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NewsSamirah Muzaffar

Federal Court to hear prosecution’s appeal in Cradle Fund ex-CEO murder case on Nov 10-12

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(Pic credit: MEDIA MULIA)

PUTRAJAYA — The Federal Court has fixed three days from Nov 10 to hear the prosecution’s appeal against the acquittal of Samirah Muzaffar (picture) and two teenagers who were charged with the murder of former Cradle Fund chief executive officer (CEO) Nazrin Hassan.

Wan Mohammad Arfan Wan Othman, one of the lawyers representing Samirah and the two teenagers, confirmed the hearing dates when contacted by Bernama.

The hearing dates — Nov 10, 11 and 12 — were fixed during case management before Federal Court deputy registrars Wan Fatimah Zaharah Wan Yussof and Mahyun Yusof today.

On Feb 8, 2024, the Court of Appeal upheld the Shah Alam High Court’s decision to acquit and discharge Samirah and the two teenagers on the murder charge.

The High Court, on June 21, 2022, freed the trio without asking them to enter their defence, after the prosecution failed to prove a prima facie case against them. 

Samirah, 50, who is Nazrin’s widow, the teenagers (now 22 and 19), and an Indonesian woman, Eka Wahyu Lestari, who is still at large, were charged with killing Nazrin, 45, at his house in Mutiara Damansara between 11.30 pm on June 13, 2018, and 4 am the following day.

In upholding their acquittal, the Court of Appeal held that there was insufficient evidence to determine the guilt of the accused.

The Court of Appeal also ruled that there was insufficient evidence to prove that the fire was deliberately started, as there was contradicting evidence from the Chemical Department of Malaysia and the Fire and Rescue Department’s investigators.

The Court of Appeal held that the testimony surrounding the petrol and the analysis done on it did not use certified methods, and the investigators had skipped crucial steps needed for the analysis of the petrol. — BERNAMA

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The post Federal Court to hear prosecution’s appeal in Cradle Fund ex-CEO murder case on Nov 10-12 appeared first on The Malaysian Reserve.

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MoneyNewsRinggit

Ringgit retreats after three days of gains

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(Photo by AFP)

KUALA LUMPUR — The ringgit closed lower today, snapping three consecutive days of gains as profit-taking emerged, with traders opting to lock in earlier gains.

At 6 pm, the local note slipped to 4.2090/2145 from Wednesday’s close of 4.2040/2085.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit recorded a sharp rise earlier in the day, reaching as high as 4.1860 during the morning session, before the US dollar–ringgit pair climbed to 4.2088 later in the day.

He noted that the USDMYR had crossed the psychological threshold of 4.20, but profit-taking activities may have emerged as traders sought to lock in gains.

“At the current juncture, enthusiasm for an interest rate cut by the United States Federal Reserve (Fed) has gained momentum, and it is taking a toll on the US dollar.

“The impression that the Fed might be behind the curve in managing the monetary policy could also have contributed to the weakness in the US dollar,” he told Bernama.

At the close, the ringgit ended mostly lower against major currencies, except the euro, against which it appreciated to 4.9170/9234 from 4.9305/9357.

It fell versus the Japanese yen to 2.8703/8742 from Wednesday’s close of 2.8554/8586 and decreased vis-a-vis the British pound to 5.7146/7220 from 5.7078/7139.

The ringgit traded mostly higher against regional peers.

It strengthened versus the Singapore dollar to 3.2849/2895 from 3.2864/2902 at yesterday’s close, rose versus the Thai baht to 13.0004/0238 from 13.0276/0476, and was higher against the Philippine peso to 7.39/7.41 from 7.41/7.42.

However, the local note depreciated against the Indonesian rupiah to 261.1/261.6 from 259.4/259.8. — BERNAMA

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AINewsTechnology

Study: 89% of Malaysians used AI daily — Telenor Asia

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(Photo by BLOOMBERG/File)

SHAH ALAM — Eighty-nine per cent of Malaysian internet users are using artificial intelligence (AI) daily compared with 75 per cent recorded in 2024, a study by Telenor Asia revealed.

According to Telenor Asia’s “Digital Lives Decoded 2025: Building Trust in Malaysia’s AI future” report released today, the number of AI users opting for financial as well as health and fitness tools has also more than doubled this year.

The report highlighted that Malaysian internet users are embracing AI as a powerful tool for productivity, learning, and daily convenience.

Today, a quarter of Malaysian internet users intentionally use AI tools multiple times a day, indicating a significant behavioural shift, according to the report.

The study, which surveyed 1,000 internet users, also revealed that Malaysians are digitally discerning, are optimistic about AI’s potential, but deeply aware of its risks, ethics, fairness, and control.

Telenor Group senior vice-president and head of AI, Dr Ieva Martinkenaite, said they expect transparent, inclusive and human-centric AI systems as a baseline, not a luxury.

“For companies, these findings highlight that responsible AI is no longer an optional brand value but a core competitive differentiator.

“Businesses must prioritise responsible data practices, invest in employee upskilling, and foster environments where ethical safeguards are integral to AI-powered innovation,” she said in a panel discussion on the launch of the report today.

The report also revealed that 51 per cent of Malaysian internet users now use AI at work, up from 37 per cent in 2024, with top AI applications in the workplace to include analytics (59 per cent), content development (52 per cent), and customer service (45 per cent).

According to Martinkenaite, Malaysian-based companies must develop transparent AI strategies, set responsible AI frameworks, and invest in employee education to foster trust and harness AI’s full potential.

“Responsible AI is not just a compliance measure; it is a competitive differentiator and a core element for sustainable and inclusive growth,” she added. — BERNAMA

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BusinessDFCityNews

DFCity board members file legal action over disputed resolutions

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(Pic credit: dfcitygroup.com.my)

DFCity Group Bhd said two of its existing board members, Datuk Dr Li Wei and Zhang DanDan, have initiated legal proceedings against the company and another director, Low Kim Kiat.

The suit, filed on Aug 13, seeks to invalidate directors’ resolutions in writing (DRIWs) relating to the appointment of independent non-executive directors, the change of corporate representatives for all subsidiaries, and the re-designation of Low from executive director to managing director.

The plaintiffs also applied for an interim injunction to restrain the company, its board, and representatives from effecting the DRIWs pending the disposal of the case.

DFCITY said it has appointed legal counsel and “firmly believes that the legal proceedings is frivolous and without merit”, adding that it will “vigorously contest the legal proceedings and take the necessary actions to protect its rights and those of its stakeholders.” — TMR

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Corporate MalaysiaNews

Johor Plantations Group reports 51% profit growth on higher sales, stronger external crop processing

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A bird’s-eye view of Johor Plantations’ Tereh Mill and Biogas Plant, Kluang (pic: Johor Plantations Group)

by TMR 

JOHOR Plantations Group Berhad (JPG) recorded a 51% year-on-year (YoY) increase in profit after tax (PAT) for the first half of 2025 (1H2025), reaching RM150.64 million. 

Revenue in 1H2025 saw a 12.6% increase to RM738.72 million from the same period last year (1H2024). 

While production volumes were lower YoY, the group’s performance was supported by higher selling prices for both crude palm oil (CPO) and palm kernel (PK), alongside stronger outside crop purchase (OCP) that helped sustain throughput and strengthen profitability.

Following this strong performance, the Board declared a second interim dividend of 1.25 sen per share for the quarter, reflecting an EPS of 3.01 sen, rewarding its shareholders with a total dividend payout of RM31.25 million.

For 2Q2025, the group posted revenue of RM398.29 million, up 10.4% from RM360.91 million in the corresponding quarter last year (2Q2024). PAT increased by 50% to RM75.37 million, compared to RM50.26 million in 2Q2024. 

  • CPO Sales: Revenue from CPO increased 4.8% YoY in 2Q2025 to RM323.39 million, with delivery volumes up 1.9% to 74,667 MT.
  • PK Sales: PK revenue surged 46.1% YoY to RM73.07 million, supported by a 2.1% rise in delivery volumes to 19,546 MT.
  • OCP: JPG saw an 11.9% increase YoY in external crop purchases, reflecting the effectiveness of its strategy to boost OCP.

Mohd Faris Adli Shukery

JPG MD Mohd Faris Adli Shukery, Managing Director of Johor Plantations Group noted the strong performance was driven by disciplined efforts across the group’s upstream segment and continued progress in expanding external crop sourcing.

“At the same time, we continue to enhance operational efficiency, optimise our inventory, and manage costs proactively, all guided by our steadfast commitment to sustainability, which remains at the heart of our long-term value creation.

“Looking ahead, while we remain mindful of potential demand-supply imbalances in the CPO market, we are confident in our ability to navigate these conditions. Our focus remains on optimising price realisation, sustaining production growth, exercising rigorous cost control, increasing processing volume and advancing our downstream expansion,” he said in a statement.

Moving into the second half of the year, JPG expects seasonal production growth and remains prudently optimistic in navigating market dynamics. With this, the group is well-positioned to sustain its growth trajectory and deliver long-term shareholder value.

Aziah Ahmad

In addition, JPG announced a key leadership transition with the upcoming retirement of its CFO Aziah Ahmad, as of Sept 1, 2025.

Aziah has been a vital member of the Kulim (Malaysia) Berhad and Johor Corporation (JCorp) group since 2014, holding senior finance leadership roles. She played a pivotal role in strengthening JPG’s financial operations ahead of its IPO and in delivering the plantation industry’s first Sustainability-Linked Sukuk in 2024.

Zain Azrai Zainal Abidin

Zain Azrai Zainal Abidin will succeed her as CFO as of Sept 1, 2025. A Certified Public Accountant with over 27 years of experience, including more than a decade as CFO in several leading companies, Zain brings deep expertise in finance, strategy, treasury, investment management, stakeholder engagement, and audit. He joined the company in June as the Deputy CFO and has been working together with Aziah to ensure a seamless leadership transition.

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KTMBMyRailLife PassNews

KTMB encourages students, disabled passengers to use MyRailLife Pass

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ALOR GAJAH — Keretapi Tanah Melayu Bhd’s (KTMB) MyRailLife Pass initiative not only makes it easier for school students and persons with disabilities (PWDs) to travel to their daily destinations, but also gives them access to interesting tourist spots without spending a single sen.

Senior manager of operations (Passenger Experience and Ticketing System) for KTMB’s KTM Komuter Services Mohd Azhar Abu Bakar said the pass allows holders to enjoy unlimited free rides on all KTM Komuter Klang Valley and KTM Komuter Northern routes, as well as the Eastern Shuttle (Gemas–Tumpat) routes.

“They can use the pass not only to get to school but also to other destinations without having to pay any fare.

“Indirectly, it promotes the use of public transport and adds value to their experience,” he said when met after a MyRailLife familiarisation programme at A Famosa Safari Wonderland in Alor Gajah, Melaka, recently.

He said the use of the MyRailLife Pass saw a significant increase in 2024, with 628,091 passengers recorded using it compared to 387,601 in 2023. 

As of July this year, 302,892 passengers have used the pass, comprising 96,238 KTM Komuter Klang Valley users and 206,654 KTM Komuter Northern users.

“The number is expected to continue rising in line with the ‘Komuter to School’ campaign, which includes school outreach programmes, mobile registration, the use of the official mascot KOMI as an interactive attraction, and collaboration with tourism industry partners,” he said.

Mohd Azhar added that such collaborations not only encourage the use of public transport but also support the growth of the domestic tourism sector through strategic partnerships between rail service providers and the tourism industry. 

On the collaboration with A Famosa Safari Wonderland, Mohd Azhar said it involves providing transportation from KTM KL Sentral to KTM Pulau Sebang to make it easier for students to visit the theme park, while also promoting learning beyond the classroom.

Meanwhile, A Famosa Resort senior sales manager Ng May Chern said the partnership was born out of efforts to make it easier for tourists, especially students, to access A Famosa using comfortable, affordable and eco-friendly public transport.

“This collaboration also gives more students the chance to enjoy learning beyond the classroom, while cultivating an interest in environmental conservation,” she said, adding that they also provide a pre-booked shuttle bus service from KTM Pulau Sebang station to A’Famosa.

Teacher Abdul Halim Mohamed Ghani, 27, said the pass has had a significant impact on students and PWDs as it helps reduce costs and makes travel easier.

“It’s a good incentive that should be continued as it lightens students’ financial burden and gives them more opportunities to carry out activities outside the classroom,” he said.

Echoing the sentiment, student S. Logender, 16, said the pass has helped him cut down on travel costs, especially for long-distance trips.

“This is my first time using the KTM Komuter with the MyRailLife Pass. Before this, I had to pay up to RM8 to return to my hometown in Tampin (Negeri Sembilan),” he said. — BERNAMA

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BusinessclassitaHong SengNews

Hong Seng cites long gestation period, impairment in Classita stake sale

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HONG SENG Consolidated Bhd has told Bursa Malaysia that its decision to dispose of its 32.61% stake in Classita Holdings Bhd, just two years after buying in, was driven by the longer gestation period needed for the property development and construction projects, alongside the desire to realise immediate cash proceeds and redeploy funds into existing and new businesses.

The company was responding to a Bursa query regarding the disposal, which comes after Hong Seng’s July 14 and July 23, 2023 announcements of the acquisition, then touted as having “promising potential in, among others, the undergarments manufacturing and property development and construction businesses.”

For the audited period ended June 30, 2024, Classita posted a net loss of RM3.02 million, of which Hong Seng’s share was RM763,000.

Net assets stood at RM189.28 million, with Hong Seng’s portion amounting to RM62.26 million.

For the nine months to March 31, 2025, Classita recorded a net profit of RM676,000.

Segmental revenue for the group fell from RM75.83 million in the 15-month period to June 30, 2022, to RM50.49 million in FY2024, due mainly to a slump in manufacturing sales and direct retail.

Manufacturing revenue slid from RM70.46 million to RM45.77 million over the period, hurt by shifting consumer preferences, heightened competition from fast fashion and direct-to-consumer brands, and higher shipment costs from a shift to air freight to meet delivery schedules.

Direct selling and retail revenue plunged from RM5.3 million to just RM18,230 over the same period, as Classita pivoted away from in-house brands towards other segments.

The property development and construction segment, meanwhile, swung from nil revenue in FY2023 – due to the reversal of prior years’ sales after property buyers failed to secure financing – to RM4.65 million in FY2024, but still posted a loss.

In the nine months to March 31, 2025, Classita’s revenue improved by RM8.96 million year-on-year, thanks to higher manufacturing export sales to Germany, Turkey and the US, as well as slightly higher property sales.

Hong Seng said: “While the prospects of Classita’s businesses remain, Hong Seng has recognised a partial impairment of the investment based on a value-in-use calculation… considering the longer gestation periods required for the property development and construction projects to materialise.”

The impairment of RM34.52 million was derived under MFRS 136, using a five-year cash flow projection for the manufacturing segment only, discounted at 8.16%.

The property and construction segments were excluded due to the inability to reliably estimate near-term cash flows.

“Retaining the investment would require a longer timeframe before the Group could recoup the investment and generate returns, with such returns being subject to various market and business risks and uncertainties,” Hong Seng said.

“The disposal represents a more favourable option to divest, realise immediate cash proceeds, and sidestep potential risks,” it added.

Proceeds from the disposal will be channelled into Hong Seng’s existing businesses, future expansions and prospective ventures. — TMR

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KL DeclarationNews

Nga: KL Declaration to be submitted to ASEAN Summit

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(Pic credit: MEDIA MULIA)

KUALA LUMPUR — The Kuala Lumpur Sustainable Declaration on Localising ASEAN Community Vision 2045 will be submitted to the 47th ASEAN Summit in October as an official input, said Housing and Local Government Minister, Nga Kor Ming.

Nga, who is also President of the UN Habitat Assembly (UNHA), said the declaration sends a clear and urgent message that urban leadership is essential and that local voices are central to shaping ASEAN’s future.

“These milestones are not just agreements on paper, they are a promise of stronger regional cooperation and a shared resolve to build cities that are resilient, sustainable, and people-centred.

“As President of UNHA, I take note of the need for action on the ground. I call for constructive and innovative actions to ensure that cities and member states work together to realise the ASEAN Vision 2045,” he said.

Nga pointed out this at the joint closing ceremony of the ASEAN Sustainable Urbanisation Forum (ASUF), ASEAN Governors and Mayors Forum (AGMF) and the Meeting of Governors and Mayors of ASEAN Capitals (MGMAC) 2025. 

The three-day events, attended by more than 9,000 participants from across ASEAN and beyond, addressed pressing urban challenges such as climate change, housing affordability and urban sprawl.

Apart from the declaration, Nga also launched the KL Call to Action for COP30, calling it the “central engine” to drive ASEAN’s collective climate response. 

The initiative aims to integrate the New Urban Agenda into the United Nations Framework Convention on Climate Change (UNFCCC) process so that environmental policies are implemented effectively by local governments and communities.

At the same time, it will push for the integration of the New Urban Agenda into the United Nations Framework Convention on Climate Change (UNFCCC) process, ensuring environmental policies are effectively implemented at the local level.

Nga said the ASUF reaffirmed its alignment with the ASEAN Sustainable Urbanisation Strategy (ASUS) and ASEAN Community Vision 2045, with Malaysia set to launch an ASEAN Smart and Sustainable Centre led by Urbanice Malaysia to drive scalable projects and city-to-city partnerships. 

The AGMF, on the other hand, adopted shared commitments including promoting greater inclusion of women and youth in urban governance, while the MGMAC agreed to establish a permanent secretariat in Jakarta, Indonesia.

“Among its key commitments are the formalisation of the MGMAC City Network, the advancement of Voluntary Local Reviews, and a united call for greater investment at the local level from international institutions such as the UN and the World Bank,” he said.

Meanwhile, in her speech, Kuala Lumpur Mayor Datuk Seri Maimunah Mohd Sharif stated that the establishment of the secretariat in Jakarta would monitor and report on commitments and support for the Philippines, which is the upcoming ASEAN host.

“With the generous support of the Governor of Jakarta, The Honorable Pramono Anung, the secretariat will help us coordinate, share resources and manage projects on the ground,” she said. — BERNAMA

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BursaMarketsNews

Bursa Malaysia retreats from 7-day gains, tracking downbeat regional bourses

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(TMRpic)

KUALA LUMPUR — Bursa Malaysia pulled back from a seven-day winning streak to close lower today due to profit-taking in line with the downbeat regional market performance.  

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.55 points, or 0.35 per cent, to close at 1,581.05 from yesterday’s close of 1,586.60.

The benchmark index opened 0.31 of-a-point firmer at 1,586.91, and moved between 1,575.79 and 1,595.31 throughout the day.

The broader market was negative, with decliners outpacing advancers 616 to 399, while 547 counters were unchanged, 1,002 untraded and 17 suspended.

Turnover declined to 2.40 billion units worth RM2.66 billion from 2.71 billion units worth RM3.07 billion yesterday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng views today’s profit-taking positively as it allows the market to absorb the recent gains.

“The benchmark index maintains its bullish structure after breaking above 1,565 and tested 1,585. We believe that as long as the FBM KLCI holds above 1,565, the medium to long-term outlook remains positive, with 1,600 as the next upside target,” he told Bernama.

Hence, he expects the benchmark index to remain range-bound between the 1,565 support level and the 1,585-1,600 resistance area. 

Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the local market is expected to extend its upward momentum, fuelled by growing optimism over US interest rate trend, which continues to underpin investor confidence and support risk appetite across key sectors.

“A Federal Reserve rate cut would likely benefit the Malaysian equity market. Lower US interest rates typically narrow the yield differential between US Treasuries and emerging market assets, reducing the relative appeal of US dollar-denominated instruments.

“This generally supports capital inflows into higher-yielding regional markets, including Malaysia, while also alleviating upward pressure on the US dollar,” he said.

Mohd Sedek added that a more accommodative US monetary policy could improve global risk sentiment, encouraging increased foreign participation in Malaysian equities—particularly in sectors exposed to external demand and trade recovery.

Among the heavyweights, Public Bank and CIMB added 1.0 sen to RM4.45 and RM7.20, respectively, while Maybank eased 2.0 sen to RM9.84, Tenaga Nasional fell 12 sen to RM13.68, and IHH Healthcare edged down 1.0 sen to RM6.90. 

Of the most active counters, Tanco went up 1.5 sen to 72 sen, Oxford Innotech advanced 3.0 sen to 41 sen, Pharmaniaga slid 1.0 sen to 17.5 sen, MR D.I.Y. slipped 6.0 sen to RM1.54, and TWL was flat at 2.5 sen.

Across the broader market, the FBM Emas Index fell 43.26 points to 11,760.92, the FBMT 100 Index slipped 45.29 points to 11,543.72, the FBM Emas Shariah Index slumped 60.10 points to 11,708.45, the FBM 70 Index sank 86.43 points to 16,689.93, while the FBM ACE Index added 11.93 points to 4,666.54.

By sector, the Financial Services Index decreased 23.37 points to 18,050.53, the Plantation Index was 16.34 points lower at 7,581.65, while the Industrial Products and Services Index rose 0.43 of-a-point to 158.94, and the Energy Index perked up 1.85 points to 739.49.

The Main Market volume declined to 1.33 billion units valued at RM2.42 billion from Wednesday’s 1.57 billion units valued at RM2.85 billion.

Warrants turnover dwindled to 683.46 million units worth RM100.19 million from 771.34 million units worth RM103.11 million previously.

The ACE Market volume increased to 391.12 million units worth RM142.13 million from 360.56 million units worth RM119.44 million yesterday.

Consumer products and services counters accounted for 243.09 million shares traded on the Main Market; industrial products and services (201.12 million), construction (116.46 million), technology (136.49 million), financial services (94.48 million), property (188.63 million), plantation (21.66 million), REITs (34.30 million), closed-end fund (8,400), energy (62.47 million), healthcare (97.95 million), telecommunications and media (49.12 million), transportation and logistics (22.57 million), utilities (60.99 million), and business trusts (23,900). — BERNAMA

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MACCNews

Seven individuals remanded to assist probe on RM139,000 of false claims

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(Pic credit: MEDIA MULIA)

MELAKA — Seven individuals comprising a civil servant and six contractors were remanded for five days starting today to assist in investigations into allegations of submitting false claims totalling RM139,000 last year.

The remand order until Monday against the suspects, aged 32 to 52, was issued by Magistrate N. Sivashangari after receiving an application from the Melaka Malaysian Anti-Corruption Commission (MACC). 

According to a source, all the suspects were detained between 11.24 am and 12.05 pm yesterday when they appeared to give statements at the Melaka MACC office.

“They are being investigated for the offence of submitting supply work documents involving six different companies to obtain claims for the supply of food and beverage services totalling RM139,100 when the supply was never carried out,” said the source.

The case is being investigated under Section 18 of the MACC Act 2009 which, if convicted, carries a fine not less than five times the value of the false items or RM10,000, whichever is higher, and imprisonment not exceeding 20 years.

Meanwhile, Melaka MACC director Adi Supian Shafie when contacted confirmed the arrest and remand. — BERNAMA

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