocated to Bumi-
putera investors approved by the Minis-
try of Investment, Trade and Industry,
50 million shares will be made available
for application by the Malaysian public
by way of balloting, while the remaining
27.5 million shares will be earmarked for
eligible persons who have contributed to
the success of the group.
7 THEEDGE CEO MORNING BRIEF
H O M E
Nestcon plans
diversification into
renewable energy
BY CHOY NYEN YIAU
theedgemalaysia.com
25% or more of the group’s net assets in
the future. This expectation is driven by
ongoing efforts to identify and secure ad-
ditional projects, fostering further expan-
sion of the RE business in the long term.
Shareholders will vote on the group’s
proposed diversification at an extraordi-
nary general meeting (EGM) to be called
at a later date. M&A Securities has been
appointed as its financial adviser for the
JPG managing director Mohd Faris
Adli Shukery said the company is poised
to expand into the downstream segment
of the plantation business, and diversify
its product offerings to include specialty
oils and fats for food production.
“This strategic move will enhance
our position as a fully integrated oil
palm producer, and generate additional
revenue across the entire value chain.
“It is also expected to generate pos-
itive shareholder value, reflecting our
commitment to long-term wealth cre-
ation for our investors,” he said.
Mohd Faris said JPG will strategi-
cally utilise part of the IPO proceeds
to construct an integrated sustainable
palm oil complex, while ensuring busi-
ness continuity through disciplined re-
planting strategies.
“Given our reputable track record
and established integrated business
model, we are confident in our future
growth trajectory, and will remain stead-
fast in our commitment to delivering
excellence while adhering to sustainable
plantation practices,” he said.
RHB Investment Bank Bhd is the
principal adviser, joint global coordi-
nator, joint bookrunner, managing un-
derwriter and joint underwriter for the
IPO exercise.
AmInvestment Bank Bhd and CIMB
Investment Bank Bhd are joint global
coordinators, joint bookrunners and
joint underwriters.
CLSA Singapore Pte Ltd and CLSA
Securities Malaysia Sdn Bhd are joint
global coordinators and joint bookrun-
ners, while Affin Hwang Investment
Bank Bhd is a joint bookrunner and
joint underwriter.
proposed diversification.
Presently, Nestcon is principally in-
volved in the provision of construction
works, focusing on building construction
as well as civil engineering and infrastruc-
ture works.
For the financial year ended Dec 31,
2023 (FY2023), the group posted a net
profit of RM3.49 million, compared to a
net loss of RM15.34 million in the previous
year.The turnaround was mainly attributa-
ble to increased construction activities and
the commencement of new contracts for
both the building division and civil engi-
neering and infrastructure divisions.
Its annual revenue expanded 68%
to RM775.15 million in FY2023 from
RM461.52 million in FY2022.
Shares in Nestcon settled half a sen
or 1.41% higher at 36 sen on Tuesday,
valuing the group at RM254.93 million.
Dolphin International
aborts planned
rights issue
BY CHOY NYEN YIAU
theedgemalaysia.com
KUALA LUMPUR (April 2): Dolphin
International Bhd has decided to cancel
its proposed rights issue, saying it wants to
explore alternative ways of raising funds.
In a filing with Bursa Malaysia, the
group said its board resolved on Tuesday
not to proceed with the plan, opting in-
stead to seek more expedient avenues for
funding its working capital.
Dolphin had in October last year pro-
posed to issue up to 178.38 million shares,
along with up to 133.79 free detachable war-
rants, at 7.5 sen per rights share to raise up to
RM13.38 million.The group had proposed
to allocate up to RM5.13 million for working
capital, RM7 million for the repayment of
bank borrowings, and RM1.25 million for
expenses related to the corporate exercise.
Originally a palm oil mill engineering
services provider, Dolphin later expand-
ed into the food and beverage business,
which has become the group’s largest rev-
enue contributor.
According to the group’s 2023 annual
report, its largest shareholder is Asia Poly
Holdings Bhd, holding a 10.53% stake,
followed by Datuk Yeo Boon Leong with
a 7.95% stake. Dolphin’s shares closed
one sen or 4.65% higher at 22.5 sen on
Tuesday, giving the group a market capi-
talisation of RM30.1 million.Year-to-date,
the stock has risen by 36.36%.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
WWW.LION.COM.MY
Parkson’s HK-listed unit inks 15-year
commercial space lease in China
KUALA LUMPUR (April 2): Department
store operator Parkson Holdings Bhd
said on Tuesday its Hong Kong-listed
unit Parkson Retail Group Ltd (PRGL)
had inked a 15-year agreement to lease
18,004 sq m of commercial space in the
city of Guiyang, China. The space will
be used for a shopping centre, service
projects, offices, warehouses and other
projects under the “Parkson” trademark,
the company said in an exchange filing.
Under international financial reporting
standards, the tenancy agreement will be
treated as the acquisition of right-of-use
assets, which Parkson booked at about
57.1 million yuan (RM37.1 million), it
noted. The rental payable, including tax,
under the tenancy agreement is 3.33
million yuan for the first year, and eight
million yuan per year from the second
year onwards, Parkson said. Parkson also
said the commercial space comprises five
storeys, including one basement floor
in the Longgang International Center
located at 117 Zhonghua Middle Road
in the city of Guiyang, Guizhou province,
China. PGRL’s indirect 60%-owned
subsidiary Guizhou Shenqi Parkson Retail
Development Co Ltd has been operating
Parkson’s department store in China
under a previous tenancy agreement of
20 years. — by Anis Hazim
TAS Offshore secures shipbuilding
contracts worth RM15.3 mil
KUALA LUMPUR (April 2): TAS Offshore Bhd
has secured shipbuilding contracts worth
RM15.3 million for two tugboats with an
existing customer from Indonesia In a bourse
filing on Tuesday, TAS said the vessels are
expected to be delivered in the third quarter
of 2025. In January, TAS had announced
similar shipbuilding contracts worth a total
of RM22.6 million for three tugboats, also
secured from an existing customer from
Indonesia and expected to be delivered in the
same period. Shares of TAS have been on a
rally since the start of the year, gaining over
19 sen or 46.9% year-to-date. The counter
further charted a new eight-year high of 68.5
sen on March 1. — by Hee En Qi
8 THEEDGE CEO MORNING BRIEF
H O M E
NEWS IN BRIEF
GFM secures contracts to maintain
facilities at Pengerang Integrated KPJ Healthcare appoints
Complex former chief secretary to govt
KUALA LUMPUR (April 2): Integrated as new chairman
facilities management GFM Services Bhd KUALA LUMPUR (April 2): Private
has been awarded contracts to deliver hospital operator KPJ Healthcare Bhd
operations and maintenance services has named former chief secretary to
for three facilities within the Pengerang the government Tan Sri Ismail Bakar
Integrated Complex in Johor, for an as its new non-independent and
undisclosed amount. In a filing with Bursa non-executive chairman. Ismail, 64,
Malaysia on Tuesday, GFM said its wholly will take over from Datuk Md Arif
owned subsidiary, Highbase Strategic Sdn Mahmood, who stepped down from
Bhd, along with its joint venture partner, his position upon the completion of his
Mun Siong Engineering Ltd, had received two-year tenure on March 31. Ismail
three letters of appointment (LOAs) from commenced his 30-year civil service in
Petroliam Nasional Bhd (Petronas). The 1983 as an assistant secretary in the
LOAs cover a three-year period, commencing Contract and Supply Division of the
on March 15, 2024, and extending until Ministry of Finance, where he managed
March 14, 2027, with an option for a two- the implementation of procurement
year extension. — by Luqman Amin policies for the Ministry of Defence. He
brings extensive experience in various
DNeX’s Ping UK secures three civil service roles, including serving
more North Sea oilfield licences as secretary general of the Finance,
KUALA LUMPUR (April 2): Dagang Agriculture and Agro-based Industry,
NeXchange Bhd’s (DNeX) UK upstream oil and and Transport Ministries, as well as
gas arm Ping Petroleum UK plc (Ping UK) has budget director at the National Budget
added three more North Sea oilfield licences Office. — by Choy Nyen Yiau
to its portfolio. The new fields bring Ping UK’s
portfolio in the UK Continental Shelf to a
total in excess of 100 million of barrels of oil
equivalent (MMboe) in the central North Sea,
according to Ping Petroleum Ltd’s statement
on Tuesday. DNeX indirectly owns a 90%
stake in Ping Petroleum, which wholly owns
Ping UK. Two licences — License P2612 (the
Glenn field) and P2626 (Hutton field) — were
acquired under the UK’s 33rd licensing round,
while License P2244 (the Pilot field) was
secured via the acquisition of 81.25% equity
in the licence from Orcadian Energy (CNS)
Ltd. Ping Petroleum said the new UK licences
will remain in planning mode for the medium
term, as the energy sector seeks further clarity
in coming months of a potentially new fiscal
environment. — by Izzul Ikram
Sersol seeks to raise RM8.5 mil via private placement for working capital
KUALA LUMPUR (April 2): Chemical manufacturer Sersol Bhd is looking to raise up
to RM8.5 million via a private placement of 85 million new shares or not more than
10% of its issued shares for working capital purposes. The issue price is set to be
determined later, the group said in a bourse filing on Tuesday. For illustrative purposes,
however, the group has assumed an issue price of 10 sen per share, which represents a
discount of 9.83% to the five-day volume weighted average market price of the shares
up to Tuesday of 11.09 sen. Previously, Sersol raised RM19.39 million in 2022 from
two rounds of equity fundraising exercises, with RM15.56 million raised in April and
RM3.83 million in October. However, this fell short of its initial proposal which aimed
to raise up to RM26.49 million in total. For the just announced placement, Sersol said
the bulk of the proceeds will be used for its working capital as it intends to increase its
holdings of raw materials such as resin, solvent and hardener for the manufacturing of
its existing product offerings. — by Hee En Qi
 W E D N E S D AY A P R I L 3 , 2 0 2 4 9 THEEDGE CEO MORNING BRIEF

H O M E

KUALA LUMPUR (April 2): Sessions Court
judge Azura Alwi cautioned the defence in
Lim Guan Eng’s undersea tunnel graft trial
for repeatedly questioning Datuk Zarul Ah-
mad Mohd Zulkifli on the same matter in
the star witness’ impeachment proceedings.
Lim’s counsel Haijan Omar appeared
to be asking Zarul Ahmad, a former di-
rector of Consortium Zenith Construc-
tion Sdn Bhd, the same questions “using
different words”, Azura flagged. Haijan
was cross-examining Zarul Ahmad with
co-counsel RSN Rayer.
“I want to give you all a warning. Do
not twist this matter (RM2 million pay-
ment),” Azura said. “I already got the facts,
but with these arguments and repetition,
I am losing my concentration, which may
result in me losing the facts.”
The defence, Azura said, may want
Zarul Ahmad to testify in a certain way,
leading to the repetition, but the judge
warned that the move may backfire.
“If we continue like this, this [impeach-
ment] proceeding may never end,” she said.
“Mind you, you raised five discrepancies in
Zarul Ahmad’s testimony, and we are still
on the second discrepancy. If we continue
like this, this trial will drag on.”
The Sessions Court judge cautioned the
defence following their repeated questions
and exchanges with Zarul Ahmad over the
RM2 million issue, where a Public Bank
Judge warns
Guan Eng’s
counsel against
repeating questions
in undersea tunnel
graft trial
BY HAFIZ YATIM
theedgemalaysia.com
cash cheque was used to withdraw cash
for the money to be paid to businessman
G Gnanaraja.
“I have a responsibility to control my
court, and I have to warn all parties about
this,” she stressed.
The second discrepancy arose sur-
rounding the question of whether RM2
million was part of a RM2.3 million loan
that Consortium Zenith obtained from
Vizione Construction Sdn Bhd director
Datuk Ng Aun Hooi, who agreed to give
the money to Gnanaraja.
Zarul Ahmad told the court that the
source of the money used to pay the RM2
million was not an issue, as both he and
Ng were directors of the same company.
The defence, however, argued that Zarul
Ahmad wanted to show that the transac-
tion was for the sale of Lot 713 between
Consortium Zenith and Zenith Urban De-
velopment Sdn Bhd following a land swap
for the undersea tunnel project.
This, the defence said, was to implicate
Lim, as the RM2 million was otherwise
used to pay Gnanaraja to be given to Da-
tuk Seri Najib Razak to halt the Malaysian
Anti-Corruption Commission’s (MACC)
probe into the undersea tunnel project, and
to maintain close ties with Najib, who was
the prime minister then.
Zarul Ahmad had contended in his tes-
timony that the RM2 million was also a
bribe payment to Lim, who was then the
chief minister of Penang, for awarding the
project to Consortium Zenith, while a dif-
ferent sum of RM2 million was allegedly
paid to Najib via Gnanaraja.
In total, RM19 million was paid to
Gnanaraja after Zenith Urban obtained
a RM25 million loan.
The key witness, when asked by Haijan,
agreed that the purported consulting ser-
vices stated in Consortium Zenith’s pay-
ment voucher to Gnanaraja were also to
include part of the bribe money.
Read the full story

PUTRAJAYA (April 2): The government
is exploring next possible steps following
Monday’s High Court ruling, which deter-
mined that a judgement from the Industrial
Court is not binding on the US Embassy
due to its immunity.
Human Resources Minister Steven
Sim Chee Keong stated that his minis-
try takes the decision seriously, and the
matter will also be raised in Wednesday’s
Cabinet meeting.
“The Ministry of Human Resources
regards the court’s decision seriously, and
we are closely monitoring it with our le-
gal officers.”
“We need to first review the grounds
of judgement, because they haven’t been
released yet. Our legal officers will also
discuss with the Attorney General’s Cham-
bers to determine the next steps,” he told
reporters after the pre-launch of Labour
Day celebration here on Tuesday.
On Monday, media outlets reported
that the High Court had granted a judicial
review application filed by the US govern-
ment to overturn an RM66,000 Industrial
Court award given to a former security
guard for wrongful dismissal 15 years ago.
The High Court found that the US Em-
bassy had immunity and was, therefore,
protected from the jurisdiction of the In-
dustrial Court concerning the claim.
Govt exploring As for calls to reassess the memoran-
dum of understanding (MOU) concerning
steps after formal sector workers from Indonesia to
industrial court Malaysia, he confirmed that the issue will
be addressed during a joint working com-
judgement deemed mittee meeting between the two countries
scheduled for May.
not binding on US “Malaysia is the host this time. We will
discuss and review the issue of the MOU,”
Embassy — HR he said.
Previously, Indonesia called for a review
minister of the MOU covering formal sector work-
ers from the country to Malaysia, particu-
larly in plantation and construction, as it
Bernama had not been revised for 20 years.
ZAHID IZZANI/
Indonesia’s Ambassador to Malay-
THE EDGE sia Datuk Hermono emphasised the im-
portance of the embassy’s participation
in monitoring the recruitment process of
workers to Malaysia and tackling wage is-
sues to ensure alignment with Malaysia’s
minimum wage policy.
He clarified that Indonesia and Malay-
sia had signed two MOUs related to mi-
grant workers covering all sectors in 2004,
adding that the specific MOU regarding
Indonesian domestic workers was ratified
by both countries on April 1, 2022.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
Shafee: Najib not
KUALA LUMPUR (April 2): Former
prime minister Datuk Seri Najib Razak
the ‘monster’ that
was not a “monster” who led the 1Malay-
sia Development Bhd (1MDB) board of
directors like “lambs to the slaughter” in
botched investment deals which led the
board of directors
state investment arm to lose billions of dol-
lars, according to his lawyer Tan Sri Mu-
hammad Shafee Abdullah.
Shafee had alluded to this in Najib’s
1MDB-Tanore trial in his cross-examination
of the prosecution’s 50th key witness Jasmine
Loo, while asking her about a joint venture
(JV) 1MDB had entered in 2010 with Petro-
Saudi International (PSI) where the former
had borrowed US$1 billion in order to obtain
a 40% stake in the 1MDB-PSI JV, while PSI
held the majority 60% stake by injecting cer-
tain oil drilling assets from Venezuela which
turned out to be dubious in nature.
The board of 1MDB had to convert
the investment in the JV back to equity in
2012 — after previously converting it from
equity to Murabaha notes in 2010 due to
auditing reasons — in order to enable the
repatriation of money.
This was done via 1MDB’s purchase of a
49% equity stake in PetroSaudi Oil Services
Ltd (PSOSL), a subsidiary of PSI, which
was satisfied with the Murabaha notes.
The conversion of the notes was dis-
KUALA LUMPUR (April 2):The 1Malay-
sia Development Bhd-Tanore (1MDB-Tan-
but judge rejects
ore) criminal trial was vacated early on
Tuesday as the only accused, former prime
minister Datuk Seri Najib Razak, was suffer-
ing from dehydration and diarrhea, accord-
ing to a prison doctor who examined him.
Judge Datuk Collin Lawrence Sequerah
show up next day
was forced to vacate the trial for the day, as
Najib was ruled unwell by prison doctor
Dr Mohd Hafiz Mohd Hoshni.
Deputy public prosecutor Ahmad Akram
Gharib had called Mohd Hafiz to the stand
to inform the court of Najib’s condition.
The doctor testified that the former fi-
nance minister had passed motion three
times in the morning, and was experienc-
ing stomach pain.
The doctor then told the court that he
had administered medication, which could
make Najib drowsy and unfit to continue
with the trial for the day.
In criminal cases, the accused is re-
quired to be present and sit at the dock
for the duration of the trial. The trial can-
not commence if the accused is not phys-
ically present.
The doctor then said that Najib needed
two days of rest to recover, and recom-
mended two days’ medical leave (MC).
Sequerah then asked if Najib would be
fit to attend proceedings on Wednesday, to
10 THEEDGE CEO MORNING BRIEF
H O M E
cussed during a meeting between 1MDB
— represented by Loo — and PSI.
During the cross-examination of Loo,
Shafee was arguing about what is stated in
misled 1MDB
the 1MDB’s memorandum and articles of as-
sociation (M&A), highlighting articles where
Najib had the “final” say in these matters.
Shafee then said that Najib, as the single
and only shareholder in 1MDB had merely
abided by article 117 of the M&A by approving
BY TIMOTHY ACHARIAM & TARANI PALANI signing off on the deals and JV’s that 1MDB’s
theedgemalaysia.com board of directors had intended to enter into.
Article 117 states that the PM has the
LOW YEN YEING/THE EDGE final say to the M&A amendments, or ap-
pointment and dismissal of directors and
highest management of 1MDB. It also states
that any investment, financial and structur-
ing decision involving the company’s inter-
ests that are closely related to any nation-
al interest, security and government policy
must obtain written approval from the PM.
It has to be noted that Najib was the
then PM, the minister of finance, 1MDB’s
chairman of the advisory board and its
sole shareholder.
However, Loo had said that Najib had
signed off on the deals before it was tabled
to the board.
Lead defence lawyer Tan Sri Muhammad
Shafee Abdullah. Read the full story
Trial cut short
which Mohd Hafiz said that it would not
be recommended.
Sequerah however said that Najib would
have to come to the court as scheduled on
two-day MC,
Wednesday, as the trial could not be post-
poned any longer.
orders Najib to
“He has to be here tomorrow (Wednes-
day). I cannot [keep] postponing the trial.
I [will] give him rest on the doctor’s rec-
ommendation [for] today only. We need
to proceed with the trial,” said the judge.
The trial is slated to continue on
BY TIMOTHY ACHARIAM & TARANI PALANI Wednesday at 9am, with witness Jasmine
theedgemalaysia.com Loo Ai Swan, 1MDB’s former general
counsel, still on the stand.
LOW YEN YEING/THE EDGE Najib was jailed for 12 years and fined
RM210 million after the Federal Court up-
held his sentence and conviction in the SRC
International Sdn Bhd case in August 2022.
He is also on trial for other matters re-
lated to the 1MDB scandal.
In February, the Pardons Board cut
the 12-year jail sentence to six, and re-
duced the original fine of RM210 million
to RM50 million for Najib.
In this trial, Najib is charged with four
counts of abuse of power for using his posi-
tion as the then prime minister and finance
minister as well as chairman of 1MDB’s board
of advisers to receive gratifications worth
RM2.28 billion, and 21 counts of money
laundering amounting to over RM4.3 billion.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
SST provides
faster fiscal
impact to
nation, says
Lim Hui Ying
Bernama
KUALA LUMPUR (April 2): The cur-
rent consumption tax system, namely the
sales and service tax (SST), can provide
a faster fiscal impact to the nation com-
pared to the implementation of a val-
ue-added tax system, such as the goods
and services tax (GST), said Deputy Fi-
nance Minister Lim Hui Ying.
She said the government had not
planned to reintroduce the GST, in line
with the intention to pave the way for
the rationalisation of subsidies in 2024.
“The implementation of the GST will
be considered when the economic envi-
ronment is conducive, especially taking
into account the inflationary impact of
PUTRAJAYA (April 2): Prime Minister
Datuk Seri Anwar Ibrahim on Tuesday
said that the government is continuous-
ly striving to address the cost of living
issues by taking various steps, includ-
ing tackling cartels to reduce the price
of imported rice.
He said that the implementation of
targeted subsidies and changes to the
pension system should not be ques-
tioned, as done by a certain Member
of Parliament (MP) claiming that some
MPs are also classified as B40.
“Just like the cost of living, I have
never denied that we are still facing chal-
lenges, but we are doing our best, fighting
against cartels.
“He (the MP) said it can’t be done
because some MPs are B40. What is he
talking about? Even with tens of thou-
sands of ringgit in salary and allowanc-
es, they are still B40. Where is he from?”
he said while speaking at the Ministry
of Finance’s monthly assembly here on
Tuesday.
Meanwhile, Anwar said fighting
against cartels has never been done be-
fore, but it needs to be done as one of
the efforts to save the country from cor-
rupt practices.
“It is not easy because the attacks
come from some big shots (in the indus-
tries). People who have amassed billions
11 THEEDGE CEO MORNING BRIEF
H O M E
BERNAMA
the subsidy rationalisation.
“The government will continue to
prioritise and improve the existing tax
system, and introduce taxes that will not
impact vulnerable groups,” she said dur-
ing an oral question-and-answer session
in the Dewan Negara on Tuesday.
She was replying to a question by Sen-
ator Datuk Ahmad Ibrahim on whether
the government plans to implement the
coordination and review of the existing
taxes into a single system.
Govt always
strives to tackle
high cost of
living, cartel
issues — PM
Bernama
of wealth are powerful. They influence
social media, they can ‘buy’ many peo-
ple through Facebook, TikTok, and so
on, they can pay,” he said, adding that
it would be meaningless for him to hold
the title of a leader if he wasn’t willing
to face risks.
Loke: ECRL
to be completed
by end-2026,
operational Jan 2027
Bernama
SEPANG (April 2): The Transport Min-
istry is confident that the East Coast Rail
Link (ECRL) will be completed on schedule
in December 2026 and will be operational
from January 2027, with a four-hour travel
time between Kota Bharu and Kuala Lum-
pur as compared to a seven-hour car journey.
Transport Minister Anthony Loke Siew
Fook also reported 64% construction pro-
gress of the line as at March 2024 with the
line traversing four states: Kelantan,Tereng-
ganu, Pahang and Selangor.
“The ECRL project has entered a new
construction phase since 2023 with infra-
structure works to include the installation of
flyover beams, track installation, and the con-
struction of stations and railway depots,” he
said during an event while breaking fast with
employees from the Transport Ministry and
ECRL project stakeholders here on Tuesday.
“There are more than 1,900 work
sites and almost 650 are active along this
665-kilometre (km) national infrastructure
project,” Loke said.
Excavation works have reached a depth
of more than 8km of the 16.39-km long
twin-bore Genting Tunnel using a combi-
nation of drill and blast method and tunnel
boring machine.
“We expect to break through the Genting
Tunnel in the second quarter of 2025, mak-
ing it the longest rail tunnel in Asia,” he said.
Loke said bridge works are also pro-
gressing well with the installation of viaduct
beams for 155 bridges out of the total 219
as of February 2024.
He reported that installation works of the
92km track was completed end-February
2024, a month ahead of schedule.
The track-laying machine CCPG-500A,
used for the first time in Malaysia’s rail in-
dustry, has started laying the track for the
second phase between Kuantan Port and
Maran in Pahang since March 9, Loke said.
“The second phase of the 97km works
are expected to be completed in June 2024,
after which track installation works can be
carried out between the Dungun and Kota
Bharu stretch.
“The electrification system will be in-
stalled as early as May this year in the Cher-
ating Station area in Pahang, followed by
locations where track installation has been
completed,” he added.
 W E D N E S D AY A P R I L 3 , 2 0 2 4 12 THEEDGE CEO MORNING BRIEF

H O M E

Police looking
KUALA LUMPUR (April 2): The police “The firearms were taken from Thai-
are investigating from various angles to de- land... so I have to admit there’re weaknesses

into possibility
termine the motive behind an Israeli man there [in the border area] that allowed the
entering Malaysia, including claims that firearms to be brought into the country,” he

that arrested
he is a spy. said, adding the police would boost controls
Inspector-General of Police Tan Sri at the border, especially in areas under the

Israeli is a spy
Razarudin Husain also did not deny the General Operations Force (GOF) to avoid
possibility that the suspect, known as Sha- leakages and smuggling of contraband.

lom Avitan acted as a coordinator or an
armourer, adding that a detailed investi-
gation was vital to determine the real rea-
sons behind his possession of six pistols.
“What we can see currently is a foreign-
er entering Malaysia and how he could
obtain weapons in a matter of a few days
of being here. This is needed for national
security and public order.
“I see [the impact of having] six fire-
arms. That’s why I said that the investiga-
tion must be comprehensive. If [perhaps]
there’s intention to create chaos, if he was
not arrested, during Hari Raya he [caus-
es] havoc, won’t we all be disturbed?” he
said during a special media conference at
Bukit Aman here on Tuesday.
Razaruddin said investigations re-
vealed that the six pistols were obtained
from Thailand and purchased at a price
of RM10,000 each.
various angles to determine the motive behind an
He said the six firearms seized included
Israeli man entering Malaysia, including claims he
a Sig Sauer, Smith & Wesson, Glock and
200 bullets.
— IGP
Bernama
BERNAMA
Inspector-General of Police Tan Sri Razarudin
Husain said the police are investigating from
is a spy and to determine the real reasons behind
his possession of six pistols.
Razarudin also shared that the suspect
entered the country using a valid French
passport, so he was not stopped.
“The man’s address in the passport was
in [Israel] and when he entered the country
using the French passport, we did not ob-
ject as we assumed the individual was of the
same nationality as his passport,” he said.
On the relationships between the sus-
pect and the local married couple, 42 and
40, arrested at their residence in Kuala
Selangor, he said they did not know each
other, but declined to comment on how
the suspect interacted with them as well as
how the firearms were handed over.
He also shared that the police were look-
ing for at least two more individuals, includ-
ing a foreigner who assisted in the procure-
ment of the firearms, adding that the Israeli
man was remanded till Sunday to facilitate
investigations under Section 12 of the Pass-
port Act 1966 and Section 7 of the Firearms
(Increased Penalties) Act 191, while the mar-
ried couple have been remanded till Friday.

PHOTO VIA FACEBOOK

RoS greenlights Under the approved amendment, any

Bersatu-elected representative who defects

Bersatu’s
from the party would automatically cease
to be a member.

constitutional Also, any Bersatu-elected representative

who defects from the party will automati-

amendments as cally forfeit one’s membership, triggering

the anti-hopping law outlined in Article

Hamzah hints 49A of the Federal Constitution and re-

sulting in the vacation of one’s seat.

at action against Bersatu president Tan Sri Muhyiddin

Yassin reportedly stated that once the

rogue elected party’s constitutional amendments have

been approved, the party will submit a no-

reps tice to Parliament to vacate all six seats

Bersatu secretary general Datuk Seri
Hamzah Zainudin
KUALA LUMPUR (April 2): The Regis-
trar of Societies (RoS) has approved chang-
es to Bersatu’s constitution, which entail
the cessation of membership for elected
representatives who support any party con-
trary to Bersatu’s interests.
In a brief statement on Tuesday, Bersa-
tu secretary general Datuk Seri Hamzah
Zainudin expressed the party’s gratitude
for RoS’ approval of the amendments to
the party’s constitution.
Hamzah noted that the party would
take necessary follow-up action to en-
BY CHOY NYEN YIAU
theedgemalaysia.com
sure all subsequent measures align with
its constitution and legal requirements,
though he refrained from providing fur-
ther details.
During an extraordinary general meet-
ing on March 2, Bersatu approved three
amendments to Clause 10, involving Ar-
ticles 10.4, 10.5 and 10.6, which pertain
to matters of resignation and dismissal of
party members.
of its members of Parliament (MPs) who
pledged support for the administration of
Prime Minister Datuk Seri Anwar Ibrahim.
The six MPs are Datuk Syed Abu Hus-
sin Hafiz Syed Abdul Fasal (Bukit Gan-
tang), Datuk Dr Zulkafperi Hanapi (Tan-
jong Karang), Zahari Kechik (Jeli), Mohd
Azizi Abu Naim (Gua Musang), Datuk
Iskandar Dzulkarnain Abdul Khalid (Kua-
la Kangsar) and Datuk Dr Suhaili Abdul
Rahman (Labuan).
It is worth noting that Bersatu’s Selat
Klang assemblyman Datuk Abdul Rashid
Asari also publicly declared his support for
Selangor Menteri Besar Amirudin Shari
on March 6.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
Pound nears
four-month low as
Bank of England
seen cutting rates
before Fed
BY VASSILIS KARAMANIS
Bloomberg
(April 2):The pound fell towards US$1.25,
a level last seen in December, as traders in-
creased bets the Bank of England (BOE)
will deliver more interest-rate cuts than the
US Federal Reserve (Fed) this year.
Sterling slipped 0.1% to US$1.2540,
matching a six-week low hit on Monday,
after data showed US factory activity un-
expectedly expanded in March for the first
time since September 2022.
It’s a sharp reversal for the curren-
cy, which traded as high as US$1.2894
in early March before coming under
pressure, after two of the most hawk-
ish BOE members dropped their calls
for rate hikes in the central bank’s latest
policy meeting.
13 THEEDGE CEO MORNING BRIEF
W O R L D
More signs that the US economy is fir-
ing on all cylinders could boost the dol-
lar further in the near term, pushing the
pound lower, said Erik Nelson, a macro
strategist at Wells Fargo.
“There is some risk that we could see a
break of US$1.25, but it really hinges on
seeing further strong US data, not just OK
data,” he said. A “clearer, hawkish pivot”
from Fed policymakers could prompt a
decisive break lower in the pair, he added.
Money markets currently price 65 basis
points of rate cuts in the US this year, compared
with 70 basis points in the UK.The chance of
a BOE quarter-point reduction in June is at
around 63%, while that of a similar move by
the Fed briefly fell below 50% on Monday.
In options, traders looking to hedge
against a weaker pound need to pay a
sizeable premium across tenors. Market
sentiment towards the currency’s perfor-
mance this week is near the most bearish
level since late October.
Technical signs also point to the pos-
sibility that the pound may break out of
the US$1.25-US$1.28 range it has stuck
to for much of the year. A closely watched
technical indicator, the so-called weekly
Bollinger Width, has dropped to levels last
seen in 1977, pointing to a high probability
that the pound is in for a big move versus
the dollar in either direction.
BLOOMBERG
BofA sees yen
plunging to
160 per dollar if
Fed delays cuts
BY ALICE ATKINS
Bloomberg
(April 2): The yen could slide to hit
160 per dollar unless the Federal
Reserve cuts interest rates this year,
according to Bank of America Corp.
Any intervention from the Bank
of Japan to try to prop the curren-
cy up will be ineffective until the US
starts easing monetary policy, says the
bank’s global head of Group-of-10
currency strategy Thanos Vamvakidis.
The yen has already hit three-decade
lows and is flirting with the 152 per
dollar level that many say would force
Japanese authorities to act.
Intervention “is very likely but it
would be more like leaning against
the wind,” Vamvakidis said in an in-
terview on Bloomberg Television. He
sees the yen rallying to 142 if the
US central bank does go ahead with
cuts, as expected by markets.
It’s a view that chimes with other
strategists who anticipate any BOJ in-
tervention to only offer brief support
to the yen. The currency has already
weakened beyond levels that prompt-
ed authorities to enter the market in
2022, and officials have ramped up
warnings against speculative moves.
“They know very well from past
experience that these interventions
don’t work,” Vamvakidis said. “It’s
mostly a threat to create some caution
and two-way risk in the market, they
know everything depends on the Fed.”
The yen held its ground at
around 151.65 per dollar on Tues-
day, after falling to a 34-year low
near 152 last week. It’s lost 7% this
year, making it one of the worst-per-
forming G10 currencies.
The outlook for the yen is de-
pendent on the path of Fed cuts be-
cause of the wide interest-rate gap
between the US and Japan, which
makes Japanese assets less attrac-
tive. While traders expect around 65
basis points of US easing in 2024,
that’s heavily scaled back from bets
on more than 150 basis points of
cuts at the start of this year.
 W E D N E S D AY A P R I L 3 , 2 0 2 4 14 THEEDGE CEO MORNING BRIEF

W O R L D

Investors are
(April 2): A popular equities strategy to sure to India, according to HSBC Holdings
“buy India, sell China” has reached an in- plc. Global investors were net buyers of

unwinding the
flection point for some investors. onshore shares via a link with Hong Kong
Lazard Asset Management, Manulife for a second straight month in March, a

‘buy India, sell

Investment Management and Candriam feat last seen in June and July.
Belgium NV are paring exposure to India By way of performance, the MSCI Chi-

China’ stocks
after a record-breaking rally. They’re pivot- na Index has more than doubled gains
ing to former favourite China, as Beijing’s clocked by the Indian measure since Feb-

support for its economy spurs a recovery
in industrial profit and manufacturing.
The nascent swing highlights how funds
are starting to buy into the narrative that
China’s policy support will be enough to
revive growth. While major Wall Street
banks continue to position India as the
key investment destination for the next
decade, investors are turning wary amid
stretched valuations and regulatory warn-
ings about market froth.
“As China has got cheaper and cheaper,
some of our Chinese investments have be-
come less valuable but the investment case
for them has increased,” said James Don-
ald, head of emerging markets at Lazard
were underweight, while
trade
BY JOHN CHENG,
ABHISHEK VISHNOI & TANIA CHEN
Bloomberg
More than 90% of
emerging market funds
are adding back their
positions in mainland
Chinese shares, which
ruary with a push from Beijing’s stimulus,
while India’s rally has cooled.
Candriam’s US$2.5 billion (RM11.87
billion) emerging markets fund has raised
its exposure to China “partly at the ex-
pense of India,” said portfolio manager
Vivek Dhawan.
“We have positioned India as a funding
source for some interesting themes that we
find in China, especially those related to
self-sufficiency and localisation,” he said.
“We are adding names in the semicon-
ductor supply chain because China would
increase spending there.”
BLOOMBERG

Asset. The fund manager’s China port-

also dialling back exposure
folios are aligned with the index weight, to India, according to
while India “has been a source of negative HSBC Holdings.
attribution for our portfolios” due to its
rich valuations, he said.
There are signs the shift is gaining
traction, even if most see it as a tactical
play given the outlook for India’s boom-
ing economy and expectations that Prime
Minister Narendra Modi will win a third
term in elections starting April 19.
More than 90% of emerging market
funds are adding back their positions in
mainland Chinese shares, which were un-
derweight, while also dialling back expo-

Xi’s cryptic bond

(April 2): A resurfaced speech from Chi- tary system to move into modern times.”
nese President Xi Jinping suggests poli- The vague comments from the Chinese

comments hint at
cymakers may start trading government leader led some traders to initially argue that
bonds to regulate liquidity in the market, Beijing may be considering quantitative eas-

PBOC becoming
pushing the nation toward strategies used ing — an unconventional form of stimulus
by the Federal Reserve and other major that involves purchasing sovereign bonds

more like Fed

central banks around the world.
Xi’s call for the People’s Bank of China to
“gradually increase the buying and selling of
government bonds” in its open market oper-
ations sparked a frenzy of speculation among
traders last week. The remarks — made in
October but publicized recently in a new
book and newspaper article — may hint at
a policy pivot for a central bank that hasn’t
made a significant bond purchase since 2007.
“Central banks in other countries gen-
erally use government bonds, or sovereign
credit, as a basis to issue money,” said
Liu Lei, a researcher at the National In-
stitution for Finance and Development,
a state think tank advising government
agencies in China. “This is a necessary
path for China’s central bank and mone-
and other assets to push down yields and
boost economic activity. First adopted by
the Bank of Japan more than two decades
ago, the tactic was later used by the Fed and
Bloomberg other policymakers after the global financial
crisis and the coronavirus pandemic.
China’s economic woes have stirred
debate in recent months about wheth-
er the world’s second-largest economy
would consider drastic policies to shore
China up some sectors, like property. The PBOC
President has already been using targeted lending
Xi Jinping
programs that some analysts liken to QE
because they expand the central bank’s
balance sheet.
REUTERS Read the full story
 W E D N E S D AY A P R I L 3 , 2 0 2 4 15 THEEDGE CEO MORNING BRIEF

W O R L D

South Korea’s
(April 2): South Korea’s inflation out- the mid-2% range in 2024, with the BOK
stripped forecasts in March, reinforcing the expected to cut its key interest rate by 50

sticky inflation
view that it’s still too soon for the central basis points by the end of the year.
bank to consider easing its policy settings. For now, continued growth in exports and

clouds outlook
Consumer prices advanced 3.1% in industrial production is giving the BOK confi-
March from a year earlier, the same pace dence it can keep its key rate at restrictive levels

for rate cuts

as in February, the statistics office report-
ed on Tuesday. Economists surveyed by
Bloomberg had predicted the rate would
slow to 3%. Gains in prices excluding food
and energy decelerated a tad to 2.4%.
The Bank of Korea (BOK) said in a
statement that while it expects the cooling
in core prices to continue, it will need to
monitor inflation for a longer period to be
more confident that price growth is mod-
erating towards its 2% target.
Inflation is also on the minds of South
Korean voters as they prepare to go to the
polls next week to form a new Parliament.
The outcome of the April 10 election will
influence President Yoon Suk Yeol’s ability
to carry out his policy agenda for the rest
of his term ending in 2027.
Food prices have been of particular con-
cern for policymakers in recent months,
prompting them to introduce measures to
promote discounts among retailers. The
government has also said it will freeze pub-
lic utility charges in the first half as part of
its campaign to fight cost of living increases.
South Korea’s grocery and beverage pric-
es again led growth, rising 6.7% from a year
earlier. Prices of clothes and shoes increased
5.4% while those of household services and
products rose 3.1%, the data showed.
The Bank of Korea is doing its part as well,
keeping its benchmark interest rate elevated
BY SAM KIM
Bloomberg
REUTERS
at 3.5%.The central bank has been careful to
avoid telegraphing an early policy pivot that
could reignite household debt and under-
mine public confidence in policy consistency.
The BOK wants to see inflation settle
stably into the 2% range before authori-
ties start to consider cutting rates. Econ-
omists surveyed by Bloomberg predicted
that consumer-price growth will slow to
for longer if it needs to do so. South Korea’s
shipments abroad rose 9.9% in March from
a year earlier in working-day adjusted terms,
boosting optimism over the economic outlook.
South Korea also posted a trade surplus
of US$9 billion (RM42.80 billion) for the
first three months of the year. The surplus
combined with the BOK’s restrictive policy
helped support the won against the dollar.
Stable exchange rates are crucial to South
Korea as it relies heavily on imports for
food and energy, while its manufacturers
are among the world’s leading exporters.
Indications that the Federal Reserve (Fed)
may not reduce rates as quickly or deeply as
previously predicted in 2024 are another fac-
tor giving the BOK a reason to take its time.
“It would require at least three cuts by
the Fed for the BOK to consider two,” said
Cho Yong-gu, a fixed-income strategist at
Shinyoung Securities. “Even if there’s a
cut, it’ll be unlikely for it to be followed
with another one immediately.”
South Korea’s prices associated with en-
tertainment and cultural activity grew 1.5%
from a year earlier in March,Tuesday’s data
showed. Medical prices rose 1.9% and com-
munications-related costs edged up 0.3%.
Transportation costs rose 2.8% from a
year earlier. Bus drivers in Seoul last month
went on a brief strike to demand higher
wages, following a surge in fares.

(April 2): The US is asking South Korea to
adopt restrictions on semiconductor tech-
nology exports to China similar to those
Washington has already implemented,
another sign the Biden administration is
stepping up efforts to thwart Beijing’s chip
ambitions.
American officials want South Korea to
restrict the flow of equipment and technol-
ogies for making high-end logic and mem-
ory chips to China, according to people fa-
miliar with the matter. Those include logic
chips more advanced than 14 nanometres
and a type of memory called DRAM be-
yond 18nm, one of the people said, asking
not to be identified because the discussions
are private. That would be consistent with
a set of measures the US Department of
Commerce first announced in 2022.
American officials discussed the issues
in depth with the government of South Ko-
rean PresidentYoon SukYeol in March, the
people said.While the US is trying to reach
an agreement before a G7 summit in mid-
June, Seoul officials are debating whether
to satisfy the US request, in part because
China remains a key trading partner.
US asks South Washington’s request of South Korea
has not been detailed before. This comes
Korea to toughen on top of the new US push to get allies to
limit servicing of semiconductor equip-
up export controls ment for Chinese firms and restrict exports
of spare parts and chip chemicals to China.
on China chips Bloomberg News has reported that the US
pressed allies, including South Korea and
Germany, to tighten curbs on China’s access
BY MACKENZIE HAWKINS & SAM KIM to their technology. Korea plays a leading role
Bloomberg in producing semiconductors and providing
spare parts for chip-making equipment.
BLOOMBERG The timeline could slip. South Korea,
Japan and US officials are planning to meet
in late June to discuss cooperation on ad-
vanced technology and supply chains, ac-
cording to the people.
South Korean officials are wary of po-
tential penalties that export controls may
trigger from Beijing when major firms such
as Samsung Electronics Co and SK Hynix
Inc still operate in China, Seoul’s largest
trading partner.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
China dislodges
US as SE Asia’s
favoured partner,
survey shows
BY PHILIP J HEIJMANS
Bloomberg
(April 2): China has dethroned the US
to become the top alignment choice for
Southeast Asians as Washington loses
ground on a range of key issues from re-
gional economic engagement to the Isra-
el-Hamas War, according to a new survey.
A survey of 1,994 Southeast Asians
by the ISEAS-Yusof Ishak Institute pub-
lished on Tuesday shows China’s popu-
larity in a head-to-head race with the US
climbing from 38.9% last year to 50.5%
in 2024. Among individual nations, Bei-
jing garnered some three out of four votes
in Muslim-majority Malaysia, Indonesia
and Brunei.
“Confidence in the US has waned,”
the survey states. “This could be attrib-
uted partly to the escalating rivalry be-
tween China and the US, which led to an
uptick in anxiety about the US’ growing
strategic and political influence.”
Southeast Asian nations have largely
embraced the US as a necessary securi-
ty presence as the Biden administration
ramps up military-to-military coopera-
tion in a bid to counter Bejing’s grow-
ing defence prowess. But the region also
counts on China as a key financier and
trading partner at a time regional lead-
ers seek new investments to bolster their
own economies.
Part of the issue for the US are con-
cerns over economic engagement. South-
east Asians are “increasingly unsure” about
the effectiveness of the Indo-Pacific Eco-
nomic Framework for Prosperity, a US-
led endeavour to increase trade that’s been
criticised for its lack of meaningful mar-
ket access.
China is once again seen as the most
influential economic and political-strategic
power in the region, “outpacing the US
by significant margins in both domains,”
it says.
The latest poll also puts the Israel-Ha-
mas conflict at the top of the list of the re-
gion’s geopolitical concerns, with a large
proportion of respondents worried “Israel’s
attack on Gaza has gone too far”.
Nearly a third of respondents were wary
that the Middle East war would catalyse
the rise of extremist activities, while dimin-
ished trust in international law and a rules-
16 THEEDGE CEO MORNING BRIEF
W O R L D
based order was the second-top concern.
“The ongoing Israel-Hamas conflict
has emerged as a contentious issue in
Southeast Asia, commanding significant
attention in the region’s domestic politics,”
the survey says. “Despite its geographi-
cal distance, the conflict has reverberated
strongly across this diverse multi-racial
and multi-religious region.”
Whether those sentiments are respon-
sible for the US’ drop in standing among
regional nations is unclear, said Bonnie
Glaser, the head of the Indo-Pacific pro-
gramme at the German Marshall Fund.
“Without more data it’s impossible to an-
swer that,” she said during a presentation
of the results.
The US has diplomatically and mili-
tarily backed Israel in its quest to destroy
Hamas, in the aftermath of the group’s
Oct 7 attack.
BLOOMBERG
Confidence in the
US has waned. This
could be attributed
partly to the escalating
rivalry between China
and the US, which
led to an uptick in
anxiety about the US’
growing strategic and
political influence.”
While sentiments have broadly shift-
ed towards China, tensions in the South
China Sea was the second-biggest geo-
political concern in the latest study. In
a hypothetical choice between the US
and China, Washington still commands
majority support from the Philippines at
83.3% and Vietnam at 79%, which are at
the forefront of the territorial disputes
with Beijing.
Broadly, “there is a growing sense of
optimism among Southeast Asians regard-
ing their future relations with China,” the
report states. “The Philippines emerged as
the most cautious.”
China’s largest
bank to provide
US$41 bil
in tourism
financing
Bloomberg
(April 2): The Industrial & Com-
mercial Bank of China Ltd will offer
300-billion yuan (RM197.1 billion)
in financing to boost the nation’s
tourism sector amid sluggish con-
sumer spending in the world’s sec-
ond-largest economy.
The country’s biggest bank signed
a cooperation pact with China’s cul-
ture and tourism ministry on Tues-
day to “stimulate” tourism invest-
ment and spending, according to a
statement posted on the ministry’s
official WeChat account.
The bank, also known as ICBC,
and ministry will work together on
key tourism-related construction
projects, according to the statement.
Some tourism agencies based in sev-
eral Asian cities including Seoul, To-
kyo and Thailand also signed agree-
ments with ICBC’s branches.
China’s economy has been ham-
pered by deflationary pressure and
a protracted property crisis, damp-
ening consumer spending. Tourism,
however, has been a rare economic
bright spot.
The country saw domestic tour-
ism trips soar 93.3% last year from
2022, with spending reaching 4.91
trillion yuan, a year-on-year increase
of 140.3%. During February’s eight-
day Lunar NewYear holiday, domes-
tic trips rose 19% from the pre-Cov-
id 2019, while spending climbed
7.7%.
Still, while overall trip spending
has jumped, per capita travel spend-
ing is down compared with pre-pan-
demic years.
BLOOMBERG
 W E D N E S D AY A P R I L 3 , 2 0 2 4
SINGAPORE (April 2): The Mone-
tary Authority of Singapore (MAS) has
amended the Payment Services Act (PSA)
and its subsidiary legislation taking effect
in stages from April 4.
This is done to expand the scope of
payment services regulated by the MAS
as well as to impose user protection and
financial stability-related requirements
on digital payment token (DPT) service
providers.
The amendments will bring the fol-
lowing activities within the scope of reg-
ulation under the PSA — provision of
custodial services for DPTs; facilitation
of the transmission of DPTs between ac-
counts and facilitation of the exchange
of DPTs; and facilitation of cross-border
money transfer between different coun-
tries, even where monies are not accepted
or received in Singapore.
This allows the MAS to impose
requirements relating to anti-money
laundering and counter-terrorism fi-
nancing (AML/CFT), user protection
and financial stability on DPT service
providers.
Transitional arrangements will be
provided for entities currently conduct-
ing activities under the PSA’s expanded
scope. These entities must notify MAS
within 30 days and submit a licence ap-
plication within six months from April
4 if they wish to continue activities on a
temporary basis while the MAS reviews
their licence applications.
The application must be accompanied
by an attestation report of the entity’s
(April 2): The first person to plead guilty
in Singapore’s record S$3 billion (RM10.5
billion) money laundering case was sen-
tenced to 13 months in jail.
Su Wenqiang’s sentence will be back-
dated to August last year, when he was
arrested along with nine other foreigners
during an island-wide raid.
Su, 32, faced 11 charges including for
forgery and laundering criminal proceeds.
The prosecution on Tuesday proceeded
with two after he consented to the rest be-
ing taken into consideration for sentencing.
As part of a plea deal, Su also agreed to
have all his seized assets worth nearly S$6
million forfeited to the state. This includes
a Mercedes-Benz car, more than 200 bot-
tles of alcohol, a Tiffany & Co bracelet
worth S$6,200 and more than S$2 million
in a United Overseas Bank Ltd account.
A strong message needed to be sent that
money laundering is a serious offence and
affects Singapore’s reputation as a financial
hub, the prosecution told Su through an
interpreter in court. Lawyers for Su had
17 THEEDGE CEO MORNING BRIEF
W O R L D
REUTERS
business activities and compliance with
Singapore’s central AML/CFT requirements, duly complet-
ed by a qualified external auditor within
bank expands nine months from April 4. Entities that do
not fulfil the requirements are required
scope of regulated to cease the activities when the amend-
ments come into effect.
payment services, The amended Payment Services Reg-
ulations on safeguarding of assets be-
to cover digital longing to customers of DPT service
providers will take effect six months
payment token from April 4. These include segregat-
ing customers’ assets and placing them
services in a trust account for the benefit of cus-
tomers, maintaining proper books and
records and ensuring that effective sys-
BY KHAIRANI AFIFI NOORDIN tems and controls are in place to protect
theedgesingapore.com the integrity and security of customers’
assets.
Money launderer
asked for a reduced sentence, arguing that
the victims for the illegal acts were not in
in record
Singapore.
Su’s sentencing marks the next chapter
Singapore case
in a scandal that has ensnared the world’s
largest banks and raised questions about
jailed for 13
the financial hub’s safeguards against il-
licit money flows. More developments are
months
in store this week with at least one other
suspect in remand also planning to plead
guilty, according to a scheduled court
hearing.
BY LOW DE WEI The police “will zealously keep our fi-
Bloomberg nancial system clean and work hard to
trace, seize and confiscate all criminal
BLOOMBERG property brought into Singapore,” David
Chew, director of the white-collar crime
agency, said in a statement after Su’s sen-
tence.
Su was born in China’s Fujian prov-
ince and holds multiple passports including
those from Cambodia and Vanuatu. He was
accused of seeking to launder proceeds
from an illegal remote gambling service in
the Philippines targeting people in China.
 W E D N E S D AY A P R I L 3 , 2 0 2 4
Thailand to
widen budget gap
by US$4.2 bil to
spur growth
BY SUTTINEE YUVEJWATTANA
Bloomberg
(April 2): Thailand’s cabinet has approved
a plan to widen the budget deficit target
for next year by about US$4.2 billion
(RM19.96 billion) to help stimulate South-
east Asia’s second-largest economy.
The budget gap for the fiscal year start-
ing Oct 1 will widen to 865.7 billion baht
(RM112.21 billion), or 152.7 billion baht
more than previously targeted, according
to Chalermphol Pensoot, director of the
Budget Bureau. The shortfall as a percent-
age of gross domestic product will rise to
4.42% from 3.56% projected earlier as
the government also slashed the growth
estimate for this year to 2.7% from 3.2%
earlier.
The cabinet also revised the medi-
um-term budget framework covering fiscal
years from 2025 to 2028 while pledging to
keep the public debt to GDP ratio below
the legal ceiling of 70, government spokes-
(April 2): Australia’s central bank will act
to ensure enough liquidity is available to
keep the financial system running smooth-
ly as billions of dollars of bonds it bought
during the pandemic fall due, according
to Assistant Governor Christopher Kent.
The Reserve Bank of Australia (RBA)
will shift to having “ample reserves” as the
balance sheet shrinks back toward pre-pan-
demic levels, Kent said in a speech at the
Bloomberg Australia Briefing on Tuesday.
“I want to emphasise that this decision
has no implications for the current or future
stance of monetary policy,” said Kent, who
oversees financial markets at the RBA.
“Rather, it is only relevant to the way in
which we will achieve the desired stance of
monetary policy through our operations. Nor
does it have a bearing on the board’s current
approach to quantitative tightening.”
The Bank of England, the European Cen-
tral Bank (ECB) and the Swedish Riksbank
have announced plans to make a similar piv-
ot of operational frameworks as bonds they
purchased during the pandemic to support
financial markets mature.The ECB said its
review of operational framework preserves
its current system of steering interest rates
while giving banks more say over how much
18 THEEDGE CEO MORNING BRIEF
W O R L D
man Chai Wacharonke told reporters.
The move to embrace a higher deficit
that will be funded through borrowing
follows Prime Minister Srettha Thavi-
sin’s order last week to weigh various
options to fund his government’s 500-bil-
lion-baht cash handout plan. The original
proposal to finance it through one-time
borrowing faced resistance from some
state agencies and lawmakers worried
that the payout may fan inflation and
swell the fiscal gap.
Srettha on Tuesday declined to com-
ment on whether the deficit plan was
revised to finance his digital wallet pro-
Australia to
switch to new
system for
monetary policy
implementation
BY SWATI PANDEY
Bloomberg
liquidity they need to operate.
Kent’s remarks come as the RBA’s bal-
ance sheet is set to shrink by more than
A$100 billion (RM308 billion) with bonds
purchased during the Covid-era now ma-
turing. A cheap funding facility provided
to lenders during the pandemic expires at
the end of June while a bond used for the
yield-target programme during Covid will
mature this month.
Under this framework, which the RBA
board favoured over the current “floor” sys-
tem or returning to a “corridor” approach,
the RBA will provide a full allotment repur-
gramme, saying all the details including
the source of funding will be announced
on April 10.
The distribution of the cash handout,
delayed by several months over differences
on how it will be funded, is being targeted
for the fourth quarter of this calendar year.
The handout seeks to provide 10,000 baht
each to 50 million adult Thais through a
digital app that can be spent on a range of
goods and services within a specific time-
frame in a designated area.
Read the full story
chase agreement or repo auctions for open
market operations, Kent said.
The next steps the RBA will decide on
include the pricing, frequency and other
aspects of the repos, as well as what other
instruments it might use to supply reserves,
the assistant governor said.
The RBA signalled at its meeting last
month that it has likely concluded its policy
tightening campaign after raising the cash rate
to a 12-year high of 4.35% in a series of steps
since May 2022.When asked about monetary
policy, Kent on Tuesday reiterated that “the
interest-rate path that will best bring infla-
tion down in a timely manner is uncertain”.
The RBA’s transition to “ample re-
serves” reflects a fundamental shift in
how central banks implement monetary
policy as they try to strike a balance be-
tween operating with a smaller balance
sheet and reducing their footprint in fi-
nancial markets, while avoiding liquidity
shortages that may hurt financial stability
and impair monetary transmission.
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 W E D N E S D AY A P R I L 3 , 2 0 2 4
(April 2): Goldman Sachs Group Inc sees
increasing headwinds for India’s banks
and expects their returns on assets to de-
cline in the coming quarters.
Indian banks were in a Goldilocks pe-
riod over the last couple of years, during
which lenders improved their top line and
enjoyed a pickup in loan growth, accord-
ing to Rahul Jain, co-head of Asia Pacific
Financials Research at Goldman. That is
now over. “We expect their ROAs (return
on assets) to start moderating somewhat,”
he said in an interview with Haslinda
Amin on Bloomberg TV on Tuesday.
Jain said banks are facing tighter li-
quidity conditions and more scrutiny
over their unsecured lending. They need
to invest in expansion and build up their
capacity in order to mobilise more de-
(April 2): Google said it would delete mil-
lions of records of users’ browsing activ-
ities as part of a settlement of a class-ac-
tion lawsuit that alleged it tracked people
without their knowledge.
The case, filed in 2020, alleged the
Alphabet Inc unit surreptitiously col-
lected data from people using its pop-
ular Chrome web browser in a private
“incognito” browsing mode. While that
function lets users turn off data collec-
tion when using the Chrome browser,
other Google tools used by websites,
such as advertising technology, scoop
up their data anyway, according to the
suit.
Google, which agreed to settle in
December, will expunge “billions” of
data records that reflect people’s pri-
vate browsing, according to details that
were made public on Monday in a fil-
ing in the San Francisco Federal Court.
Google also said it made several chang-
es to its disclosures to clarify how peo-
19 THEEDGE CEO MORNING BRIEF
W O R L D
posits. “Clearly, all of this is not very
conducive for the top line,” he said, add-
ing that investors will need to be selec-
tive when it comes to picking Indian
financial stocks.
Goldman downgraded ICICI Bank
Ltd, State Bank of India and Yes Bank
Ltd in late February and has a “market
weight” call on the country’s broader fi-
nancial sector. Jain said the firm has low-
ered its earnings estimates for the banks
by mid-single-digit percentage terms to
below-consensus levels.
Jain said structural drivers are in place
for loan growth in line with or higher than
GDP growth in the longer term. But in
the near term, “we see some consolidation
happening in the consumer-retail space
because we see that household balance
sheets are getting leveraged,” he said.
Goldman sees
Lenders are likely to experience slow-
er growth due to potential asset-quality
Indian banks’
challenges as the credit cycle plays out,
which would impact their revenue mar-
profitability
gins and fee income, Jain said. Worsen-
ing credit quality would also hit banks’
coming under
bottom lines, he added.
Around 70% to 80% of Indian banks’
pressure
assets are funded by deposits. “We’re sit-
ting at the peak of the loan-to-deposit
ratio for the banking system,” Jain said,
adding that this also points to slower
BY PREETI SINGH growth.
Bloomberg Goldman’s view on India’s banking
sector contrasts with research analysts
from JPMorgan Chase & Co, which said
in a note this week that India’s corporate
lenders are “the single largest opportuni-
ty” among Asia Pacific financial stocks.
ple’s data is collected, as well as what
Google agrees to activity is visible to websites when users
browse in “incognito” mode. And the
delete web browsing company agreed for the next five years
data as it settles to allow incognito mode users to block
third-party cookies.
‘incognito’ lawsuit “We are pleased to settle this lawsuit,
which we always believed was meritless,”
Jose Castaneda, Google’s spokesperson,
BY DAVEY ALBA said in a statement. “We never associate
Bloomberg data with users when they use incognito
mode. We are happy to delete old tech-
REUTERS nical data that was never associated with
an individual and was never used for any
form of personalisation.”
While the plaintiffs asked for US$5
billion (RM23.74 billion) in damages,
the settlement includes no payment from
Google. Instead, individuals will be able
to pursue damages by filing their own
complaints against Google in US state
courts, according to court papers. About
50 people have already done so, plaintiffs’
lawyers said.
 w e d n e s d ay A P R I L 3 , 2 0 2 4
w o r l d
(April 2): Tesla Inc suffered its first year-
over-year sales drop since the early days of
the Covid pandemic.
The electric carmaker handed over
386,810 vehicles in the first three months
of 2024, the company said in a statement
Tuesday. That fell so far short of analysts’
average estimate for 449,080 deliveries that
it was its biggest miss ever.
Shares of Tesla fell 5.5% to US$165.54
as of 9:33am in New York. The stock is
down about 33% this year.
Wall Street had rapidly lowered pro-
jections for the Austin-based company’s
deliveries as the first quarter came to a
Tesla sales fall
close, including some analysts who cor-
rectly predicted that the tally would come
short of estimates
in below the 422,875 delivered a year ago.
Tesla pointed to the early production
in first drop
ramp of its updated Model 3 as a factor for
the volume decline. It also cited “shipping
since 2020
diversions caused by the Red Sea conflict”
and an arson attack at its Berlin factory.
The bigger worry was consumer demand.
High interest rates have kept some buyers on
the sidelines and Tesla has warned investors
that it is “between two growth waves.” In
February, chief executive officer Elon Musk
posted that “most people don’t love to buy
cars in the middle of winter” as he offered a
US$1,000 (RM4,756) incentive. Tesla has
also begun experimenting with advertising
BEIJING (April 2): BYD, China’s biggest
BYD hands back
electric vehicle (EV) maker, reported first
quarter 2024 sales fell 43% compared to
title of top EV
the fourth quarter of 2023, handing back
the title of world’s biggest EV seller to Tesla
seller to Tesla
after winning it last year.
BYD sold 300,114 EVs in the first quar-
after 1Q sales
ter of this year, it said in a filing to the
Shenzhen Stock Exchange late on Mon-
decline
day, down from a record quarterly high of
526,409 units sold in the previous three-
month period, when it surpassed Tesla.
BYD’s first-quarter sales were up 13.4%
from a year ago. by Qiaoyi Li & Brenda Goh
But BYD’s quarterly drop means Tesla
took back the sales title based on first-quar-
ter deliveries for Tesla of 386,810, a decline
of 20.2% from the prior quarter and 8.5%
from a year ago.
Tesla’s decline comes amid softer over-
all demand and a slowdown in the Chi-
nese market where local rivals led by BYD
upped the ante in a price war for buyers.
Tesla sold 89,064 China-made vehicles in
March, up 0.2% from a year earlier, data
from the China Passenger Car Association
showed on Tuesday.
However, Tesla taking back the sales
crown illustrates its global clout will not be
easily challenged, especially as both com-
panies expect a slowdown in Chinese EV
20 TheEdge CEO morning brief
reuters
and has gone to greater lengths to educate
consumers about its lineup.
Tesla doesn’t break out quarterly vehi-
cle sales by region, but the US and Chi-
na have long been its largest markets. The
company makes the Model S, X, 3 and Y
in Fremont, California, and the Model 3
and Y in Shanghai. It also produces the
ModelY at its plants in Austin and outside
Berlin. The Model Y sport utility vehicle
by Dana Hull and Model 3 sedan accounted for 96% of
Bloomberg deliveries in the fourth quarter.
Tesla expanded its offerings late last
year with the introduction of the stainless
steel-clad Cybertruck in the US. The com-
pany didn’t break out how many Cyber-
trucks it produced and delivered.
sales growth this year. It also demonstrates
that BYD’s short-lived dominance followed
from its domestic price cuts.
BYD sold 626,263 units of all vehicle
types in the first quarter, up 13.4% from a
year earlier, but down 33.7% from a record
quarterly high of 944,779 in the fourth
quarter, the stock exchange filing showed.
March sales were 302,459 vehicles, a
46% jump from a year earlier and its sec-
ond-highest monthly sales tally. BYD re-
ported an all-time monthly high of 341,043
units in December.
Sales of its purely electric models hit
Reuters 139,902 in March, a 36.3% increase year-
on-year, while sales of plug-in hybrids rose
reuters 56.4% to 161,729 units.
BYD has responded since February to
the price war Tesla started early last year
in China by cutting prices on the latest
versions of its line up by 5%-20% from
earlier iterations.
Last week, BYD set a 3.6-million-unit
sales target for 2024, a 20% increase from
its record-breaking sales last year, Reuters
reported citing sources.
Read also: China Xiaomi’s EV launch
propels its market value by US$7.6 bil,
above GM and Ford
 w e d n e s d ay A P R I L 3 , 2 0 2 4
Israel airstrike on
Gaza kills seven
working for celebrity
chef’s NGO
by Nidal al-Mughrabi
Reuters
(April 2): Citizens from Australia, Brit-
ain and Poland were among seven peo-
ple working for celebrity chef Jose Andres’
World Central Kitchen who were killed in
an Israeli airstrike in central Gaza on Mon-
day, the NGO said.
The workers, who also included Pal-
estinians and a dual citizen of the United
States and Canada, were travelling in two
armoured cars emblazoned with the WCK
logo and another vehicle, WCK said in a
statement.
Israel has long denied it is hindering
the distribution of urgently needed food
aid in Gaza, saying the problem is caused
by the inability of international aid groups
to get it to those in need.
Despite co-ordinating movements with
the Israeli Defence Force, the convoy was
hit as it was leaving its Deir al-Balah ware-
house, after unloading more than 100 tons
of humanitarian food aid brought to Gaza
by sea, WCK said.
“This is not only an attack against
WCK, this is an attack on humanitarian
organizations showing up in the most dire
of situations where food is being used as
a weapon of war,” said Erin Gore, chief
executive of World Central Kitchen.
“This is unforgivable.”
The Israeli military said it was doing
a thorough review at the highest levels to
understand the circumstances of what it
called a tragic incident and pledged an
investigation by “an independent, profes-
sional and expert body”.
“The IDF makes extensive efforts to en-
able the safe delivery of humanitarian aid,
and has been working closely with WCK
in their vital efforts to provide food and
humanitarian aid to the people of Gaza,”
the military said.
Israel has been under mounting inter-
national pressure to alleviate the severe
hunger in Gaza, which has been devas-
tated by months of fighting that has laid
waste to much of the enclave and forced
most of the population from their homes.
The United Nations and other interna-
tional groups have accused Israel of hinder-
ing aid distribution with bureaucratic ob-
stacles and failing to ensure the security of
food convoys, underlined by a disaster on
21 TheEdge CEO morning brief
w o r l d
Feb. 29, in which around 100 people were
killed as they waited for an aid delivery.
Hamas, the Islamist group that con-
trolled Gaza, has said the main problem
with aid distribution was Israeli targeting
of aid workers. Following the latest inci-
dent, it issued a statement saying the attack
aimed to terrorise workers of internation-
al humanitarian agencies, deterring them
from their missions.
Last week, the World Court ordered
Israel to take all necessary and effective
action to ensure basic food supplies to the
enclave’s Palestinian population and halt
spreading famine.
In response, Israeli officials accused the
United Nations and other international
bodies of “failure” over the problems in
getting aid to hungry people in Gaza, say-
ing they lack the logistical capacity to per-
form their jobs.
Andres, who started WCK in 2010 by
sending cooks and food to Haiti after an
earthquake, earlier said he was heartbroken
and grieving for the families and friends
of those who died.
“The Israeli government needs to stop
this indiscriminate killing,” he said on so-
cial media.
“It needs to stop restricting human-
itarian aid, stop killing civilians and aid
workers, and stop using food as a weapon.
No more innocent lives lost. Peace starts
with our shared humanity. It needs to start
now.”
Australia confirms death
Australian Prime Minister Anthony Albanese
confirmed the death of 44-year-old aid work-
er Lalzawmi “Zomi” Frankcom and said his
government had contacted Israel to demand
those responsible be held accountable.
“This is a human tragedy that should
never have occurred, that is completely
unacceptable and Australia will seek full
and proper accountability,” he told a press
conference on Tuesday.
Albanese said innocent civilians and hu-
manitarian workers needed to be protected
and reiterated his call for a sustainable cease-
fire in Gaza along with more aid to help those
suffering from “tremendous deprivation”.
Poland, which also lost a citizen, issued
a statement objecting to the “disregard for
international humanitarian law and the
protection of civilians, including human-
itarian workers.”
Video obtained by Reuters showed a
large hole in the roof of a four wheel drive
WCK vehicle and its burned and torn inte-
rior, as well as paramedics moving bodies
into a hospital and displaying the passports
of three of those killed.
Read the full story
Destruction of
Gaza’s Shifa
Hospital rips
heart out of health
system,WHO says
Reuters
GENEVA (April 2): Israel’s destruction of
Gaza’s biggest hospital in a raid over the
past two weeks has ripped the heart out of
the enclave’s healthcare system, the World
Health Organization said on Tuesday.
Israeli forces left Al Shifa Hospital
in Gaza City on Monday after the two-
week operation by special forces, who
detained hundreds of suspected Pales-
tinian militants and left a wasteland of
destroyed buildings. Israel said it killed
hundreds of Hamas fighters who had
based themselves there; Hamas and
medical staff deny fighters were present.
“We’ve had contact with the staff.The
directors told us that Al Shifa Hospital is
gone. It’s no longer able to function in any
shape or form as a hospital,” said WHO
spokesperson Margaret Harris.
“Destroying Al Shifa means ripping
the heart out of the health system.”
The WHO is hoping to send a mission
on Tuesday to the site to see what it can
do to save the lives of the remaining pa-
tients. Harris said she did not have infor-
mation about whether Israel had granted
permission to carry out such a mission.
“We’ve been trying to go for days
and days and days,” she said. “Most of
our missions were rejected.”
Al Shifa, the Gaza Strip’s biggest
hospital before the war, was one of the
few healthcare facilities that had been
partially operational in the north of en-
clave before the raid.
Palestinian officials called the assault
on a hospital treating severely wounded
patients a war crime. Israel says Hamas
deliberately operates among vulnerable
civilians.
 W E D N E S D AY A P R I L 3 , 2 0 2 4 22 THEEDGE CEO MORNING BRIEF

M A R K E T S

CPO RM 4,308.0010.57 OIL US$ 88.997.62 RM/USD 4.7525 RM/SGD 3.5145 RM/AUD 3.0930 RM/GBP 5.9737 RM/EUR 5.1052

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
ALPHA IVF GROUP BHD 125.1 0.005 0.330 0.00 1,603.8
AHMAD ZAKI RESOURCES BHD 83.7 0.030 0.250 13.64 164.0
WIDAD GROUP BHD 76.5 -0.005 0.080 -83.51 247.7
SNS NETWORK TECHNOLOGY BHD 72.9 0.040 0.330 40.43 532.2
ZANTAT HOLDINGS SDN BHD 65.7 0.015 - 0.00 141.4
PANDA ECO SYSTEM BHD 51.8 0.020 0.315 57.50 211.4
EVERGREEN MAX CASH CAPITAL 45.2 0.015 0.540 31.71 602.0
TWL HOLDINGS BHD 44.5 0.000 0.030 0.00 169.5
VELESTO ENERGY BHD 37.0 0.005 0.300 30.43 2,464.7
NCT ALLIANCE BHD 36.2 0.060 0.510 54.55 795.2 World equity indices
MINETECH RESOURCES BHD 34.3 0.010 0.165 13.79 294.5 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
TOP GLOVE CORP BHD 33.4 0.025 0.825 -8.33 6,606.8 (%) (%)
YTL CORP BHD 32.8 -0.040 2.620 38.62 28,731.9 DJIA * 39,566.85 844.16 2.18 INDONESIA 7,236.98 -144.92 -1.96
RGB INTERNATIONAL BHD 30.4 0.005 0.320 18.52 493.1 S&P 500 * 5,243.77 120.08 2.34 JAPAN 39,838.91 149.97 0.38
RENEUCO BHD 30.2 0.010 0.085 -61.36 95.4 NASDAQ 100 * 18,293.20 274.75 1.52 KOREA 2,753.16 72.81 2.72
EVERSENDAI CORP BHD 28.5 0.010 0.295 78.79 230.4 FTSE 100 * 7,976.95 317.21 4.14 PHILIPPINES 6,960.43 18.22 0.26
BINA PURI HOLDINGS BHD 28.5 0.000 0.080 -5.88 269.9 AUSTRALIA 7,887.87 40.89 0.52 SINGAPORE 3,247.72 100.63 3.20
DAGANG NEXCHANGE BHD 28.1 0.005 0.350 -12.50 1,104.7 CHINA 3,074.96 28.94 0.95 TAIWAN 20,466.57 681.25 3.44
MY EG SERVICES BHD 25.8 0.005 0.790 -3.07 5,892.7 HONG KONG 16,931.52 578.13 3.54 THAILAND 1,379.46 -6.96 -0.50
MINOX INTERNATIONAL GROUP 24.0 0.030 0.285 3.64 102.6 INDIA 73,903.91 -215.48 -0.29 VIETNAM 1,287.04 39.69 3.18
Data as compiled on April 2, 2024 Source: Bloomberg Data as compiled on April 2, 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)
KEY ALLIANCE GROUP BHD 0.010 100.00 1,361.6 0.00 36.8 FINTEC GLOBAL BHD 0.005 -50.00 221.7 -50.00 29.6
TALAM TRANSFORM BHD 0.015 50.000 640.0 0.00 64.4 BORNEO OIL BHD 0.005 -50.00 10,226.7 -66.67 60.0
SC ESTATE BUILDER BHD 0.015 50.00 1,171.0 -3.57 48.3 BCM ALLIANCE BHD 0.010 -33.33 140.5 -50.00 20.3
COMPUGATES HOLDINGS BHD 0.015 50.00 1,000.6 0.00 82.5 MERIDIAN BHD 0.040 -20.00 10,383.1 -57.89 9.0
XOX BHD 0.015 50.00 410.6 0.00 77.9 REACH ENERGY BHD 0.025 -16.67 241.8 -37.50 53.2
FOCUS DYNAMICS GROUP BHD 0.015 50.00 111.0 0.00 95.6 LAMBO GROUP BHD 0.025 -16.67 3,618.9 25.00 38.5
MQ TECHNOLOGY BHD 0.020 33.33 643.5 -20.00 30.4 ECOBUILT HOLDINGS BHD 0.065 -13.33 8.0 -27.78 27.3
BSL CORP BHD 0.030 20.00 56.0 -33.33 57.9 ARB BHD 0.040 -11.11 684.7 -38.32 50.0
CME GROUP BHD 0.030 20.00 102.0 0.00 31.4 SAPURA ENERGY BHD 0.045 -10.00 2,444.5 0.00 826.9
PNE PCB BHD 0.065 18.18 1,223.3 -23.53 36.4 KJTS GROUP BHD 0.625 -8.76 4,638.3 0.00 430.0
DESTINI BHD 0.035 16.67 14,928.1 -41.67 74.9 SILVER RIDGE HOLDINGS BHD 0.375 -8.54 2,442.6 -67.39 83.5
APPASIA BHD 0.105 16.67 13,819.7 10.53 114.8 AVILLION BHD 0.055 -8.33 759.6 10.00 62.3
SNS NETWORK TECHNOLOGY BHD 0.330 13.79 72,903.4 40.43 532.2 BTM RESOURCES BHD 0.060 -7.69 2,771.5 -14.29 75.4
AHMAD ZAKI RESOURCES BHD 0.250 13.64 83,651.7 13.64 164.0 MALAYAN UNITED INDUSTRIES BHD 0.060 -7.69 7,994.1 0.00 193.5
RENEUCO BHD 0.085 13.33 30,163.0 -61.36 95.4 SINARAN ADVANCE GROUP BHD 0.060 -7.69 132.1 -29.41 54.9
NCT ALLIANCE BHD 0.510 13.33 36,187.3 54.55 795.2 MLABS SYSTEMS BHD 0.185 -7.50 5,180.9 -38.33 13.4
MYTECH GROUP BHD 0.585 12.50 265.2 67.14 130.9 D’NONCE TECHNOLOGY BHD 0.065 -7.14 3,329.2 -53.57 30.4
MYMBN BHD 0.185 12.12 1,190.1 -2.63 71.4 ASIA POLY HOLDINGS BHD 0.065 -7.14 616.6 -18.75 62.3
MINOX INTERNATIONAL GROUP 0.285 11.76 23,971.8 3.64 102.6 AE MULTI HOLDINGS BHD 0.130 -7.14 262.3 -13.33 28.1
BINA DARULAMAN BHD 0.430 11.69 6,494.6 50.88 130.7 TECHNODEX BHD 0.065 -7.14 551.0 -18.75 54.8
Data as compiled on April 2, 2024 Source: Bloomberg Data as compiled on April 2, 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)
DUTCH LADY MILK INDUSTRIES 33.500 1.000 121.2 44.65 2,144.0 PETRONAS GAS BHD 17.840 -0.420 654.8 2.53 35,300.6
NESTLE MALAYSIA BHD 119.100 1.000 93.2 1.28 27,929.0 UNITED PLANTATIONS BHD 23.640 -0.340 388.5 32.81 9,805.5
PANASONIC MANUFACTURING 19.080 0.980 73.5 6.00 1,159.0 HEINEKEN MALAYSIA BHD 23.500 -0.200 43.7 -2.65 7,099.3
FRASER & NEAVE HOLDINGS BHD 30.100 0.720 155.5 7.53 11,040.0 SAM ENGINEERING & EQUIPMENT 4.740 -0.160 428.8 18.74 3,208.9
AJINOMOTO MALAYSIA BHD 19.340 0.560 54.1 21.64 1,175.8 MALAYSIA AIRPORTS HOLDINGS 9.640 -0.120 5,145.2 30.98 16,084.9
PETRONAS DAGANGAN BHD 22.280 0.480 336.8 2.01 22,134.2 UWC BHD 2.850 -0.080 2,034.7 -19.03 3,140.6
GE-SHEN CORP BHD 3.880 0.350 618.2 234.48 487.2 LYSAGHT GALVANIZED STEEL BHD 2.400 -0.080 1.1 8.11 99.8
AMWAY MALAYSIA HOLDINGS BHD 7.650 0.240 85.7 37.24 1,257.6 CRESCENDO CORP BHD 3.000 -0.070 642.1 29.31 838.3
CARLSBERG BREWERY MALAYSIA 18.700 0.220 273.2 -3.01 5,717.5 HEITECH PADU BHD 1.820 -0.070 3,888.4 106.82 184.2
KUALA LUMPUR KEPONG BHD 22.800 0.220 1,210.4 4.49 24,998.0 SUNWAY BHD 3.400 -0.070 16,340.6 65.05 18,796.7
HONG LEONG INDUSTRIES BHD 10.660 0.200 66.5 21.41 3,405.6 APM AUTOMOTIVE HOLDINGS BHD 2.710 -0.070 331.4 8.40 529.8
YOONG ONN CORP BHD 1.980 0.130 119.3 23.75 314.1 BATU KAWAN BHD 19.800 -0.060 9.6 -3.88 7,784.2
AEON CREDIT SERVICE M BHD 6.480 0.130 607.2 16.34 3,308.8 MALAYSIAN PACIFIC INDUSTRIES 31.800 -0.060 49.9 12.77 6,326.0
HARTALEGA HOLDINGS BHD 2.820 0.130 3,792.7 4.44 9,625.4 KJTS GROUP BHD 0.625 -0.060 4,638.3 0.00 430.0
HARRISONS HOLDINGS MALAYSIA 9.120 0.120 1.5 5.80 624.5 UNITED MALACCA BHD 5.040 -0.060 15.8 -0.40 1,057.2
TELEKOM MALAYSIA BHD 6.100 0.110 5,961.1 9.91 23,409.5 LPI CAPITAL BHD 12.100 -0.060 60.5 1.17 4,820.4
APOLLO FOOD HOLDINGS BHD 7.100 0.110 121.6 23.26 568.0 TECK GUAN PERDANA BHD 1.760 -0.050 81.2 2.33 70.6
KOSSAN RUBBER INDUSTRIES BHD 2.050 0.100 6,129.0 10.81 5,230.8 UMS HOLDINGS BHD 2.050 -0.050 13.9 1.89 83.4
KOTRA INDUSTRIES BHD 4.790 0.100 0.2 -0.83 710.4 PLS PLANTATIONS BHD 0.755 -0.045 322.1 -10.65 331.9
KLCCP STAPLED GROUP 7.530 0.100 93.9 6.21 13,594.2 IOI PROPERTIES GROUP BHD 2.160 -0.040 3,342.3 23.43 11,893.3
Data as compiled on April 2, 2024 Source: Bloomberg Data as compiled on April 2, 2024 Source: Bloomberg