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Month: September 2024

OIB and Selangor Government Further Affordable Housing Efforts with Putra Idaman

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Cyberjaya, September 28 – Oriental Interest Berhad (OIB) Group, in collaboration with
Permodalan Negeri Selangor Berhad (PNSB), through its subsidiary, PNSB Construction
Sdn Bhd (PCSB) today unveiled Putra Idaman, a new affordable housing project that aims to
support urban growth in Selangor.

The project under the Rumah Idaman programme, was officially launched by Selangor Chief
Minister, YAB Dato’ Seri Amirudin Shari, in concurrence with a symbolic groundbreaking
ceremony for Saujana Idaman, another Rumah Idaman project by OIB, which will be
launched in the near future.

Rumah Idaman is a successful Selangor-government initiative to address the rising demand
for quality, affordable homes in strategically located urban centers. The initiative offers units
tailored for B40 and M40 Malaysians, particularly first-time homebuyers and small families
seeking a foothold in the property market.

Located in Desa Pinggiran Putra, Putra Idaman spans 6.7 acres and has a gross
development value (GDV) of RM125.5 million. Targeted for completion in 2028, Putra
Idaman will feature two apartment blocks, offering a total of 502 semi-furnished units. Each
unit is priced at RM250,000 and is designed specifically for low to middle-income families.

During the launch, Dato’Seri Amirudin expressed his appreciation for OIB and PNSB’s
dedication to delivering comfortable, quality homes with essential amenities, aimed at
enhancing the well-being of Selangor’s residents.

He further remarked, “I am confident that the success of projects like Putra Idaman, Saujana
Idaman, and other Rumah Idaman MBI developments, which offer affordable prices and
location with good accessibilities, will greatly improve the quality of life for Selangor’s
residents. These initiatives also present an appealing opportunity for our youth to become
first-time homeowners”

Executive Director and CEO of OIB, Low Kok Shen emphasised that the project is testament
to OIB’s commitment to elevate homeownership opportunities for individuals and families
from all walks of life.

“OIB currently has over RM1 billion of affordable housing properties in the pipeline under
schemes such as Rumah Idaman and Rumah Selangorku with Putra Idaman being the first
of many projects under the Rumah Idaman initiative.

“We believe affordable housing in Malaysia is not just an economic issue, it’s a societal
imperative. Property developers have a vital role to play in shaping a future where
homeownership is accessible to all.

Low added that affordable housing projects like Putra Idaman and Saujana Idaman are vital
to support the inclusivity and sustainability in the growing townships of Putrajaya, Cyberjaya,
and Dengkil, which have shown population growth rates almost three times the national
average according to Malaysia’s 2020 population census.

Designed to meet the needs of modern lifestyles, each 1,002 sq. ft. unit features three
bedrooms and two bathrooms; furnished with wardrobes, air-conditioners, water heaters,
television with cabinet, kitchen cabinets, and a refrigerator. Each unit also comes with two
parking spaces, adding another layer of convenience for homeowners.

Putra Idaman is set in a gated and guarded community, making it an attractive choice for
those seeking a safe and well-planned living environment within a rapidly growing
neighbourhood. Putra Idaman is easily accessible via a network of highways such as the
MEX Highway, ELITE Highway and the South Klang Valley Expressway (SKVE), and the
MRT Putrajaya line.

Low added: “Affordable housing is fundamental to building a thriving and equitable society. It
offers individuals, families, and first-time homebuyers the stability and security needed to
create a better future. We believe that Putra Idaman will provide more than just shelter – it
will contribute to social advancement and strengthen the nation’s economic resilience.”

Chief Executive Officer of PNSB, YM Raja Ahmad Shahrir Iskandar bin Raja Salim
remarked, “The launch of Rumah Idaman Putra Idaman is the second project launch for
2024 as scheduled by PNSB. The Rumah Idaman Putra Idaman and Saujana Idaman
projects are two joint venture projects with OIB, with an estimated total of 1,360 units out of
the 5,783 units planned for the Rumah Idaman development in the Sepang district. This
development will undoubtedly add value to Mukim Dengkil.”

“We are very honoured to collaborate with OIB on this affordable housing project. This
partnership not only aligns with PNSB’s commitment to in increasing public housing access
but also demonstrates our dedication to deliver quality housing and value to the community.
Through this collaboration, it has made a significant impact in providing affordable and high-
quality homes for everyone.”

RMFLS 2024: Malaysians’ Financial Well-being Improves, but Digital Financial Literacy Still Crucial

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On 26 September 2024, RinggitPlus released the results of the 2024 Malaysian Financial Literacy Survey (RMFLS), an annual study examining Malaysians’ financial habits, challenges and outlook.

This year’s results found improvements across multiple key indicators, with signs of upward swings for financial security and well-being – but also underscored a continuous growing need for enhanced digital financial literacy nationwide.

Fewer Scam Attempts, but Vigilance Remains a Priority

In 2024, more than one-third of Malaysians (38%) reported encountering fewer financial fraud or scam attempts compared to last year, with the overall number of those who experienced such attempts dropping to 86% from the whopping 94% reported in 2023.

This marks a significant improvement, proving that the anti-scam awareness efforts driven by Malaysia’s governing bodies are bearing fruit. Indeed, 56% of respondents credited the nationwide Jangan Kena Scam awareness campaign for helping them avoid falling victim to financial fraud.

While this is a positive move in the right direction, more needs to be done to safeguard Malaysians. The RMFLS survey also found that up to 32% of Malaysians admitted to uncertainty or a lack of knowledge about what actions to take or whom to contact in the face of common financial scam scenarios, including impersonation scams or fraudulent transaction notifications.

This highlights an ongoing vulnerability that must be addressed, particularly as digitalization grows and Malaysians are increasingly embracing digital tools in their personal finances: 95% of respondents use at least one e-wallet (up from 91% in 2023 and 89% in 2022). Meanwhile, 45% hold an account with at least one digital bank, and 26% plan to open one in the near future. Online insurance and takaful purchases are also on the rise, with 29% preferring this method.

Notably, reliance on social media as a primary source of financial information is increasingly apparent, with trust scores for social platforms rising from 3.7 to 4.0 year-on-year. There is an urgent need to enhance digital financial literacy and ensure Malaysians have the resources they need to combat misinformation and fraud.

A Turning Point for Malaysian Financial Well-being

For the first time since COVID-19, three key metrics in RMFLS saw positive trends. The first is that Malaysians are starting to save more each month – with the number of respondents who save more than RM500 per month increasing to 33% (vs 29% in 2023). Additionally, 39% of respondents stated they could survive for four months or more in the event of income loss, up from 33% last year. Lastly, 47% of Malaysians reported better financial conditions than last year.

Another highlight is how Malaysian women have become less vulnerable financially, showing improvements year-on-year in important metrics: a 3% increase in women saving more than RM500 a month, an 8% increase in those who can survive without a job for four months or more, a 3% decrease in women living paycheck to paycheck, and a 6% increase in women who have started financially planning for retirement.

While gradual, these are promising indicators of change, though more effort is needed to sustain this trend and achieve greater financial parity between Malaysian women and men.

The survey also found that many are adopting responsible financial habits, cutting back on expenses and initiating retirement planning. Withdrawals from EPF Akaun Fleksibel are for essential needs, such as repaying debts and managing cost of living expenses.

Despite these improvements, 55% of respondents remain anxious or frustrated about their finances, highlighting the need for continued financial discipline. Nonetheless, these findings mark a potential turning point in financial well-being for many Malaysians, which will hopefully maintain an upward trajectory in the future.

“RMFLS 2024 reflects encouraging progress in Malaysians’ financial well-being and literacy levels, especially among women. However, as we advance toward becoming a high-income nation, it is essential that we equip the rakyat with the right knowledge and tools they need not just to survive, but thrive in this increasingly digital world,” said Yuen Tuck Siew, CEO of RinggitPlus.

“At RinggitPlus, we are committed to helping Malaysians tackle their unique financial challenges. Through collaborations with our RMFLS partners, we aim to create focused, relevant and timely content shaped by the survey insights, expanding our reach to educate more Malaysians. We are also enhancing our product and services to drive greater financial inclusivity and empowerment across the nation,” he concluded.

For more information on the 2024 RinggitPlus Malaysian Financial Literacy Survey, visit RinggitPlus or RinggitPlus’ social media channels (Instagram, Facebook and TikTok).

Forest City Special Financial Zone to Catalyse Johor’s Economic Transformation and Boost Development in Iskandar Puteri

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Iskandar Puteri, 23 September 2024 – Iskandar Investment Berhad (IIB) views the establishment of the Forest City Special Financial Zone (SFZ) as a landmark development that will significantly boost Johor’s economy. The SFZ’s introduction comes at a crucial time, when the state is poised to capitalise on its strategic location and growing infrastructure, cementing its role as a vital financial and economic hub in Southeast Asia.

Dato’ Idzham Mohd Hashim, President/Chief Executive Officer of IIB, expressed his enthusiasm about the upcoming Johor’s SFZ and its potential to propel the region’s growth and strengthen its connection with Singapore, “We are incredibly excited about the launch of the Forest City SFZ, which is set to attract high-value investments through enticing incentives like a concessionary corporate tax rate of 0% to 5%, a flat 15% income tax rate for knowledge workers, and fast-tracked immigration processes. We anticipate that these benefits will make Johor a highly appealing destination for multinational corporations and global financial institutions, driving job creation and growth in sectors such as financial services, technology, and logistics. The Forest City SFZ will be a game changer, fuelling sustainable economic development, fostering innovation, and enhancing cross-border collaboration in the region.”

The long-awaited revival of Forest City through the SFZ is also poised to further catalyse Johor’s development trajectory. Its proximity to Singapore, one of the world’s foremost financial centres, strengthens its appeal to global investors and positions Johor as a key player in the regional economy. The SFZ will be a game-changer that unlocks opportunities for local businesses while enhancing Johor’s regional and international competitiveness.

IIB sees this as an exciting opportunity for Iskandar Puteri, where we play a strategic role as the master developer. Iskandar Puteri’s proximity to Forest City places it in an ideal position to benefit directly from the economic spillover of this initiative. With our existing projects, such as Tech Medini and GBS Iskandar @ Medini, Iskandar Puteri is already thriving as a hub for technology and innovation. The Forest City SFZ will complement these efforts by attracting a new wave of businesses, increasing demand for high-quality commercial space, and driving further investments in infrastructure. This will accelerate Iskandar Puteri’s transformation into a world-class business district and a centre for high-skilled jobs.

Additionally, Johor’s upcoming transport infrastructure projects – including the Rapid Transit System (RTS), the Autonomous Rapid Transit (ART), and the potential revival of the High-Speed Rail (HSR) – will enhance connectivity between the SFZ, Iskandar Puteri, and Singapore. These transport links will further boost the attractiveness of Iskandar Puteri to global investors and businesses, making it an even more accessible and competitive destination.

Global examples of similar economic zones, such as Dubai’s free trade zones  and the UAE’s financial districts which demonstrate the immense potential of strategically located financial hubs. The Dubai Multi Commodities Centre (DMCC), in particular, has become a benchmark for success, attracting a broad range of industries from the diamond trade to emerging sectors like Electric Vehicles (EV). With more Chinese companies registered in DMCC by the end of 2023 and Dubai’s ability to offer specialised services, high-quality commercial spaces, and government-backed incentives has made it a key player in global business. This growth indicates how well-structured zones can support international business expansion, especially by offering tailored ecosystems for specific industries.

Johor’s SFZ can similarly position itself as a financial and business gateway in Southeast Asia by adopting elements from Dubai’s model. With enhanced connectivity and integration into larger regional initiatives, Johor can attract global players by offering strategic incentives and creating customised business environments, Johor’s SFZ can accelerate its own economic transformation, fostering innovation and driving sustainable growth for the region.

IIB is committed to building an inclusive and sustainable metropolis of the future in Johor, and the Forest City SFZ will play a critical role in helping to realise this vision. As Johor develops as a model for sustainable urban growth, IIB will continue to play a crucial role in amplifying Johor as the preferred investment destination for growth in ASEAN.

MIHAS AWARDS 2024 RECOGNISES DIVERSE HALAL SECTOR CONTRIBUTIONS

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KUALA LUMPUR, 20 SEPTEMBER 2024 – The Malaysia External Trade  Development Corporation (MATRADE) celebrates another significant milestone with  the 11th edition of the Malaysia International Halal Showcase (MIHAS) Awards, which  recognise outstanding contributions to the global halal industry. These awards  continue to set the benchmark for excellence, reflecting the growing importance of  sustainability and innovation in today’s dynamic halal market. 

This year’s MIHAS Awards introduce a new category focusing on sustainability,  manifesting MATRADE’s dedication to supporting environmentally responsible and  socially conscientious company practices. The Sustainability Award recognises industry players who have successfully integrated sustainable practices into their  operations. It underscores MATRADE’s commitment to addressing climate change  and fostering sustainable development, particularly within the Halal sector. 

The MIHAS Awards recognise industry leaders who excel in sustainability and  innovation across multiple sectors. Winners were selected by a distinguished panel of  judges, comprising experts from various industries and academia. The evaluation  process was rigorous, with candidates assessed on their commitment to sustainability,  market impact and strict adherence to Halal standards, the criteria that ensure the  awards highlight true trailblazers within the industry. 

A notable increase in the 11th MIHAS Awards participation highlights the expanding  and diversifying landscape of the halal economy. The awards attracted a broad  spectrum of entries, with a strong representation from lifestyle halal and services  sectors. 

MATRADE’s Chairman, Yang Berhormat Dato’ Seri Reezal Merican Naina  Merican, in his remarks said, “The impressive representation from Halal lifestyle  products and services sectors in this year’s awards clearly indicates the dynamism  and innovation that drive the Halal industry. Sectors such as cosmetics, personal care,  pharmaceuticals and biotechnology are embracing halal principles and setting new  benchmarks in the global market.” 

Fourteen awards from three different categories such as the Product and Services  Excellence Award, Products and Services Innovative Awards, and the Sustainability  Awards were presented at the event. 

Adabi Consumer Industries Sdn Bhd won the Product Excellence Award for its Halal  pet food, PowerCat, while HYT Cross Border Sdn Bhd brought home the Services  Excellence Award for its e-Commerce solutions. 

Meanwhile, Callabio Manufacturing Sdn Bhd was recognised for its Halal certified  syrups. Its brand, Baristar, launched in 2023, offers uniquely flavoured syrups that  enhance drinks, foods and desserts with a Malaysian touch.  

The Products Innovative Award was given to World Prominence Sdn Bhd for its Sudee  brand dry pastes, while the Services Innovative Award went to AFM Fulfillment (M)  Sdn Bhd for its advanced one-stop solution for e-commerce fulfilment. 

The Sustainability Award was given to B-Crobes Marketing Sdn Bhd for its focus on  research driven innovation and sustainability to improve gut health and manage non communicable diseases effectively.  

MATRADE’s strategic focus on sustainability and sectoral diversity aligns with the  National Halal Industry Master Plan, which seeks to position the country as a global  leader in innovation. The diversity of Halal clusters at MIHAS represents the versatility  and global appeal of Malaysia’s Halal industry, enhancing the nation’s standing as a  pivotal hub in the international Halal ecosystem. 

“We are immensely proud of the diversity and quality of entries in this year’s MIHAS  Awards,” said Dato’ Seri Reezal Merican. “The broad range of products and services,  combined with strong commitment to sustainability practices, will drive the growth of  the global halal market, solidifying Malaysia’s role as a leader in global Halal industry.” 

National Sustainability Reporting Framework to Enhance Sustainability Disclosures

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The National Sustainability Reporting Framework (NSRF), developed by the Advisory
Committee on Sustainability Reporting (ACSR)1, is set to enhance the state of

sustainability disclosures in Malaysia.
The NSRF addresses the use of the IFRS® Sustainability Disclosure Standards issued
by the International Sustainability Standards Board (ISSB) as the baseline for
companies in Malaysia.

The aim is to enhance transparency and accountability of how businesses manage
sustainability risks and opportunities, improve business resilience and contribute to
the nation’s broader sustainability agenda.

The NSRF also addresses the needs of stakeholders especially investors for consistent,
comparable and reliable disclosures.

Following the launch of the NSRF by Finance Minister II YB Senator Datuk Seri Amir
Hamzah Azizan at the Securities Commission Malaysia (SC) today, Malaysia joins more
than 20 jurisdictions2, which have decided or are taking steps to use the standards.

Developed through extensive public consultations with various stakeholders, including
local and foreign investors, various industry and professional associations, the NSRF
meets the growing demand for sustainability information.
The SC Chairman Dato’ Mohammad Faiz Azmi emphasised that the NSRF aligns with
both investor expectations and the need to act on the climate crisis.
“As a major trading country and an open economy that has an important role in the
global supply chain, it is important we adopt these requirements in an open way to
reap the benefit of being an adopter”.

Listed issuers on Bursa Malaysia’s Main and ACE Markets, as well as large non-listed
companies (NLCos) with annual revenue of RM2 billion and above will have to comply
with the new reporting requirements in a phased approach:

• Large-listed issuers on the Main Market with market capitalisation of RM2 billion
and above will begin using the ISSB Standards in 2025 (Group 1);
• This will extend to other Main Market listed issuers in 2026 (Group 2), followed
by;
• Listed issuers on the ACE Market as well as large NLCos in 2027 (Group 3).

In relation to climate disclosures, the recommendations of the Taskforce on Climate-
related Financial Disclosures (TCFD) which are incorporated in the Bursa Malaysia
Listing Requirements are fully embedded in the ISSB’s standards for climate-
disclosures.

The ISSB standards builds on the same pillars of the TCFD i.e. governance, strategy,
risk management, as well as metrics and targets. Thus, listed issuers have a degree
of familiarity with the disclosure requirements under the standards.

Subject to further consultations and engagements, the ACSR aims to mandate
reasonable assurance of sustainability information commencing in 2027.

To support implementation of the NSRF, the ACSR’s PACE (Policy, Assumptions,
Calculators and Education) initiative will offer capacity building programmes, resources
and toolkits to help preparers, including those which are focused on addressing the
needs of medium and smaller companies.

Following the launch of the NSRF, Bursa Malaysia has also issued a public consultation
on the proposed amendments to align its Listing Requirements. Further information
on the NSRF is available at www.sc.com.my/nsrf

TikTok Shop Summit Set to Unleash New Growth Opportunities for Malaysian MSMEs Through Strengthened #JomLokal Initiatives

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KUALA LUMPUR, 24 SEPTEMBER 2024 — TikTok Shop Summit, an annual e-commerce
seller empowerment event by the e-commerce platform, will return this year to redefine the
future of online shopping in Malaysia. Local micro, small, and medium enterprises (MSMEs)

are expected to be the the biggest beneficiary from the summit as TikTok Shop will heighten
its #JomLokal support and share key insights ahead of the upcoming year-end sale season.

At TikTok Shop Summit this year, homegrown brands will discover new growth opportunities
to realise their full business potential via unique matchmaking sessions with top creators,
such as Khairul Aming, Pinn Yang, Dear Carynn, Almiyaz, TulipPetals, and more. Local
entrepreneurs will also learn from experts and top sellers during the knowledge-sharing
sessions on Shoppertainment strategies

to tap into evolving consumer behaviour, including best practices for content, community
engagement, livestreaming, ads solutions, and store performance optimisation. New support
will also be introduced to help local MSMEs scale and build an active customer base, in
addition to generating revenue.

Yang Berhormat Datuk Armizan bin Mohd Ali, Minister of Domestic Trade and Cost of Living,
emphasised: "As part of KPDN’s strategic pillars, we are committed to driving the
contribution of domestic trade to the gross national income, fostering an innovation-based
economy, and creating a conducive market environment that empowers the rakyat to
manage cost of living effectively. E-commerce has proven to be a key catalyst to achieve
these aspirations, considering Malaysia’s digital economy now contributes around a quarter
of our national GDP. Leading platforms like TikTok Shop are pivotal partners for the
government in supporting and upskilling local MSMEs to facilitate inclusive participation from
all levels of society. I encourage local entrepreneurs nationwide to take full advantage of the
resources and opportunities accessible during this upcoming TikTok Shop Summit to
transform digitally and build alternative sources of income, thus realising the vision of the
MADANI Economy to improve Malaysians' quality of life.

TikTok Malaysias Head of Public Policy, Anuar Fariz Fadzil, echoed the sentiment:
"We are fully committed to supporting the government’s efforts through continuous public-
private partnerships aimed at accelerating the growth of Malaysia’s digital economy. TikTok
Shop's comprehensive ecosystem provides MSMEs with a distinct opportunity to not only
sell online, but also empower them to scale. By equipping them with the tools and training
needed to build communities through content, affiliate creators, and full-funnel solutions,
TikTok Malaysia is uniquely positioned to help homegrown brands grow nationwide and even
penetrate international markets. Together, let's pave the way for Malaysia to transform into
an inclusive, digitally-enabled, technology-driven, and high-income nation.

TikTok Shop Malaysias Director of Strategic Partnerships, Nur Azre Abdul Aziz,
underscores that: Our #JomLokal initiative is at the heart of TikTok Shop’s ambition to
empower Malaysian entrepreneurs. This year alone, we have trained over 100,000 local
MSMEs to date through government partnerships. But, we're only getting started. At the
upcoming TikTok Shop Summit, we are thrilled to unveil enhancements to our #JomLokal
support and help MSMEs unleash new growth opportunities. Our upcoming creator-
matchmaking and knowledge-sharing sessions are designed to provide practical insights
and meaningful connections that can inspire homegrown brands. We hope this summit will
cultivate the rise of more local champions like Khairul Aming, Amir Mohsin, Shiffa Enterprise,
Empat Beranak ，HYGR  and others.

About TikTok Shop
TikTok Shop is a one-stop e-commerce solution for driving brand growth and sales directly
on TikTok. With TikTok Shop, sellers can tap into a full-commerce experience with the
capability to upload products and manage everything from shipping to fulfillment and point of
purchase. Products are recommended to TikTok audiences through shoppable content
formats such as in-feed short videos (embedded with product links), live shopping events, as
well as a marketplace through the new Shop Tab.

The Rise of SPACs as a Strategic Listing Option

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Entrepreneurs build companies to see their companies grow and prosper. Once commercially de-risked, with revenue traction and profitability, further funding may be required to take growth to the next level prompting some embark on listing exercises.

There are several methods where a business can begin its journey towards listing. The traditional way to go public is through an Initial Public Offering (IPO), where a company collaborates with an investment bank to underwrite and prepare an IPO prospectus. This document, after thorough due diligence, is submitted to the securities regulator and stock exchange for approval.

In most jurisdictions, the prospectus is a “liability document” to ensure proper disclosure rather than promote the company as a “sales document”. It is almost always “backward looking” in that information is historic, and forward-looking statements are not allowed. Once approved, investors can subscribe to the shares, which are then traded on the listing date. The IPO process, involving multiple stakeholders, typically takes six to 12 months with non-approval risks even if listing criteria are met.

Another option in going public for a privately held company is through a Reverse Takeover (RTO) or a “backdoor listing.” In this process, the private company arranges with an investment bank to be “acquired” by an existing listed company, often one in a declining industry or a distressed state. The private company then injects itself into the listed company in exchange for shares, making its shareholders the largest or controlling block post-RTO. This allows the private company to utilise the listed company’s status to achieve a public listing.

Due diligence is crucial in an RTO to uncover hidden liabilities or litigation in the listed company. Some stock exchanges require industry similarity between the companies or impose time restrictions on ownership changes. While RTOs can be less costly and faster than IPOs, they may face regulatory challenges and risk non-approval by securities regulators.

Special Purpose Acquisition Company (“SPAC”) – An Alternative RTO

The SPAC concept was invented in the U.S. in 1993 and is today allowed in some major stock exchanges such as the New York Stock Exchange (“NYSE”), the NASDAQ Stock Exchange, the London Stock Exchange (“LSE”), the Hong Kong Exchanges (“HKEx”), Bursa Malaysia, the Singapore Stock Exchange (“SGX”), the Korea Stock Exchange (“KSE”) and more.

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NCT Alliance Berhad to acquire 51% stake in Setara Juara Sdn Bhd for landmark property development project in Sabah

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Puchong, September 20 2024 – NCT Alliance Berhad (‘NCT”) has inked a
Memorandum of Understanding (MoU) with the existing shareholders of Setara
Juara Sdn Bhd (“SJSB”) to acquire a 51% equity interest in SJSB. The proposed
acquisition aligns with the Company’s strategic plan to expand its property
development business particularly in Sabah.

Setara Juara Sdn Bhd, a private limited company incorporated in Malaysia, holds the
development rights for approximately 249.67 acres of land strategically located in
Dumpil Bay, in the Putatan district of Sabah. Situated along the Kota Kinabalu –
Putatan – Lok Kawi Pan Borneo Highway, the project site is located approximately
15 minutes (13 kilometers) from Kota Kinabalu City Centre, 10 minutes
(6kilometers) from Kota Kinabalu International Airport and 5 minutes (1 kilometer) from
Putatan Town Centre.

The land is earmarked for a mixed-development project, with an estimated gross
development value (GDV) of approximately RM3 billion. The project is expected to
attract a diverse range of residents and businesses, contributing to the economic
growth.

In addition, the project will stand to benefit from the recent launch of Sabah-Malaysia
My Second Home Programme (“Sabah-MM2H”). The Sabah-MM2H will bolster
foreigners’ demand for high-rise properties and spur the property market in Sabah.

Herman Lee Show Kien and Melvin Lee Ying, the current shareholders and directors
of Setara Juara Sdn Bhd, will continue to play an integral role as key partners in this
development. Herman and Melvin are both civil and structural engineers by
profession. Herman has been practicing as a Civil and Structural Consultant in his
own firm for 46 years since 1978.

Dato Sri Yap Ngan Choy, NCT Alliance’s Executive Chairman and Group Managing
Director, stated, "This MoU is a key component of our Group’s long-term growth
strategy for Sabah, Malaysia’s second-largest state with a population of 3.6 million.
Sabah boasts the country’s second-busiest airport, making it an appealing
destination for tourists drawn to its natural beauty and a significant hub for
investment. This agreement marks an important step for the NCT Group as we
expand our presence in Sabah, this time by collaborating closely with our new
partners who possess proven expertise in property development in the Sabah State.”

Mr Herman Lee, SJSB’s Director and major shareholder, stated, “There are
insufficient landed residential property developments, especially single-storey terrace
housing projects in Kota Kinabalu due to the high land costs. Presently, most
developers prefer to develop high-rise condominiums. Our project is unique in the
sense that we aim to cater to the local market needs. Terrace houses are in good
demand in Kota Kinabalu and welcome by the local banks for end-financing to the
purchasers.”

The signing of this MoU represents an important step forward for NCT in its mission
to create and expand innovative and sustainable living spaces in key locations
across Malaysia. The project in Dumpil Bay is poised to meet the growing demands
of Sabah property market, offering diverse options for residents and businesses
while enhancing the overall quality of life in the region.

This strategic collaboration highlights NCT’s dedication to growth and its focus on
delivering high-value developments that benefit communities and stakeholders.

About NCT Alliance Berhad
Listed on the Main Market of Bursa Malaysia, NCT Alliance Berhad is involved in the development of
residential properties, tourism centric investment properties, and industrial properties. The Company
was first incorporated in 2004 as an Information Technology service provider, before venturing into the
property development sector in mid-2013. NCT Alliance’s focus shifted solely to property development
with the takeover by YBG Yap Consolidated Sdn Bhd in 2019. Executive Chairman and Group
Managing Director, Dato’ Sri Yap Ngan Choy, brings with him over 40 years of experience in the
property industry. With his leadership, the Company is poised to make bigger and bolder moves in the
property industry.

For more information, please visit our website at www.nctalliance.com.

Alibaba Cloud Unveils New AI Models and Revamped Infrastructure for AI Computing

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Kuala Lumpur, Malaysia, September 19, 2024 – Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, today announced it has released over 100 of its newly-launched large language models, Qwen 2.5, to the global open-source community. This significant contribution was revealed at the Apsara Conference, its annual flagship event.

In addition, Alibaba Cloud has unveiled a revamped full-stack infrastructure designed to meet the growing demands for robust AI computing. This new infrastructure includes innovative cloud products and services that enhance computing, networking, and data center architecture, all aimed at supporting the thriving development and wide-range applications of AI models.

“Alibaba Cloud is investing, with unprecedented intensity, in the research and development of AI technology and the building of its global infrastructure. We aim to establish an AI infrastructure of the future to serve our global customers and unlock their business potential,” said Eddie Wu, Chairman and Chief Executive Officer of Alibaba Cloud Intelligence.

100 Open-sourced Models Unveiled

The newly released open-source Qwen 2.5 models, ranging from 0.5 to 72 billion parameters in size, feature enhanced knowledge and stronger capabilities in math and coding and are able to support over 29 languages, catering to a wide array of AI applications both at the edge or in the cloud across various sectors from automobile, gaming to science research.

The Qwen model series, Alibaba Cloud’s portfolio of proprietary large language models, has achieved remarkable traction since its debut in April 2023. To date, the Qwen models have surpassed 40 million downloads across platforms such as Hugging Face and ModelScope, an open-source community initiative by Alibaba. Furthermore, these models have inspired the creation of over 50,000 models on Hugging Face.

The Qwen 2.5 release will see over 100 models being made open-source. This extensive range includes base models, instruct models, and quantized models of various precision levels and methods, spanning different modalities such as language, audio, and vision, along with specialized code and mathematical models.

“Today marks a significant milestone as we launch our most expansive open-source initiative to date,” said Jingren Zhou, Chief Technology Officer of Alibaba Cloud Intelligence. “This initiative is set to empower developers and corporations of all sizes, enhancing their ability to leverage AI technologies and further stimulating the growth of the open-source community. We remain committed to investing in advanced AI infrastructure to foster the widespread adoption of generative AI technologies across different industries.”

Alibaba Cloud also announced an upgrade to its proprietary flagship model Qwen-Max. The enhanced Qwen-Max model demonstrates performance on par with other state-of-the-art models in areas such as language comprehension and reasoning, math, and coding.

Qwen Max

Qwen2.5-Max demonstrates strong performance in various areas such as math and coding compared with other state-of-the-art models.

Expanding the Frontier in Multimodal

In addition to its extensive suite of large language models, Alibaba Cloud also unveiled a new text-to-video model as part of its image generator, Tongyi Wanxiang large model family. The new model is capable of generating high-quality videos in a wide variety of visual styles from realistic scenes to 3D animation. The model can generate videos based on Chinese and English text instruction and transform static images into dynamic videos. The model features advanced diffusion transformer (DiT) architecture to enhance video reconstruction quality.

The cloud leader is also deploying a significant update to its vision language model with the introduction of Qwen2-VL, capable of comprehending videos lasting over 20 minutes and support video-based question-answering. Equipped with sophisticated reasoning and decision-making capabilities, Qwen2-VL is designed for integration into mobile phones, automobiles and robots, facilitating the automation of specific operations.

For computer programming, Alibaba Cloud has also launched an AI Developer, a Qwen-powered AI assistant designed to support programmers automate tasks such as requirement analysis, code programming and identifying and fixing software bugs. This enables developers to concentrate more on essential duties and further their skills.

A Full-Stack AI Infrastructure Upgrade

The cloud pioneer has also announced a slew of innovative updates to its full-stack AI infrastructure covering green datacenter architecture, data management, model training and inferencing:

Next-Gen Data Center Architecture for Surging AI Development: To meet the increasing and diverse demand for high-performance computing power driven by the global AI boom, Alibaba Cloud has revealed its next-generation data center architecture, CUBE DC 5.0. The new CUBE architecture increases energy and operational efficiency with a set of advanced and proprietary technologies such as wind-liquid hybrid cooling system, all-direct current power distribution architecture and smart management system and reduces deployment times by up to 50% compared to traditional data center builds through prefabricated modular designs.

Open Lake Solution to Maximize Data Utility: As organizations face challenges in managing vast amounts of data amidst the growing demand for generative AI, Alibaba Cloud introduces Alibaba Cloud Open Lake which can seamlessly integrate big data engines into a unified solution, maximizing data utility especially for generative AI applications. By integrating workflows, performance optimization, and robust governance in a single platform, it achieves efficient resource usage through compute-storage separation, clear data governance, and significant cost and time savings.

AI Scheduler with Integrated Model Training and Inference: Alibaba Cloud has launched PAI AI Scheduler with integrated model training and inference, a proprietary cloud-native scheduling engine designed to enhance computing resource management. Through utilizing intelligent integration of diverse computing resources, flexible resource scheduling, real-time tasks adjustments, and automatic fault recovery, it can achieve over 90% of effective compute utilization rate.

DMS for Unified Management of Metadata: To help organizations efficiently manage their data and unleash values, Alibaba Cloud introduced DMS: OneMeta+OneOps, a platform that enables a unified management of over 40 types of data sources in database, data warehouse, and data lake across multiple cloud environments. The platform will boost data utilization rate by 10 times, significantly enhancing the efficiency of transforming data into valuable intelligence.

More Powerful Elastic Compute Service: Alibaba Cloud also introduced the 9th Generation Enterprise Elastic Compute Service (ECS) instance during the conference. The latest generation of ECS instances has notable performance enhancements, including a 30% increase in search recommendation speed and a 17% improvement in the effectiveness of reading and writing Queries Per Second (QPS) when applying to database products compared to the previous generation.

These updates are designed to provide more comprehensive support for customers and partners to maximize the benefits of the latest technology has to offer for building even more efficient, sustainable and inclusive AI applications.

 

About Alibaba Cloud

Established in 2009, Alibaba Cloud (www.alibabacloud.com) is the digital technology and intelligence backbone of Alibaba Group. It offers a complete suite of cloud services to customers worldwide, including elastic computing, database, storage, network virtualization services, large-scale computing, security, big data analytics, machine learning and artificial intelligence (AI) services. Alibaba has been named the leading IaaS provider in Asia Pacific by revenue in U.S. dollars since 2018, according to Gartner. It has also maintained its position as one of the world’s leading public cloud IaaS service providers since 2018, according to IDC.

BURSA CARBON EXCHANGE (BCX) NOW OFFERS CONTINUOUS TRADING FOR RENEWABLE ENERGY CERTIFICATES (RECS)

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Kuala Lumpur, 17 September 2024 – Bursa Carbon Exchange (“BCX”), a wholly-owned
subsidiary of Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”), is pleased to
announce the successful go-live of its renewable energy certificates (RECs) continuous
trading on 9 September 2024. This extends its previous RECs auction capability and
includes the facilitation of off-market transactions on its platform.

This development marks a significant milestone as BCX expands its trading offering from
voluntary carbon credits to now include voluntary unbundled RECs. It reinforces BCX as a
one-stop, Shariah-compliant, multi-environmental product exchange, democratising
access and creating new opportunities for the market through additional asset classes,
investment, and trading choices.

Additionally, BCX’s offering of Malaysian RECs has grown from only hydropower REC
previously, and will also include RECs generated from solar photovoltaic, bioenergy and
small-hydropower sources. This diversification in the RECs-product range will allow local
corporates to select RECs based on their specific preferences based on their Scope 2
emissions reduction needs. All RECs are issued under the I-REC Standard, a globally
recognised standard body, and adhere to the International Attribute Tracking Standard,
managed by the I-TRACK Foundation (formerly known as the I-REC Standard). The BCX
trading platform is accredited by the I-TRACK Foundation, with BCX being the first
Malaysian trading platform operator, and one of only eight globally, to receive this
accreditation.

The platform will enable participants to conveniently trade both carbon credits and RECs.
“We are pleased to offer this opportunity for companies to take proactive steps in their
sustainability journey,” said Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa
Malaysia. “The BCX platform provides a seamless and efficient way for businesses to
procure environmental assets such as RECs and carbon credits, supporting their
commitment to reducing carbon footprints and promoting renewable energy and
decarbonisation projects.”

“The availability of RECs continuous trading facilitates the increased adoption of
renewable energy in Malaysia, contributing towards objectives in Malaysia’s National
Energy Transition Roadmap (NETR),” added Datuk Muhamad Umar. “Enabling the trading
of RECs encourages more renewable energy projects by making them more financially
viable and attractive to investors, which supports accelerating the nation’s transition
towards a low-carbon economy.”

The healthy interest and price signals shown by the domestic corporate sector during the
inaugural auction of RECs1, and commencement of continuous RECs trading, has
demonstrated local market demand for a transparent pricing mechanism and enhanced
accessibility to unbundled RECs.

The Exchange encourages corporates to onboard onto the BCX platform without delay.
Early onboarding provides benefits such as competitive trading fees, and positions
corporates to be well-prepared for their emissions reduction plans and year-end
sustainability reporting.

For more information on how to onboard and to start trading, contact BCX at
https://bcx.bursamalaysia.com/web/contactus

About Bursa Malaysia
Bursa Malaysia is an Exchange holding company incorporated in 1976 and listed in 2005.
It has grown to be one of the largest bourses in ASEAN. Today, Bursa Malaysia operates
and regulates a multi-asset exchange, offering a comprehensive range of investment,
capital raising, and exchange-related facilities. Bursa Malaysia is committed to its mission
of Creating Opportunities, Growing Value for the Malaysian capital market, economy, and
society. Learn more at bursamalaysia.com.

About Bursa Carbon Exchange
Bursa Carbon Exchange (BCX), a subsidiary of Bursa Malaysia, is a global spot exchange
that enables corporates to take practical climate mitigation action through the trading of
carbon credits and RECs from projects with measurable climate action outcomes that
adhere to the international standards. The carbon exchange was incorporated in 2022 and
is operated by Bursa Malaysia Carbon Market Sdn. Bhd.
Visit https://bcx.bursamalaysia.com for more information.