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KUALA LUMPUR (March 10): Malaysia Airports Holdings Bhd (MAHB) aims to complete the implementation of the Automated Queue Management System (AQMS) at all critical touch points at Kuala Lumpur International Airport (KLIA), including check-in, Immigration and Customs by June this year.
In a statement, MAHB said the first phase of the AQMS has been completed for all security screening checkpoints including the boarding gates.
According to the airport operator, the technology would help to cut passenger queue wait times to under 10 minutes.
The AQMS will take away the stress of long wait times and ensure effective physical distancing at all major touchpoints. For the airport, the AQMS fits both our aspiration in fighting the pandemic and our on-going Airports 4.0 transformation,” said MAHB’s group chief executive officer Datuk Mohd Shukrie Mohd Salleh.
According to him, AQMS uses 3D sensors that monitor real-time conditions from simple change in temperature and lighting conditions, to complex algorithms that automatically detects long queues and wait times.
This real-time information is then channelled to the backbone of airport operations at the Airport Operation Control Centre (AOCC) whereby resources can be deployed immediately to help ensure fast service and smooth passenger flow.
As such, crowd control can be effectively carried out in accordance with the standard operating procedures (SOPs) to further assure passengers of their safety even when in queue.
As part of the Airports 4.0 transformation, the data on the wait times from the AQMS will be integrated into its Flight Information Display Screens (FIDS) and “MYAirports” mobile app at a later stage, to allow passengers to plan their journey at the airport better.
Ultimately, we remain focused on our Airports 4.0 journey in future-proofing our services and heightening the passenger experience. We hope to create strategic value to all the relevant partners and government agencies by leveraging the data captured from the AQMS to be more efficient and effective in resource planning and allocation. This distribution of analytics is a concerted effort for the airport community to work together in enhancing the passenger journey,” said Mohd Shukrie.

PETALING JAYA (March 10): Tropicana Corp Bhd partners with Maybank Islamic to offer a homeownership financing solution that offers 100% financing in collaboration with Maybank Islamic’s HouzKEY program.
Tropicana group managing director Dion Tan said in a press release: “We are proud to have Maybank Islamic as our financing partner. At Tropicana, aside from offering customer-centric products, we want to provide easy ownership solutions to our homebuyers too. We believe the unique value propositions offered by Maybank will enable homebuyers to acquire Tropicana property with easy entry and minimal capital outlay. This solution only requires a three-month refundable deposit and it is easy plus attractive to our younger market segment. Coupled with our wide array of product offerings that range from high rise to landed abodes, for both ongoing and move-in ready properties, we believe this collaboration will be a win-win for all parties.”
According to Tropicana, the program targets first- and second-time homebuyers as it provides zero payments during construction and the lowest monthly payments with the best rates. Tropicana is one of the early adopters of the latest version of HouzKEY which allows the enjoyment of government incentives such as the Home Ownership Campaign (HOC) that offers stamp duty exemptions, MOT waivers and 10% discount on the purchase of residential properties. This partnership also enables Bumi discount for eligible Bumiputra buyers and EPF withdrawal for monthly payments or direct deduction of principal.
Maybank Real Estate Ventures managing director Sally Lye said: “We are truly proud of this collaboration with Tropicana, and we believe that our HouzKEY product is the perfect solution for homeownership in the current market. Working together, we are widening our reach and opening up opportunities for more Malaysians to own properties without having to worry about the high upfront costs associated with purchasing a property.”
The participating properties include the completed Paisley Serviced Residences, and the newly launched Residences (South) within Tropicana Metropark, a freehold 88-acre master plan in Subang Jaya with a direct link to the Federal Highway complemented by a 9.2-acre Urban Park and the GEMS International School.
Another property is Edelweiss Serviced Residences at Tropicana Gardens which boasts a central location in Kota Damansara and Tropicana Indah with a direct connection to the Surian MRT Station and the one million sq ft Tropicana Gardens Mall.
Two more offerings that are slated for completion in 2021 are the modern apartments of Aman 1 at Tropicana Aman, Kota Kemuning which is a walking and biking community with an 85-acre central park, Tenby International School and SJKC Bukit Fraser; and the linked villas of Lakefield Residences at Tropicana Heights, Kajang — a freehold 199-acre masterplan sited on a former golf course which has a 16-acre central park and a two-acre recreational hub.
In the southern region, Ayera Residences offers two-storey park homes nestled within the exclusive enclave of Tropicana Danga Cove, Iskandar Malaysia.
Concurrently, Tropicana is running its Tropicana 100 campaign which offers 100% deals for homebuyers. In conjunction with the Chinese New Year, Maybank Islamic is also running the HouzKEY 2021 Ox-picious New Year Campaign offering additional RM800 vouchers for HouzKEY applicants until April 8 this year.

KUALA LUMPUR (March 10): UEM Land Bhd, a wholly-owned subsidiary of UEM Sunrise Bhd, has entered into a conditional sale and purchase agreement (SPA) to buy a 9.93-acre leasehold piece of factory land and the buildings thereon from Dutch Lady Milk Industries Bhd at Section 13, Petaling Jaya for RM200 million, with plans to build a RM1.3 billion mixed-use development there.
In a statement, UEM Sunrise said the group plans to launch the project – which will be situated along Jalan Khoo Kay Kim – in the next two to three years.
UEM Sunrise chief executive officer Sufian Abdullah said the latest land acquisition bodes well with its ongoing efforts to rebalance the group portfolio and increase its foothold in the Klang Valley.
What attracted us most about this land is its location within the Draft Special Area Plan Section 13 Petaling Jaya, identified by Majlis Bandaraya Petaling Jaya to redevelop the area into a commercial hub as part of its urban renewal efforts.
With the land strategically located in Petaling Jaya, its proximity to the central business districts and the education hub, we want to accommodate first-time homebuyers, young or small families and customers looking for investment opportunities in targeting short- or long-term tenancies by young professionals and students in the various universities and colleges nearby," Sufian said.
Section 13 of Petaling Jaya is located just minutes from the Damansara-Puchong Expressway, Sprint Expressway-Kerinchi Link, Federal Highway and North Pantai Expressway, all of which will take the residents right into the heart of Kuala Lumpur city centre.
Situated within the 10km radius are world-class healthcare providers such as Columbia Asia Hospital and University Malaya Medical Centre; higher education institutions including Brickfields Asia College, Mahsa University, Universiti Malaya and KDU University College.
The land is also easily accessible via public transportation with the Taman Jaya LRT Station located 2.7km away and an LRT feeder bus that passes by the development every 30 minutes.
With the latest additions, UEM Sunrise's total land bank stands at 11,092.8 acres, amounting to RM107.9 billion in GDV.
Meanwhile, Dutch Lady said in a filing with Bursa Malaysia that the disposal of the land is expected to result in a net gain of about RM178.6 million, translating into an increase in earnings per share by approximately 279 sen, based on the weighted average number of ordinary shares in issue as at Dec 31, 2020.
It also said the board will review and determine the use of the gross cash proceeds of RM200 million by the end of 2021, which may include financing the construction of its new manufacturing and warehousing facilities in Bandar Enstek, Negeri Sembilan, which is scheduled to start this year and be completed in three years.
Until completion of the new facilities, Dutch Lady will continue its manufacturing activities at the Petaling Jaya property as a tenant after the conclusion of the disposal, which is expected to be at the end of this year.

KUALA LUMPUR (March 11): Investment analysts are positive on Hartalega Holdings Bhd's RM7 billion expansion plan in the long term. However, some of them have trimmed their target price (TP) for the world's largest nitrile glove maker as they see the sentiment has turned cautious on the sector.
Rapid capacity expansion in China, let alone those in Malaysia, meeting with an anticipated drop in demand following the faster-than-expected roll-out of vaccination globally, has prompted analysts to start cutting their hefty premium to the valuation of glove counters.
Kenanga Research analyst Raymond Choo said in a note today he is positive on Hartalega’s Bukit Kayu Hitam land acquisition which reaffirms its commitment towards long-term future expansion growth as well as capitalising on post-Covid-19 demand growth, estimated at 15% to 20% per annum.
While maintaining his "outperform" call on the stock, Choo trimmed his TP for Hartalega to RM17 from RM21, based on 17 times 2022 estimated earnings per share (EPS), due to the industry’s reduced lead time and diminishing sentiment on the sector.
Hartalega announced yesterday the acquisition of land in Bukit Kayu Hitam from Northern Gateway Free Zone Sdn Bhd for RM228.7 million (RM21 per sq ft).
It will be investing RM7 billion to build 16 new glove factories in Malaysia's northern region over the next 20 years.
TA Securities analyst Tan Kong Jin is also positive on the acquisition, deeming the buying price as reasonable based on property listings in the vicinity from property portals.
However, he reduced his FY21 earnings estimate for the group by 14.8% after lowering his sales volume assumption by 9% as production in the fourth quarter ending March 31, 2021 (4QFY21) is expected to drop due to Covid-19 cases at its plants.
We roll forward our valuation base year to FY23 to factor in a more normalised average selling price (ASP). Our TP is lowered to RM17.12 per share (previously RM23.60 per share) based on 26 times FY23 EPS,” Tan said while maintaining his "buy" call on the stock.
Meanwhile, AmInvestment Bank Research also lowered its TP for Hartalega to RM11.20, from RM13.56, reflecting a neutral environmental, social and governance (ESG) rating of three stars as the local research house maintained its "hold" call on the stock.
Our valuation is based on 25 times 2022 forecast EPS, which is at a 1 SD (standard deviation) discount on the five-year historical average. This is in view of the faster-than-expected roll-out of global vaccination as well as rapid capacity expansion by Chinese glove manufacturers,” it said.
It also reduced its FY21, FY22 and FY23 earnings estimates by 0.4%, 0.4% and 1.1% respectively to account for higher finance cost resulting from the land acquisition announced yesterday.
Contributions from the new expansion plan are only expected to come in from FY24, it said

KUALA LUMPUR (March 11): Genting Singapore Ltd is currently unable to estimate the financial impact on its results for the financial year ending Dec 31, 2021 (FY21) as “the global Covid-19 situation remained very fluid as at the date on which Genting Singapore Group’s financial statements were authorised for issue”, according to Genting Bhd’s FY20 audited annual accounts.
Notwithstanding this, Genting Singapore Group has assessed that the going concern basis of preparation for this set of financial statements (FY21) remains appropriate,” noted Genting.
Genting Singapore is a 52.7%-owned subsidiary of Genting.
Genting said Covid-19 had caused major disruption to the travel and tourism industry as the pandemic resulted in border closures and other measures imposed by various governments.
On top of that, as part of the Singapore government’s circuit breaker measures, most of the service offerings of Genting Singapore’s integrated resort at Resorts World Sentosa, including attractions and the casino, were suspended from April 7 to June 30, 2020.
This had a negative impact on Genting Singapore’s financial performance for FY20 as the integrated resort was built predominantly to attract large-scale international demand.
To recap, Genting Singapore reported a 90% plunge in earnings to just S$69.2 million (RM212.25 million) for FY20, from earnings of S$688.6 million recorded for FY19. Revenue for FY20 was down 57% year-on-year (y-o-y) to S$1.06 billion from S$2.48 billion recorded for FY19.
The company also cut its dividend to just one cent a share from 2.5 cents for FY19.
Genting Singapore shares were up 1.5 sen or 1.71% at S$0.89, valuing it at S$10.76 billion.
Meanwhile, Genting’s share price on Bursa Malaysia was down one sen or 0.19% at RM5.16 at the time of writing today, bringing it a market capitalisation of RM20 billion, with 1.54 million shares traded.

KUALA LUMPUR (March 11): Petroliam Nasional Bhd's (Petronas) Suriname-based unit has tapped geodata specialist Fugro to conduct a seep survey and geochemical campaign.
In a statement yesterday, Fugro said it is conducting a seep served and geochemical camping in Block 48, which is located offshore Suriname for Petronas Suriname E&P BV (PSEPBV).
Fugro said the work for PSEPBV is being conducted from survey vessel MV Fugro Brasilis, and involves geophysical data collection, heat flow measurements, core sampling and on-board geochemical analysis, which aim to optimise future exploration activities in this frontier area.
The fieldwork for the job will run through the first quarter of 2021 (1Q21), with subsequent geochemical analysis and final reports delivered in May 2021, noted the statement.
Fugro director for the Caribbean and Pacific South America Brian Hottman said the Suriname-Guyana basin is shaping up to be a world-class petroleum system.
The Suriname-Guyana basin is shaping up to be a world-class petroleum system, and PSEPBV is poised to be a major player in this region as demonstrated by their successful results from the Sloanea-1 exploration well located in Block 52.
We look forward to supporting their continued success in the region by defining high-potential areas within Block 48, and helping develop Suriname’s vital resources in a safe and responsible manner,” Hottman said.

KUALA LUMPUR (March 11): MKH Property Ventures Sdn Bhd, a joint venture company between MKH Bhd and Panasonic Homes Malaysia Sdn Bhd from Panasonic Homes Group, will launch a new block of MIRAI Residences in Kajang 2 this month.
The new block comprises a total of 384 units that come in two or three-bedroom layouts with built-ups of 578, 840 and 931 sq ft. Prices start at RM320,000. Phase 1 (748 units) was launched on Sept 30, 2020 and has currently achieved a take-up rate of more than 90%. As such, this has given the developer confidence to launch the second phase of MIRAI Residences,” MKH said in a press statement.
According to the developer, MIRAI Residences will comprise four blocks offering 1,496 serviced apartments and is expected to be completed in September 2024. The project combines the know-how and technology that Panasonic Homes Malaysia has cultivated in Japan, and will incorporate Panasonic’s Quality Air For Life (QAFL) technology for all units.
By installing an Energy Recovery Ventilation system depending on the room layouts, the temperature variations in the units can be suppressed to save energy. There will also be air conditioning with Nanoe technology for the units, which will help purify the indoor air without the need to open the windows. By responding to the growing customer needs for indoor air quality, MKH aims to provide residents a safe and comfortable living environment,” it said.
MIRAI Residences will also feature more than 40 resort-style facilities, including a futsal court, meditation deck, jogging track, 50m swimming pool, two gymnasium rooms, barbecue pit, and urban farming. The project is a seven-minute walk from the upcoming Kajang 2 KTM station, which will be operating by April this year.

KUALA LUMPUR (March 11): MISC Bhd has secured seven-year charter contracts from Shell for three newbuilding crude carriers, for operations in international waters.
In a filing today, MISC said the contracts were secured by AET Inc Ltd, the vessel-owning entity of petroleum shipping firm AET Tanker Holdings Sdn Bhd, which is in turn wholly-owned by MISC.
The three vessels are LNG dual fuel very large crude carriers (VLCCs), which will serve Shell’s unit Shell Tankers (Singapore) Pvt Ltd from the third quarter of 2023, the filing said.
It is the first long-term contract announced by MISC this year.
At end-2020, MISC Group’s fleet consisted of more than 100 owned and in-chartered vessels comprising liquefied natural gas (LNG), petroleum and product vessels, very large ethan carriers, 14 floating production systems, as well as two LNG floating storage units. The fleet has a combined deadweight tonnage capacity of more than 11 million tonnes.

KUALA LUMPUR (March 12): CGS-CIMB remained positive on DRB-Hicom Bhd’s outlook as the transformation of its 50.1%-owned subsidiary Proton Holdings Bhd is gaining momentum.
CGS-CIMB’s analyst Mohd Shanaz Noor Azam said in a note today, after joining DRB-Hicom’s post-results conference call, he is excited to learn that Proton is focusing on active product lifecycle management as it plans to introduce six to seven models based on new technology integration and joint-development programmes over next seven years as part of its mid-term strategy.
The group is in the midst of ramping up its production of X50 and X70 in Tanjung Malim to meet the strong demand. Management indicated that these models each have an order backlog hovering three to four months,” he said.
While the group did not provide sales guidance for the marque, it expected Proton to outperform the Malaysian Automotive Association’s target of 8% sales volume growth in 2021, he added.
Mohd Shanaz said Proton is also aiming to grow its export market — which accounted for around 2% of its sales volume last year — with plans to double its export volume in 2021 following the launch of X70 in Brunei and Pakistan, and the commencement of its manufacturing operations in Kenya last year.
Meanwhile, Proton is still studying and exploring partnership opportunities to penetrate the Thai and Indonesian markets; we think this could be a major driver for its export growth,” he said.
Mohd Shanaz noted that meanwhile, Proton continues to solidify its position in the region, ending 2020 with a 5.9% market share, ranking it among the six largest automotive brands in the combined market of Malaysia, Indonesia and Thailand (vs. 2.3% in 2018, 3.8% in 2019).
Under its transformation strategy, Proton aims to be the third-largest player in Southeast Asia by 2027,” he added.

KUALA LUMPUR (March 12): Supermax Corp Bhd has tapped London-based architecture studio Szczepaniak Astridge to design its new headquarters in Meru, Klang.
According to portal designboom.com, the studio had presented its competition-winning design for the rubber glove giant’s new headquarters.
The project, which is situated alongside an oil palm plantation, will use husks and leaves from the plantation to power Supermax’s associated factories.
The mixed-use, nine-storey building will accommodate a wide range of functions including research and development, sales and marketing offices, a finance and banking department, a training centre, auditorium, lecture hall, restaurants, grand ballroom for 1,000 people, event spaces, and car parking, said the portal.
Meanwhile, the building’s design will allow for flexibility in-between floors for future expansion.
Consistently high temperatures and high humidity throughout the year together with strong equatorial sunlight encourages buildings in the region to make use of tinted glass and huge demands on air-conditioning.
The team aims to turn these negatives into positives by creating a healthy and harmonious place to collaborate and work in, within a post-Covid-19 environment.
The proposal comprises a semi-outdoor space called the ‘green belt’ that wraps along the perimeter of the building. this tropically planted interstitial space offers shading, natural ventilation, and integrated vegetation,” the portal reported.

Sunway Pyramid Convention Centre designated as Covid-19 vaccination centre for Petaling district
KUALA LUMPUR (March 12): Sunway Pyramid Convention Centre has been designated as the first private large-scale vaccination centre for the Petaling district, where the inoculation of at least 1.8 million people will take place under the National Covid-19 Immunisation Programme.
In a statement today, the conglomerate said the convention centre, which has a built up area of 80,000 sq ft, opened up its doors on March 10 and will be carrying out the vaccination process starting with frontline workers, followed by residents in the Petaling district over the next 11 months until February 2022.
It said the centre will carry out vaccinations for healthcare workers in the government and private facilities as well as essential services from February to April 2021, followed by remaining healthcare workers, essential workers and enforcers as well as senior citizens and high-risk groups from April to August 2021.
Meanwhile, vaccinations for the community at large will be carried out from August 2021 to February 2022. Free parking is provided for those who come to be vaccinated.
As of March 12, it said some 1,400 frontline workers have been vaccinated. The vaccination is carried out by Petaling Health District Office with strict adherence to the standard operating procedures, in small groups, with adequate social distancing.
Sunway Pyramid Convention Centre has the ideal size, strategic location, and infrastructure support we need to ensure the smooth roll-out of the vaccinations. We are thankful to the Sunway Group for its prompt response in offering the convention centre as a vaccination hub and supporting the national immunisation programme,” said the Petaling District Disaster Management Committee.

KUALA LUMPUR (March 11): Genting Bhd and Genting Malaysia Bhd (GenM)'s share prices rose today from their readjusted ex-dividend closing share prices yesterday as both companies' shares trade ex-dividend today.
At noon market break today, Genting ended 5.5 sen or 1.09% higher at RM5.11 from its readjusted ex-dividend closing share price of RM5.05 yesterday.
Meanwhile, GenM climbed 4.5 sen or 1.47% to RM3.12 from its readjusted ex-dividend closing share price of RM3.06 yesterday.
Both companies, which are involved in casino and hotel operations, earlier proposed to each pay a special dividend of 8.5 sen a share to reward shareholders.
Genting registered a net loss for the financial year ended Dec 31, 2020 due to the adverse impact of Covid-19, in particular in respect of the group’s leisure and hospitality division, it said in its annual audited accounts posted on Bursa.
The impact caused unprecedented disruptions to GenM that resulted in the temporary closure of its resort operations worldwide from mid-March 2020 in compliance with the respective governments’ directives, it said.
To mitigate the impact of the pandemic, GenM had reduced its operating costs following the re-calibration of the group’s operating structure and right-sizing of its workforce.
It has also leveraged on governments’ supported schemes introduced in response to the Covid-19 pandemic to manage its cash flow and liquidity requirements during this difficult period.
To shore up liquidity, Genting Malaysia group’s operations in the US has successfully completed the US$525 million offering of 3.3% five-year senior notes due 2026, in February 2021. The proceeds from the senior notes will be used to refinance the existing indebtedness and for general corporate purposes,” it said, adding that the group would have sufficient cash flows to fulfil its obligations and finance its ongoing operations.
GenM said it expects business operations to gradually return to normal operating levels, aided by the progressive roll-out of mass vaccination programmes globally.

KUALA LUMPUR (March 11): Genting Bhd and Genting Malaysia Bhd (GenM)'s share prices rose today from their readjusted ex-dividend closing share prices yesterday as both companies' shares trade ex-dividend today.
At noon market break today, Genting ended 5.5 sen or 1.09% higher at RM5.11 from its readjusted ex-dividend closing share price of RM5.05 yesterday.
Meanwhile, GenM climbed 4.5 sen or 1.47% to RM3.12 from its readjusted ex-dividend closing share price of RM3.06 yesterday.
Both companies, which are involved in casino and hotel operations, earlier proposed to each pay a special dividend of 8.5 sen a share to reward shareholders.
Genting registered a net loss for the financial year ended Dec 31, 2020 due to the adverse impact of Covid-19, in particular in respect of the group’s leisure and hospitality division, it said in its annual audited accounts posted on Bursa.
The impact caused unprecedented disruptions to GenM that resulted in the temporary closure of its resort operations worldwide from mid-March 2020 in compliance with the respective governments’ directives, it said.
To mitigate the impact of the pandemic, GenM had reduced its operating costs following the re-calibration of the group’s operating structure and right-sizing of its workforce.
It has also leveraged on governments’ supported schemes introduced in response to the Covid-19 pandemic to manage its cash flow and liquidity requirements during this difficult period.
To shore up liquidity, Genting Malaysia group’s operations in the US has successfully completed the US$525 million offering of 3.3% five-year senior notes due 2026, in February 2021. The proceeds from the senior notes will be used to refinance the existing indebtedness and for general corporate purposes,” it said, adding that the group would have sufficient cash flows to fulfil its obligations and finance its ongoing operations.
GenM said it expects business operations to gradually return to normal operating levels, aided by the progressive roll-out of mass vaccination programmes globally.

Shell exploring options to divest non-operated interests in Malaysia's Baram Delta
KUALA LUMPUR (March 12): As part of its continuous global portfolio rationalisation, Shell has decided to explore its options to divest its non-operated interests in the amended 2011 Baram Delta EOR production sharing contract (PSC) and the SK 307 PSC.
The assets located offshore Sarawak, Malaysia are operated by Petronas Carigali Sdn Bhd, and Sarawak Shell Bhd is a non-operating partner.
This decision is in line with the Shell group’s strategy for its upstream business to become more focused, and to increase its resilience and competitiveness.
Shell Malaysia remains committed to supporting the operator in delivering safe and smooth operations until completion of a sale to a credible buyer,” it said in a statement.
The British-Dutch multinational oil and gas (O&G) company said Malaysia remains an important country to the Shell group with a continued strong presence in its upstream, gas-to-liquid, downstream and business operations sectors.
It noted that the upstream business in Malaysia had been identified as one of Shell upstream’s nine core performance units worldwide.
Shell has been a partner of the nation’s progress over its 130 years of operations in the country, contributing to the success of its energy industry, the development of Malaysian talent and communities.
The company said it will continue to play an important role in powering Malaysia’s future with cleaner, innovative and competitive energy solutions.

PETALING JAYA (March 12): Gamuda Land has partnered with the 3Q Equestrian Centre (3Q Equestrian) in a bid to enhance the placemaking of its township of Gamuda Gardens in the Klang Valley North. The horse-riding facility is slated to open in April.
Gamuda Land CEO Ngan Chee Meng said in a press release: “Our partnership with 3Q Equestrian reaffirms Gamuda Land’s forward-thinking commitment to placemaking in our developments, ensuring a thoughtful mix of residential, commercial and recreational components to build thriving, connected communities. Through this collaboration, we are anticipating and addressing growing interest in outdoor activities as Malaysians emerge from months of nationwide lockdowns.”
3Q Equestrian will operate a horse-riding facility in Gamuda Gardens, comprising a paddock for leisurely pony rides as well as a guided horse ride along a 1.5km Gardens Hill forest trail.
The collaboration with the founders of 3Q Equestrian, the Ambak family, which has a generations-long legacy in the Gamuda Gardens area, is a testament to Gamuda Land’s efforts in safeguarding the natural heritage of the site. 3Q Equestrian director Qabil Ambak said: “Our family has had a presence in the area where Gamuda Gardens now stands dating back many years. The infrastructure it has built, while working with nature to bring out the beauty of the location, showcases their sustainable approach and development values. These values are deeply in tune with our own, which is why we look forward to this collaboration.”
Established in 1990, 3Q Equestrian Centre has built a reputation as an equestrian training destination and a competition venue within Southeast Asia, having produced top equestrian athletes. Its upcoming horse-riding attraction in Gamuda Gardens will be one of the pull factors driving the growth of the 810-acre township.
Apart from the upcoming horse-riding facility, Gamuda Gardens features activities under Xploria, including a Donut Boat ride, Nature School programme, Paws Playland pet agility training ground, Gardens Arena FIFA-standard football turf, Waterfront Village, Gardens Wellness Club and Big Bucket Splash water play park, with more to be unveiled soon.
Other components include wellness amenities, an international school, the Gardens Square commercial centre and a city centre. Gamuda Gardens is accessible by major routes including the North-South, LATAR and Guthrie Corridor Expressways.

KUALA LUMPUR (March 12): FGV Holdings Bhd announced that the Federal Land Development Authority (Felda) has acquired another 467,300 of FGV shares at RM1.30 a share via the open market.
In a filing with Bursa Malaysia today, it said the exercise was pursuant to the unconditional mandatory takeover offer by Felda to acquire all remaining FGV shares.
According to recent news reports, Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed said that Felda, which already owns a 77% stake in FGV, only needed another 13% equity interest in the plantation group to delist the company from Bursa Malaysia.
The move was in line with the government's aspiration to help Felda revive and strengthen its financial position, which would also benefit the settlers, he said.

Moody's affirms AmBank's A3 rating but revises outlook to negative following 1MDB settlement
KUALA LUMPUR (March 12): Moody's Investors Service has affirmed AmBank (M) Bhd's (AmBank) A3 long-term foreign currency deposit rating and AmBank's baa2 Baseline Credit Assessment (BCA), but revised its rating outlook to negative from stable, following its 1Malaysia Development Bhd (1MDB) settlement.
In a statement, Moody's said the rating action follows AMMB Holdings Bhd's (AmBank Group) RM2.83 billion settlement with the government of Malaysia in relation to its involvement with 1MDB.
The affirmation of AmBank's A3 rating incorporates Moody's assessment of a very high likelihood of support from the government of Malaysia in times of need.
This results in a two-notch uplift from the bank's baa2 BCA, based on AmBank Group's systemic importance as the sixth-largest banking group in Malaysia by assets, with AmBank as the group's main operating entity," it said.
Moody's also said the negative outlook reflects uncertainty over AmBank's ability to restore its capitalisation to pre-settlement levels over the next 12-18 months.
AmBank will absorb the bulk of the large settlement at a time when it is facing a slowdown in its internal capital generation due to rising credit costs.
The recovery in its capitalisation will depend on AmBank Group's divestitures, the timing of which is uncertain, and regulatory approval for its plans to implement risk-weighted asset optimisation via the foundation internal rating based approach in April 2022," it said.
However, it said, the reduction in AmBank's capital will be partly offset by an immediate equity injection from AmBank Group, as the group plans to maintain AmBank's common equity tier 1 (CET1) above an internal threshold of 10.5%.
As a result, AmBank's proforma CET1 ratio will fall to 11.0% from 13.1% as of Dec 31, 2020, it said.
Moody's also said the settlement will not materially affect AmBank's liquidity. "In addition to the capital injection from AmBank Group, AmBank is planning to issue Tier 2 bonds that will largely offset the related cash outflow," it noted.
Moody's further said today's rating action reflects the impact of AmBank Group's due diligence lapses in 1MDB-related capital market transactions that occurred more than a decade ago.
In addition to more traditional areas of risk management, Moody's said it considers due diligence and other non-financial risks an important part of effective governance.
However, since 2015, a new board and management team have been appointed, and the group has undertaken a number of corrective measures to strengthen its internal processes, including a remediation programme overseen by the local regulator.
The settlement will also clear the group of any further claims from the Malaysian government and its agencies," it noted.

KUALA LUMPUR (March 12): Maxis Business' Spark Engage series is back with a Spark Engage Forum to inspire businesses through insights and real-life experiences of business leaders across different industries.
Themed "Innovate to Accelerate", Maxis said in a statement that the event, to be launched on March 25, plans to address critical needs to innovate in today's competitive landscape, the role of technology and what it takes to drive business transformation for better efficiency and effectiveness.
It will feature in-depth panel sessions with a keynote address delivered by entrepreneur, consultant and chief executive officer (CEO) of Outthinker, Kaihan Krippendorff, on March 25. Krippendorff will be sharing how businesses can "Unlock an Innovative Mindset in Business Leadership" with relevant, practical and actionable insights that participants can incorporate into their own digital transformation, said Maxis.
As for the panel sessions, they will feature industry experts such as the CEO of Loob Holding Bryan Loo, group executive director of Mamee-Double Decker Pierre Pang, group CEO of AmBank Datuk Sulaiman Mohd Tahir, managing director of Shell Malaysia Trading Shairan Huzani Husain, Maxis' chief enterprise business officer Paul McManus, and Maxis' head of brand and marketing Tai Kam Leong.
We are thrilled to be organising our Spark Engage series for the third year running with continued success as a result of the tremendous response. Through our continuous engagement with SMEs and enterprises, we have been identifying areas in which they can benefit from strong support from fellow entrepreneurs and business leaders to be future-ready.
We truly believe that innovation is pivotal for businesses to always be ahead in a changing world. We look forward to inspiring businesses towards achieving resiliency in this accelerating digital economy," said McManus.

Malaysia to increase palm oil exports to Saudi Arabia
BENTONG (March 12): Malaysia will increase its palm oil exports to Saudi Arabia from 300,000 tonnes to 500,000 tonnes worth approximately RM1 billion.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the volume was increased following Prime Minister Tan Sri Muhyiddin Yassin's visit to Saudi Arabia recently.
It is among the accomplishments following the Prime Minister's visit to Saudi Arabia other than the growth in demand for palm oil in that country throughout the Covid-19 pandemic,” he told a press conference in conjunction with the National Immunisation Programme registration campaign for the plantation sector today.
He also revealed that the Ministry would open a regional office in Jeddah, Saudi Arabia soon.
It is to further expand our opportunities for the commodity in the African and Middle Eastern markets and we see Jeddah as the best hub. With the establishment of such office, hopefully our palm oil could be further marketed internationally,” he said.
Meanwhile, Mohd Khairuddin said his Ministry is negotiating with the Ministry of Home Affairs and Ministry of Human Resources to secure foreign workers for the plantation sector which is in desperate need of manpower.
He noted that there are currently more than 250,000 foreign workers in the plantation sector with some having returned to their respective countries upon expiry of their permits.
He said his Ministry will propose measures for the plantation sector particularly in regard to standard operating procedures as a reassurance in recruiting about 32,000 more foreigners as harvesters.
If we can get 32,000 of these harvesters, that will be another RM5 billion in palm oil-related income towards our RM75 billion target for this year.
At the same time, we hope that locals would also venture into plantation which provides many benefits such as free housing,” he said.
Earlier, Mohd Khairuddin spent some time visiting the living quarters of FGV Holdings Berhad's workers and palm oil mill in Mempaga here.

Malaysia to increase palm oil exports to Saudi Arabia
BENTONG (March 12): Malaysia will increase its palm oil exports to Saudi Arabia from 300,000 tonnes to 500,000 tonnes worth approximately RM1 billion.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the volume was increased following Prime Minister Tan Sri Muhyiddin Yassin's visit to Saudi Arabia recently.
It is among the accomplishments following the Prime Minister's visit to Saudi Arabia other than the growth in demand for palm oil in that country throughout the Covid-19 pandemic,” he told a press conference in conjunction with the National Immunisation Programme registration campaign for the plantation sector today.
He also revealed that the Ministry would open a regional office in Jeddah, Saudi Arabia soon.
It is to further expand our opportunities for the commodity in the African and Middle Eastern markets and we see Jeddah as the best hub. With the establishment of such office, hopefully our palm oil could be further marketed internationally,” he said.
Meanwhile, Mohd Khairuddin said his Ministry is negotiating with the Ministry of Home Affairs and Ministry of Human Resources to secure foreign workers for the plantation sector which is in desperate need of manpower.
He noted that there are currently more than 250,000 foreign workers in the plantation sector with some having returned to their respective countries upon expiry of their permits.
He said his Ministry will propose measures for the plantation sector particularly in regard to standard operating procedures as a reassurance in recruiting about 32,000 more foreigners as harvesters.
If we can get 32,000 of these harvesters, that will be another RM5 billion in palm oil-related income towards our RM75 billion target for this year.
At the same time, we hope that locals would also venture into plantation which provides many benefits such as free housing,” he said.
Earlier, Mohd Khairuddin spent some time visiting the living quarters of FGV Holdings Berhad's workers and palm oil mill in Mempaga here.

Malaysia to increase palm oil exports to Saudi Arabia
BENTONG (March 12): Malaysia will increase its palm oil exports to Saudi Arabia from 300,000 tonnes to 500,000 tonnes worth approximately RM1 billion.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the volume was increased following Prime Minister Tan Sri Muhyiddin Yassin's visit to Saudi Arabia recently.
It is among the accomplishments following the Prime Minister's visit to Saudi Arabia other than the growth in demand for palm oil in that country throughout the Covid-19 pandemic,” he told a press conference in conjunction with the National Immunisation Programme registration campaign for the plantation sector today.
He also revealed that the Ministry would open a regional office in Jeddah, Saudi Arabia soon.
It is to further expand our opportunities for the commodity in the African and Middle Eastern markets and we see Jeddah as the best hub. With the establishment of such office, hopefully our palm oil could be further marketed internationally,” he said.
Meanwhile, Mohd Khairuddin said his Ministry is negotiating with the Ministry of Home Affairs and Ministry of Human Resources to secure foreign workers for the plantation sector which is in desperate need of manpower.
He noted that there are currently more than 250,000 foreign workers in the plantation sector with some having returned to their respective countries upon expiry of their permits.
He said his Ministry will propose measures for the plantation sector particularly in regard to standard operating procedures as a reassurance in recruiting about 32,000 more foreigners as harvesters.
If we can get 32,000 of these harvesters, that will be another RM5 billion in palm oil-related income towards our RM75 billion target for this year.
At the same time, we hope that locals would also venture into plantation which provides many benefits such as free housing,” he said.
Earlier, Mohd Khairuddin spent some time visiting the living quarters of FGV Holdings Berhad's workers and palm oil mill in Mempaga here.

Malaysia to increase palm oil exports to Saudi Arabia
BENTONG (March 12): Malaysia will increase its palm oil exports to Saudi Arabia from 300,000 tonnes to 500,000 tonnes worth approximately RM1 billion.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the volume was increased following Prime Minister Tan Sri Muhyiddin Yassin's visit to Saudi Arabia recently.
It is among the accomplishments following the Prime Minister's visit to Saudi Arabia other than the growth in demand for palm oil in that country throughout the Covid-19 pandemic,” he told a press conference in conjunction with the National Immunisation Programme registration campaign for the plantation sector today.
He also revealed that the Ministry would open a regional office in Jeddah, Saudi Arabia soon.
It is to further expand our opportunities for the commodity in the African and Middle Eastern markets and we see Jeddah as the best hub. With the establishment of such office, hopefully our palm oil could be further marketed internationally,” he said.
Meanwhile, Mohd Khairuddin said his Ministry is negotiating with the Ministry of Home Affairs and Ministry of Human Resources to secure foreign workers for the plantation sector which is in desperate need of manpower.
He noted that there are currently more than 250,000 foreign workers in the plantation sector with some having returned to their respective countries upon expiry of their permits.
He said his Ministry will propose measures for the plantation sector particularly in regard to standard operating procedures as a reassurance in recruiting about 32,000 more foreigners as harvesters.
If we can get 32,000 of these harvesters, that will be another RM5 billion in palm oil-related income towards our RM75 billion target for this year.
At the same time, we hope that locals would also venture into plantation which provides many benefits such as free housing,” he said.
Earlier, Mohd Khairuddin spent some time visiting the living quarters of FGV Holdings Berhad's workers and palm oil mill in Mempaga here.

Malaysia to increase palm oil exports to Saudi Arabia
BENTONG (March 12): Malaysia will increase its palm oil exports to Saudi Arabia from 300,000 tonnes to 500,000 tonnes worth approximately RM1 billion.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the volume was increased following Prime Minister Tan Sri Muhyiddin Yassin's visit to Saudi Arabia recently.
It is among the accomplishments following the Prime Minister's visit to Saudi Arabia other than the growth in demand for palm oil in that country throughout the Covid-19 pandemic,” he told a press conference in conjunction with the National Immunisation Programme registration campaign for the plantation sector today.
He also revealed that the Ministry would open a regional office in Jeddah, Saudi Arabia soon.
It is to further expand our opportunities for the commodity in the African and Middle Eastern markets and we see Jeddah as the best hub. With the establishment of such office, hopefully our palm oil could be further marketed internationally,” he said.
Meanwhile, Mohd Khairuddin said his Ministry is negotiating with the Ministry of Home Affairs and Ministry of Human Resources to secure foreign workers for the plantation sector which is in desperate need of manpower.
He noted that there are currently more than 250,000 foreign workers in the plantation sector with some having returned to their respective countries upon expiry of their permits.
He said his Ministry will propose measures for the plantation sector particularly in regard to standard operating procedures as a reassurance in recruiting about 32,000 more foreigners as harvesters.
If we can get 32,000 of these harvesters, that will be another RM5 billion in palm oil-related income towards our RM75 billion target for this year.
At the same time, we hope that locals would also venture into plantation which provides many benefits such as free housing,” he said.
Earlier, Mohd Khairuddin spent some time visiting the living quarters of FGV Holdings Berhad's workers and palm oil mill in Mempaga here.

Malaysia to increase palm oil exports to Saudi Arabia
BENTONG (March 12): Malaysia will increase its palm oil exports to Saudi Arabia from 300,000 tonnes to 500,000 tonnes worth approximately RM1 billion.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the volume was increased following Prime Minister Tan Sri Muhyiddin Yassin's visit to Saudi Arabia recently.
It is among the accomplishments following the Prime Minister's visit to Saudi Arabia other than the growth in demand for palm oil in that country throughout the Covid-19 pandemic,” he told a press conference in conjunction with the National Immunisation Programme registration campaign for the plantation sector today.
He also revealed that the Ministry would open a regional office in Jeddah, Saudi Arabia soon.
It is to further expand our opportunities for the commodity in the African and Middle Eastern markets and we see Jeddah as the best hub. With the establishment of such office, hopefully our palm oil could be further marketed internationally,” he said.
Meanwhile, Mohd Khairuddin said his Ministry is negotiating with the Ministry of Home Affairs and Ministry of Human Resources to secure foreign workers for the plantation sector which is in desperate need of manpower.
He noted that there are currently more than 250,000 foreign workers in the plantation sector with some having returned to their respective countries upon expiry of their permits.
He said his Ministry will propose measures for the plantation sector particularly in regard to standard operating procedures as a reassurance in recruiting about 32,000 more foreigners as harvesters.
If we can get 32,000 of these harvesters, that will be another RM5 billion in palm oil-related income towards our RM75 billion target for this year.
At the same time, we hope that locals would also venture into plantation which provides many benefits such as free housing,” he said.
Earlier, Mohd Khairuddin spent some time visiting the living quarters of FGV Holdings Berhad's workers and palm oil mill in Mempaga here.

Malaysia to increase palm oil exports to Saudi Arabia
BENTONG (March 12): Malaysia will increase its palm oil exports to Saudi Arabia from 300,000 tonnes to 500,000 tonnes worth approximately RM1 billion.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the volume was increased following Prime Minister Tan Sri Muhyiddin Yassin's visit to Saudi Arabia recently.
It is among the accomplishments following the Prime Minister's visit to Saudi Arabia other than the growth in demand for palm oil in that country throughout the Covid-19 pandemic,” he told a press conference in conjunction with the National Immunisation Programme registration campaign for the plantation sector today.
He also revealed that the Ministry would open a regional office in Jeddah, Saudi Arabia soon.
It is to further expand our opportunities for the commodity in the African and Middle Eastern markets and we see Jeddah as the best hub. With the establishment of such office, hopefully our palm oil could be further marketed internationally,” he said.
Meanwhile, Mohd Khairuddin said his Ministry is negotiating with the Ministry of Home Affairs and Ministry of Human Resources to secure foreign workers for the plantation sector which is in desperate need of manpower.
He noted that there are currently more than 250,000 foreign workers in the plantation sector with some having returned to their respective countries upon expiry of their permits.
He said his Ministry will propose measures for the plantation sector particularly in regard to standard operating procedures as a reassurance in recruiting about 32,000 more foreigners as harvesters.
If we can get 32,000 of these harvesters, that will be another RM5 billion in palm oil-related income towards our RM75 billion target for this year.
At the same time, we hope that locals would also venture into plantation which provides many benefits such as free housing,” he said.
Earlier, Mohd Khairuddin spent some time visiting the living quarters of FGV Holdings Berhad's workers and palm oil mill in Mempaga here.

Malaysia to increase palm oil exports to Saudi Arabia
BENTONG (March 12): Malaysia will increase its palm oil exports to Saudi Arabia from 300,000 tonnes to 500,000 tonnes worth approximately RM1 billion.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the volume was increased following Prime Minister Tan Sri Muhyiddin Yassin's visit to Saudi Arabia recently.
It is among the accomplishments following the Prime Minister's visit to Saudi Arabia other than the growth in demand for palm oil in that country throughout the Covid-19 pandemic,” he told a press conference in conjunction with the National Immunisation Programme registration campaign for the plantation sector today.
He also revealed that the Ministry would open a regional office in Jeddah, Saudi Arabia soon.
It is to further expand our opportunities for the commodity in the African and Middle Eastern markets and we see Jeddah as the best hub. With the establishment of such office, hopefully our palm oil could be further marketed internationally,” he said.
Meanwhile, Mohd Khairuddin said his Ministry is negotiating with the Ministry of Home Affairs and Ministry of Human Resources to secure foreign workers for the plantation sector which is in desperate need of manpower.
He noted that there are currently more than 250,000 foreign workers in the plantation sector with some having returned to their respective countries upon expiry of their permits.
He said his Ministry will propose measures for the plantation sector particularly in regard to standard operating procedures as a reassurance in recruiting about 32,000 more foreigners as harvesters.
If we can get 32,000 of these harvesters, that will be another RM5 billion in palm oil-related income towards our RM75 billion target for this year.
At the same time, we hope that locals would also venture into plantation which provides many benefits such as free housing,” he said.
Earlier, Mohd Khairuddin spent some time visiting the living quarters of FGV Holdings Berhad's workers and palm oil mill in Mempaga here.

Eg founder of Key ASIC, named Silterra CEO, Local electronics industry veteran Eg Kah Yee has taken the helm at Malaysian foundry Silterra Malaysia Sdn. Bhd., succeeding former CEO Bruce Gray, the company announced Jan. 5.
Gray was replaced Jan. 3 by Eg, who was also named executive director of the company's board of directors, Silterra said in a statement.
Before his move to Silterra, Eg founded Key ASIC, a fabless design housed based in Santa Clara, Calif., and served as the head of Synopsys' Asian operations. Eg has also played an “active” role in the investment community, working with leading venture capitalists, Silterra said.
We are pleased to have (Eg) on board to lead Silterra to the next phase of our growth,” Silterra chairman Jalaluddin Jarjis said. “His experience and successful track record in the IC design and semiconductor industry will help Silterra further expand its customer base globally, not just as a wafer foundry but a one-stop solutions semiconductor company.”
The chairman stressed that Silterra's leadership team already had a “well-defined strategic plan” in place that “will steer the company to meet the demands of the competitive global semiconductor market.”

KUALA LUMPUR (March 11): Sime Darby Plantation Bhd (SDP) has commenced legal proceedings against non-governmental organisation (NGO) Liberty Shared’s managing director Duncan Jepson to obtain information pertaining to a complaint filed by Jepson with the Securities Commission Malaysia (SC) against the planter.
In a statement, the plantation giant said it had announced legal proceedings for the discovery of critical information against Jepson on March 9 in the Eastern District of Virginia, US. SDP said the purpose of the proceedings is to obtain important information pertaining to a complaint filed by Jepson with the SC, which alleged that SDP had made wrongful disclosures in its 2019 Sustainability Report.
The SC has commenced investigations into Jepson’s complaint and had accordingly sought additional information from SDP, the planter added. SDP said it will fully cooperate with the SC, and as such said it was vitally important that SDP obtain limited but critical information from the complaint filed by Jepson.
This is the first time in SDP’s 200-year history that we have resorted to taking legal action against an NGO. SDP engages with non-governmental and civil society organisations across the world, supportive and respectful of the important role they play in society. It is this relationship of mutual respect that has allowed SDP to become an industry leader, trusted by our peers, customers, and important stakeholders like highly reputable NGOs,” it said.
SDP said that despite several direct and indirect engagements, Jepson continues to withhold vital information that could have helped the plantation workers that he has claimed to champion.
SDP had in fact appointed PwC Singapore in October 2020, on Jepson’s request, to share with us the information necessary to address the alleged issues found in our plantations. Subsequently, PwC Singapore appointed yet another individual who works closely with Jepson and Liberty Shared, again on Jepson’s request. Neither PwC Singapore nor the individual have been able to share the material information needed to address any issues that may exist in our plantations,” SDP noted.
Meanwhile, Jepson has expressed his view that the appointment of NGOs to assist SDP would not be ideal as, in his opinion, 'social compliance specialists will not be able to offer an honest assessment of corporate governance and internal controls'. He also continues to withhold information despite repeated assurances that our main concern is the wellbeing of our workforce and that at SDP, whistleblowers are protected as a matter of course.” it added.
Liberty Shared had filed a complaint with the US Customs and Border Protection (CBP) on April 20, 2020, alleging the use of forced labour in the production of palm oil at SDP’s Malaysian estates. SDP was made aware of this complaint on July 7, 2020, where the NGO had issued a summary of the complaint on its website. According to SDP, this summary did not contain sufficient information to allow it to close any alleged gaps in its operations that would have benefitted its workforce.
In December 2020, the CBP had placed a withhold release order on SDP.
On March 1, SDP appointed a Third-Party Human Rights Commission to offer independent and expert assessments of the company’s entire Malaysian operations.

FGV operates four kernel crushing plants located in Kuantan, Pahang; Pasir Gudang, Johor; Pandamaran, Selangor; and Lahad Datu, Sabah to produce the PKE.

The launch the planter and Department of Veterinary Services Malaysia have worked together to provide relief for local animal farmers impacted by the recent floods. 800 bags equivalent to 40 MT of the new animal deed were contributed in stages to 300 farmers from Feb 22 to March 7.

Haris Fadzilah further added that this new brand of animal feed contains ingredients approved by the Food and Drug Administration such as grains, minerals and vitamins, and does not contain prohibited waste materials from animals such as blood, bones or internal organs.

ALMA animal feed products is antibiotics-free and includes formulations for both beef and dairy cattle feed, goats and sheep feed, chicken and native chicken feed, natural mineral feed and additional feed for livestock. The CEO added that it has established its distributorship programme to ensure that the feed reaches local farmers effectively throughout Peninsular Malaysia and that it will increase the number of distributors it has this year.

For 2021, FGV is allocating 75,000 MT which is equivalent to 20% of our annual PKE production for the production of animal feed. We target to achieve 150,000 MT by the year 2024. Based on the ruminant statistics in Malaysia, the requirement of an animal feed concentrate is approximately 240,000 MT per year, in which FGV already supplied 17% of this requirement last year to meet the demand of our local farmers. We shall be able to contribute to approximately 60% of the local concentrate feed demand for ruminant by the year 2024,