PCG REPORTS RM762 MILLION LOSS AFTER TAX IN 3Q 2024 DUE TO UNREALISED FOREX LOSS

PCG Managing Director/Chief Executive Officer, Mazuin Ismail

· 3Q 2024 Revenue of RM8.0 billion
· Performance Test Runs Completed at Pengerang Petrochemical Complex
· Ethane and propane feedstock price terms to remain for 5 years

KUALA LUMPUR, Nov 20 (Bernama) -- PETRONAS Chemicals Group Berhad (PCG) recorded Loss After Tax (LAT) of RM762 million for its third quarter in the Financial Year Ending 31 December 2024 (3Q 2024). The LAT was mainly driven by unrealised forex loss on the revaluation of payables at Pengerang Petrochemical Company Sdn. Bhd. (PPC) and the revaluation of shareholders loan to PPC. During the quarter, US Dollar weakened against Ringgit Malaysia from 4.721 on 30 June 2024 to 4.107 on 30 September 2024. Excluding the impact of forex loss, the Group Profit After Tax (PAT) is estimated at RM352 million.

PPC is a 50:50 joint-venture company between PCG and Saudi Aramco located within the Pengerang Integrated Complex (PIC) in Johor. The complex consists of 4 polymers and a glycols plant with a total design capacity of 3.0 million metric tonnes per annum. The facilities completed the performance test runs in 3Q 2024 ahead of its commercial operation targeted by the end of 2024. PPC is a USD functional currency company and the recent weakening of USD against RM resulted in unrealised forex loss on revaluation of payables of RM536 million, recorded in PCG. Additionally, PCG provided a USD denominated shareholders loan to PPC which was also exposed to unrealised forex loss of RM492 million due to the unfavorable forex movement. Including forex losses from other operations of RM86 million, total forex loss in 3Q 2024 is RM1.1 billion.

In terms of operational performance, the Group’s commodities segments i.e., Olefins & Derivatives (O&D) and Fertiliser & Methanol (F&M), recorded improvements in 3Q 2024 achieving average plant utilisation (PU) of 92%, contributing to an increase in production volumes. O&D sales volumes were further boosted by volume contributions from PPC. The Specialties segment however, experienced a slight decrease in both production and sales as demand softened amid higher availability of products. Against 2Q 2024, Group Revenue increased 3% to RM8.0 billion on the back of higher sales volumes and average realised product prices.

In 3Q 2024, commodities chemicals market was broadly mixed, on factors such as ongoing inflation, seasonal supply-demand shift and feedstock movement. Supply tightness supported prices for urea and mono-ethylene glycols while weak downstream demand put downward pressure on prices of methanol and polyolefins. The industry continues to contend with the effects of China’s slower-than-anticipated economic growth, and weakness in key demand drivers, keeping prices and spreads under pressure.

For the cumulative nine months period of FY2024 (YTD 3Q 2024), the Group Revenue improved 8% year-on-year to RM23.2 billion compared to 2023, largely due to higher sales volumes including contributions from PPC. However, Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA) declined 10% year-on-year to RM2.8 billion attributed to negative earnings recorded by PPC due to unrealised foreign exchange loss on revaluation of payables as well as higher operating costs. Profit After Tax (PAT) contracted 53% year-on-year to RM750 million. Excluding the impact of forex loss, the Group Profit After Tax (PAT) is estimated at RM1.7 billion.

Key highlights 3Q 2024 vs 2Q 2024:
· Revenue rose 3% to RM8.0 billion (2Q 2024: RM7.7 billion) on higher sales volumes.
· EBITDA for the quarter declined by 50% to RM554 million (2Q 2024: RM1.1 billion) due to unrealised foreign exchange loss on revaluation of payables and higher plant operation costs from PPC. EBITDA margin contracted to 7% (2Q 2024: 14%).
· Loss after Tax (LAT) was at RM762 million (2Q 2024: Profit After Tax RM809 million) mainly due to lower EBITDA and unrealised foreign exchange loss on revaluation of shareholders loan to PPC.
· Plant utilisation rate improved to 92% (2Q 2024: 89%) during the quarter, contributing to an increase in commodity chemicals production and sales volume.

3Q 2024 comparative financial summary:

	2Q 2024	3Q 2024
Revenue (RM million)	7,728	7,986
EBITDA (RM million)	1,110	554
Adjusted EBITDA, excluding forex impact (RM million)	1,140	1,104
EBITDA Margin (%)	14.4	6.9
Adjusted EBITDA Margin, excluding forex impact (%)	14.8	13.8
PAT (RM million)	809	(762)
Adjusted PAT, excluding forex impact (RM million)	871	352

Commenting on PCG’s performance, PCG Managing Director/Chief Executive Officer, Mazuin Ismail said “Our financial performance for the quarter was severely affected by the adverse movement of USD against RM primarily from our investment in PPC. Operationally, the performance of our core business improved in 3Q 2024 as we recorded higher plant utilisation at our Malaysian operations, contributing to higher sales volumes “.

“We have completed all Performance Test Runs at our petrochemical units in PPC and are currently gearing up for commercial operations, targeted by the end of the year. This is a significant milestone for us, in delivering part of our long-term strategy to strengthen our basic chemicals business and selectively diversify into derivatives and specialty chemicals. The molecules available from the naphtha-based chain will allow us to expand our offerings beyond our current portfolio including to go further downstream for more specialised and innovative products. Nonetheless, it is foreseeable that the start-up of these large-scale capital-intensive assets will have material impact to the Group’s earnings, which includes currency translation effects that we saw during the quarter. If the USD continues to rebound in 4Q 2024, we will see partial reversal of the unrealised forex loss.”

“On the market front, the O&D segment is seeing some softness on seasonal weak downstream demand amidst supply additions from new Northeast Asian capacities. F&M is stabilising as key suppliers focus on fulfilling the term commitments, while in the Specialties segment, we are maintaining a cautious outlook given the continued uncertainties in the macroeconomic environment,” he said.

The Group also updated on the supply of ethane and propane gas feedstocks to PETRONAS Chemicals Olefins Sdn. Bhd. (PC Olefins). PETRONAS Chemicals Marketing (Labuan) Ltd. (PCML), PCG’s wholly owned subsidiary and PETRONAS Energy and Gas Trading Sdn. Bhd. (PEGT), a wholly owned subsidiary of Petroliam Nasional Berhad (PETRONAS), have mutually agreed for the price terms to remain as stipulated in the current agreement for a period of five (5) years starting from 1 January 2025. PC Olefins produces ethylene and propylene, that are in turn used as feedstocks for the production of polymers and chemical derivatives within the Group’s O&D segment.

About PETRONAS Chemicals Group Berhad

PETRONAS Chemicals Group Berhad (PCG) is the leading integrated chemicals producer in Malaysia and one of the largest in Southeast Asia. It operates a number of world-class production sites in Malaysia, Asia-Pacific, Europe and North America. With a total combined production capacity of 15.4 million metric tons per annum (mtpa), it is involved primarily in manufacturing, marketing and selling a diversified range of chemical products, including olefins, polymers, fertilisers, methanol, other basic chemicals, derivative products and specialty chemicals.

Listed on Bursa Malaysia with more than three decades of experience in the chemicals industry, PCG is established as part of the PETRONAS Group to maximise value from Malaysia’s natural gas resources.

PCG is committed to ensuring that its business practices are in line with globally recognised standards for Economic, Environment, Social & Governance (EESG) practices. It is currently listed in the FTSE4Good Bursa Malaysia (F4GBM) Index and the Dow Jones Sustainability™ World Index.

Further details on PCG can be found at www.petronaschemicals.com.my

SOURCE : PETRONAS Chemicals Group Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Yogeswari Thangavelu
Media Relations, Corporate Affairs & Administration Department
PETRONAS CHEMICALS GROUP BERHAD (PCG)
Tel: +(603) 2331 5000 (GL), +(603) 23926434 (DL) M : (6) 017 2000919
Email : yogeswari.thangavel@petronas.com

--BERNAMA

 

MALAYSIA EXPANDS GLOBAL REACH AS MYCEB LAUNCHES MYTRIPLEE 2.0 AT IBTM WORLD 2024

The Malaysia Pavilion successfully launched at IBTM World Barcelona 2024 with a Ribbon-Cutting Ceremony and MyTripleE 2.0 Campaign lead by Mr. Noor Azlan Abu Bakar; Director of Business Development alongside eight (8) co-exhibitors.

BARCELONA, Nov 20 (Bernama) -- Malaysia Convention & Exhibition Bureau (MyCEB) returns to IBTM World Barcelona for the 9th consecutive year, accompanied by 8 premier co- exhibitors to showcase Malaysia’s dynamic offerings as Asia’s top destination for business events. This year’s event, taking place at Fira Barcelona Gran Via from 19 – 21 November, provides MyCEB a vital platform to highlight Malaysia’s strengths in industry innovation, sustainability, and the ever-evolving business events sector.

“Our objective is to solidify Malaysia’s reputation as a preferred global destination for business events. IBTM World allows us to share Malaysia’s diverse capabilities with the international community, forge invaluable connections, and generate impactful business leads. We are focused on securing new partnerships, strengthening existing ones, and driving economic growth through this platform,” stated Mr. Noor Azlan, Director – Business Development of MyCEB.

As a gathering point for over 12,000 attendees and 2,650 hosted buyers worldwide, IBTM World presents MyCEB and its partners with invaluable networking and business development opportunities. Malaysia's dedicated pavilion, strategically located, is designed to facilitate one- on-one appointments with top-tier international buyers, furthering the nation’s reach within the global business events arena.

A highlight of MyCEB’s participation this year is the launch of the MyTripleE 2.0 Campaign, presented during the Malaysia Pavilion Ribbon Cutting Ceremony. MyTripleE 2.0 builds upon the successful initial campaign set to conclude this quarter, evolving to redefine Malaysia’s business events sector through three core initiatives: Excel, Elevate, and Enliven. Each initiative caters to both regional and international markets, with MyCEB extending both financial and non- financial support to qualifying applicants. Through MyTripleE 2.0, MyCEB seeks to engage more stakeholders and enhance Malaysia’s competitive edge, empowering the sector’s growth and sustainability in the global business events industry.

Additionally, MyCEB’s agenda at IBTM World includes the Meetings Leadership Network Event on 18 November, featuring MyCEB’s Head of Delegation, Mr. Noor Azlan, and an exclusive Advocacy Policy session to commemorate IBTM’s 20th anniversary. These sessions emphasise MyCEB’s commitment to championing global industry standards and fostering strategic dialogue among peers. This year, MyCEB has also been recognised as part of IBTM’s Loyalty Group for its steadfast support and contributions over the years.

Since its founding in 2011, MyCEB has supported a remarkable 2,419 business events up to 2019, attracting approximately 1.94 million delegates and contributing an estimated RM14.7 billion to the economy. In the period following COVID-19, from 2020 to 2023, MyCEB supported an additional 497 business events, drawing in around 1.2 million delegates and adding an estimated RM4.9 billion in economic impact. These achievements underscore MyCEB’s commitment to advancing Malaysia’s standing in the global business events industry while generating significant economic contributions.

This year, MyCEB is proud to be joined by the following co-exhibitors:

1. Kuala Lumpur Convention Centre (KLCC)
2. Malaysia International Trade and Exhibition Centre (MITEC)
3. Borneo Convention Centre Kuching (BCCK)
4. Malayan Safaris
5. Penang Convention & Exhibition Bureau (PCEB)
6. Mandarin Oriental Kuala Lumpur
7. Amari Spice Penang
8. Asian Trails

With Malaysia’s consistent presence at IBTM World, MyCEB, alongside its industry partners, looks forward to strengthening relationships, cultivating new collaborations, and continuing to position Malaysia as a leader in the global business events sector.

ABOUT MyCEB
MyCEB was established in 2009 by Ministry of Tourism, Arts and Culture Malaysia to further strengthen Malaysia’s business tourism brand and position for the international business events market. A Company Limited by Guarantee (CLBG), MyCEB serves as a central hub to assist meeting and event planners to bid and stage international business events in Malaysia and act as a conduit for national product development. MyCEB’s goal is to improve its rankings as an international meetings destination within International Congress and Convention Association (ICCA) and to grow business tourism arrivals to Malaysia.

In April 2021, MyCEB mapped out the way forward for Malaysia in business events with the launch of ‘Malaysia Business Events Strategic Marketing Plan 2021 - 2030’. Emphasizes on three strategic axes to expand performance namely optimisation, foresight and competitiveness. These strategic anchors are applied in implementing, planning, and monitoring all initiatives collaboratively with the industry.

For more information, please visit www.myceb.com.my and follow us on www.facebook.com/MyCEB, Twitter (@MyCEB) and Instagram/MyCEB

SOURCE : Malaysia Convention & Exhibition Bureau (MyCEB)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Rusmawati Ab’llah
PR, Communications & Media
Malaysia Convention & Exhibition Bureau (MyCEB)
Tel: +603 8893 4524
Email: rusmawati@myceb.com.my
Website: www.myceb.com.my #myceb

--BERNAMA

ANAQUA TO BE ACQUIRED BY NORDIC CAPITAL

KUALA LUMPUR, Nov 19 (Bernama) -- Anaqua announced that Nordic Capital, an experienced private equity investor in Technology & Payments globally, has entered into exclusive negotiations to acquire a controlling interest in Anaqua from its existing shareholders led by Astorg.

As part of this transaction, Nordic Capital would become Anaqua’s controlling shareholder, succeeding Astorg, who has been the primary investor in the company since 2019, and has supported Anaqua’s strong and consistent growth over the past five years.

“Nordic Capital shares our vision of a software-led intellectual property (IP) management platform, making them the ideal partner for our next phase of growth.

“Their deep sector experience, successful history of investing in software companies and vast global network would help us continue to transform the IP management industry,” said Anaqua Chief Executive Officer, Bob Romeo in a statement.

Meanwhile, Nordic Capital Advisors Partner and Head of Technology & Payments, Fredrik Näslund said: “This partnership would align with our commitment to supporting companies that drive industry transformation and would fit perfectly with Nordic Capital’s technology investment strategy.”

This acquisition would represent a strategic investment focused on driving continued growth, supporting Anaqua’s global expansion and further strengthening its market position by continuing to enhance its best-in-class software and its operational capabilities.

Nordic Capital has over 20 years of experience accelerating the growth of innovative technology companies and would be set to leverage its deep sub-sector and operational knowledge to create value and boost Anaqua’s ambitious plans.

Definitive agreements for the acquisition would be entered into after information and consultation with employee representative bodies, in which the transaction would be subject to customary regulatory approvals and would be expected to close by the first quarter of next year.

Headquartered in Boston, with additional offices in the United States, Europe, Asia, and Australia, Anaqua is a premium provider of integrated technology solutions and services for the management of IP.

-- BERNAMA

MALAYSIA TO INTENSIFY ASEAN GREEN ECONOMY BY 'POWERING THROUGH CHANGE'

BAKU, Nov 19 (Bernama) -- In the first week of COP29, the Malaysia Pavilion has become a vibrant hub for meaningful knowledge exchange surrounding critical topics such as Future-Proofing Our Environment, Just Transitioning, ‘Powering’ Through Change, Closing the Loop in Local and Global Consumer Demands and Climate Tech. The 26 sessions, featuring 39 prominent speakers representing local and international voices from various areas of focus attracted close to 910 attendees.

Journeying to Net Zero with Sustainable Climate Financing Flows
The pursuit of achieving net zero by 2050 has emerged as a shared goal, driving both policy and action across various sectors globally. However, while technological innovations and regulatory frameworks are evolving, the real challenge lies in ensuring climate finance flows smoothly for sustainable climate action.

Secretary General, Ministry of Natural Resources and Environmental Sustainability (NRES), Datuk Dr. Ching Thoo a/l Kim said, “The climate challenges we face today require international solidarity and partnership. As we hold the chairmanship of ASEAN next year, we are committed to setting the right precedent in driving transboundary collaboration. We are dedicated to strengthening cooperation across ASEAN, recognising that our environmental challenges are interconnected. We aim to enhance our region’s resilience, support sustainable economic growth, and establish climate-conscious policies that serve the people and economies of all member countries.”

In a panel discussion, panellist Shahril Azuar Jimin, Group Chief Sustainability Officer of Maybank highlighted the need for climate adaptation to be done according to locality as there is no one-size-fits-all for the unique ASEAN landscape. This dialogue led by Joel Khaw, Head of MIND and Sustainability at Bank Pembangunan Malaysia Berhad (BPMB) further emphasised the urgent need for financing climate adaptation strategies in ASEAN. The conversation also covered investment opportunities for adaptation financing and actionable insights for overcoming financing challenges across ASEAN.

To address these urgent challenges, developed countries like the UK have advanced collaboration on climate mitigation and adaptation with developing countries like ASEAN who have growing carbon emitting regions and biodiversity hotspots. Initiatives such as the ASEAN-UK Green Transition Fund (GTF) and UK Climate Adaptation and Resilience (CLARE) programme not only aim to accelerate ASEAN’s transition to a clean, climate-resilient economy by reducing emissions, promoting green economic growth, and improving the lives of vulnerable communities but also scale up research and innovation efforts though improved climate risk data, enhanced decision-making tools, and better climate adaptation solutions for urban climate resilience in ASEAN.

The Rt Hon Anneliese Dodds, Minister for Development at the Foreign, Commonwealth and Development Office and Minister for Women and Equalities in her opening keynote address, said, “With over 680 million lives at risk from the climate and nature crisis, we recognise the shared ambitions of our partners, be it in Malaysia and across ASEAN. Nearly a quarter of our UK-ASEAN Plan of Action focuses on energy, climate, and the environment. To further this, the UK-ASEAN GTF providing up to £40 million over five years, aims to accelerate the green transition through shared expertise and commitment.”

The Asian Development Bank (ADB), in collaboration with the Coalition of Finance Ministers for Climate Action and the Government of Malaysia, has also hosted an insightful session at the Malaysia Pavilion focused on the Fiscal Resilience Initiative (FRI). During the session, a new report entitled “Climate-Resilient Fiscal Management: Experience from Southeast Asia” was also introduced. The report includes best practices from the region on assessing and managing climate-related fiscal risks and mobilising climate finance. This is the first report under the ASEAN Climate Finance Policy Platform launched in 2024 to facilitate dialogue and enhance capability in finance ministries.

Just Energy Transition for a Climate-Resilient Future
Malaysia's journey towards a just energy transition is critical in balancing economic growth with sustainable development. Fossil fuels currently account for 20% of the nation’s GDP and support over 3,500 businesses, making them a significant pillar of the economy. Despite these figures, Malaysia is firmly committed to addressing climate change, setting ambitious targets to reduce carbon emissions by 45% relative to GDP.

At the Malaysia Pavilion, discussions on the country’s energy transition underscored the importance of integrating Environmental, Social, and Governance (ESG) principles to guide this shift.

Tan Sri Dato' Abdul Razak bin Abdul Majib, Chairman of Tenaga Nasional Berhad said, "Malaysia's journey towards a sustainable future relies on collaboration, resilience, and innovation. TNB is committed to advancing ESG principles and expanding renewable energy efforts to drive the nation's energy transition forward aligned with the government's NETR policy and guidelines".

Wan Sayuti Wan Hussin, PETRONAS Senior General Manager, Strategy, Policy and Regulation, Corporate Sustainability Division concurred that “The energy transition will be the defining challenge of our time and it has multiple pathways. We need to take into consideration the local context and leverage Malaysia's strengths to unlock opportunities on technology-based solutions (e.g., CCS, hydrogen, biofuels) and nature-based solutions, whilst adhering to the international standards and aligning with the global climate goals.”

By aligning financial flows and policies with low-carbon development pathways, Malaysia is positioning itself to lead in the green economy, all while navigating the complex challenge of moving away from its fossil fuel dependency in a just and responsible manner.

Driving Just Transition and Circular Economy in Malaysia’s Palm Oil Industry
On the 5th day of COP29 at the Malaysia Pavilion, the sessions featured insightful conversation surrounding Powering a Just Transition: Sustainable Malaysian Palm Oil. The discussion encapsulated Malaysia’s palm oil industry’s role in driving global climate solutions through Just Transition and Circular Economy initiatives. It also facilitated dialogues on the industry’s transformative approaches to job creation in sustainable farming and bioenergy, circular economy advancements, and empowerment of marginalised communities.

Belvinder Sron, Chief Executive Officer of The Malaysian Palm Oil Council, highlighted the industry's forward-thinking approach, stating, “Our presence at COP29 highlights Malaysia’s position as a trailblazer of sustainable palm oil production. Through strategic partnerships and steadfast dedication to responsible practices, we aim to set a global benchmark for environmental stewardship and economic resilience, showing the world that sustainable palm oil can meet both ecological and societal needs.”

Professor Jeffrey D. Sachs, President of the UN Sustainable Development Solutions Network (SDSN) in his speech, said, “We recognise that the East Asia region, including ASEAN and China, is at the forefront of the world's most significant transformations towards a green, sustainable, and digital economy. As global pacesetters, it is crucial for ASEAN to drive region-wide initiatives in energy transformation and sustainable land use, including the palm oil industry. Malaysia’s ASEAN Chairmanship 2025 is a tremendously important opportunity to lead these efforts, given its strong track record in sustainable development and energy innovation.”

Embracing The Future of Climate Adaptation and Mitigation Through Tech
Week 1 at the Malaysia Pavilion concluded with an emphasis on the transformative role of climate tech innovations and data platforms in supporting the larger climate agenda. These innovations are not only driving sustainability but also contributing to climate adaptation and mitigation efforts across Southeast Asia and the broader ASEAN region.

From near zero emission power systems to cross-border grids that accelerate regional decarbonisation like the ASEAN Power Grid, provides a strategic cross-border energy integration that can serve as a strategic, cost-effective solution for decarbonisation within the region. Moreover, the integration of data platforms is reshaping solutions across key sectors from agriculture to energy and biodiversity.

These solutions not only unlock renewable energy potential and innovative energy storage solutions but also accelerate policy and regulatory reforms, securing sustainable financing, and navigating social and economic implications for a more sustainable and resilient tomorrow.

The Malaysia Pavilion at COP29 is spearheaded by the Ministry of Natural Resources and Environmental Sustainability (NRES) in collaboration with the Malaysian Green Technology and Climate Change Corporation (MGTC) as the implementing agency. The Pavillion and our country’s participation is proudly supported by Tenaga Nasional Berhad (TNB), Petroliam Nasional Berhad (PETRONAS), Malaysian Palm Oil Council (MPOC), Malaysian Palm Oil Green Conservation Foundation (MPOGCF), Felda Global Ventures Holding Berhad (FGV), SD Guthrie Bhd, Malayan Banking Berhad (Maybank), Bank Pembangunan Malaysia Berhad (BPMB), Kloth Wear and De Carton.

For more information regarding the Malaysian Pavilion at COP29, visit https://malaysiapavilion-cop.com/.

About the Malaysian Pavilion

Malaysia is proud to present our Malaysia Pavilion at COP29, built around the theme “Shift for Sustainability: Climate Action Now”. This theme emphasises the urgency of addressing climate change with immediate, bold actions. Through a whole-of-nation approach, Malaysia is committed to collaborating with all sectors—government, businesses, and communities—to create a sustainable and resilient future for all.

Join us at the Malaysia Pavilion as we showcase our nation’s innovative solutions for climate action, from green urban development to energy transitions, biodiversity preservation, and more.

MINISTRY OF NATURAL RESOURCES AND ENVIRONMENTAL SUSTAINABILITY (NRES)

19 NOVEMBER 2024

SOURCE: Malaysian Green Technology and Climate Change Corporation (MGTC)

FOR MORE INFORMATION, PLEASE CONTACT:
Corporate Communication Unit
Ministry of Natural Resources and Environmental Sustainability (NRES)
Tel: 03-8000 8000

Name: Daniel Michael
Senior PR Manager MSL Group Malaysia
Tel: +60 14-933 9060
Email: daniel.michael@mslgroup.com

Name: Wan Aiqha Liyana
PR Executive
MSL Group Malaysia
Tel: +60 10 287 3103
Email: wan.aiqha@mslgroup.com

--BERNAMA

DATO' INDERA IR. DR. AHMAD SABIRIN ARSHAD APPOINTS AS REGIONAL REPRESENTATIVE FOR ASIA & THE PACIFIC ON THE WAITRO EXECUTIVE BOARD

President and Group CEO of SIRIM Berhad, Dato' Indera Ir. Dr. Ahmad Sabirin Arshad delivering his speech at 27th WAITRO General Assembly held in Nanjing, P.R. China.

NANJING, P.R. China, Nov 19 (Bernama) -- President and Group CEO of SIRIM Berhad, Dato' Indera Ir. Dr. Ahmad Sabirin Arshad has been appointed as the Regional Representative for Asia & the Pacific on the World Association of Industrial and Technological Research Organizations (WAITRO) Executive Board for the 2025/26 term.

This prestigious appointment was confirmed during the 27th WAITRO General Assembly held in Nanjing, P.R. China.

Elected by the General Assembly for a two-year term, members of the WAITRO Executive Board voluntarily guide and govern the association’s activities. The Board meets twice annually to set strategic directions, foster global collaborations, and oversee WAITRO's programmes and initiatives, ensuring they align with its mission to drive innovation and sustainable development across the globe.

Dato' Indera Ir. Dr. Ahmad Sabirin’s new role signifies an opportunity to strengthen regional partnerships, enhance innovation efforts, and promote SIRIM’s expertise on an international platform. By working collaboratively across borders, SIRIM and its global counterparts will contribute to a vibrant innovation ecosystem that drives transformative technologies and creates lasting, sustainable impacts for societies and economies worldwide.

Datuk Ir. (Dr.) Khairol Anuar Mohamad Tawi, Chairman of SIRIM Berhad, commended the election of Dato' Indera Ir. Dr. Ahmad Sabirin to the WAITRO Executive Board is a proud moment for SIRIM and Malaysia. This accomplishment not only reflects his exemplary leadership but also highlights SIRIM’s growing reputation as a key player in driving industrial innovation and sustainable development on the global stage.

SIRIM Berhad remains dedicated to supporting innovation and sustainable development in alignment with WAITRO's vision, and this appointment reinforces its role as a leader in global technological advancement.

About SIRIM Berhad

A wholly-owned company of the Malaysian Government under the Ministry of Investment, Trade & Industry (MITI). SIRIM Berhad is a leading organisation for technology and quality solutions specialising in Industrial Research, Technology Development and Commercialisation; Certification, Testing and Inspection; Measurement and Calibration; Training; Standards Research and Development; Technology-based Entrepreneurship; and Design Advisory.

www.sirim.my

For latest news, follow SIRIM Berhad social media accounts:
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SOURCE: SIRIM Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Nama: Mohamad Ariff Fahmy
Tel: 03 55446713 / 0174647027
Email: fahmy@sirim.my

--BERNAMA

GBS ASIA AWARDS 2024 HIGHLIGHTS GBS TRANSFORMATION AND GROWTH

Anuar, CEO of MDEC with the main corporate category winners

KUALA LUMPUR, Nov 19 (Bernama) -- The GBS Asia Awards 2024 celebrated the rapid advancements and innovation within the Global Business Services (GBS) sector, showcasing industry achievements contributing to Malaysia’s evolving role as a digital economy leader.
Organized by GBS Malaysia, a chapter of PIKOM, this year’s event highlighted the critical role of GBS in driving digital transformation and economic growth across the region, cementing Malaysia’s position as a Global hub for high-value business services.

The awards brought together key industry leaders, government officials, and influential stakeholders, including Guest of Honor Anuar Fariz Fadzil, Chief Executive Officer of Malaysia Digital Economy Corporation (MDEC). His presence underscored the government’s commitment to the GBS industry’s growth and its role in the nation’s digital landscape.

Corporate category award winners

Anuar Fariz Fadzil, CEO of MDEC in his Officiating Address, highlighted that “the GBS sector is a priority in the 12th Malaysia Plan for Accelerating the Development of Strategic and High Impact Industries. This year alone, the sector has attracted over RM 6 billion in investments and created more than 11,000 jobs, reaffirming its role as a key driver of Malaysia’s economic growth.”

Anuar added, “By leveraging our strategic location, robust infrastructure, and skilled workforce, Malaysia continues to establish itself as a hub for high-value digital business services while driving regional collaboration within the ASEAN digital economy.”

Ong Chin Seong, Chairman of PIKOM commented, “The GBS industry has not only been a driver of digital investments but has also been integral to job creation and high-value career opportunities within Malaysia. Moving forward, Malaysia needs to move into high-value GBS services in the areas of AI, Big data analytics, and high technology sectors, the industry is expected to play an essential role as Malaysia prepares for the ASEAN Chairmanship in 2025, with a focus on enhancing regional digital integration and cross-border collaboration.”

GBS Asia Awards Chair, Anthony Raja Devadoss, acknowledged the transformative impact of the GBS sector, stating, “These awards are not just a celebration but a recognition of the significant strides that our industry has made. The GBS sector continues to drive digital innovation and provide essential contributions to Malaysia’s economic success.”

Reflecting the sector’s growth, this year’s event saw increased participation, with six new corporate and two new individual award categories introduced to acknowledge the diverse areas of excellence emerging in GBS. Awardees were chosen through a meticulous selection process by a distinguished panel of judges, ensuring that only the highest standards of industry excellence were celebrated.

The OVERALL GBS CORPORATE ACHIEVEMENT AWARD went to Daythree Business Services Sdn Bhd while REGIONAL GBS COMPANY OF THE YEAR is secured by CARRO and BEST NEW GBS PROVIDER OF THE YEAR went to UOB INNOVATION HUB 2 SDN. BHD.

The full List of the 46 award recipients is available in the following link:
https://bit.ly/gbsasia2024awards

SOURCE: Persatuan Industri Komputer dan Multimedia Malaysia (PIKOM)

FOR MORE INFORMATION, PLEASE CONTACT:
Email: gerard@pikom.org.my

--BERNAMA

BYD EXPANDS ENERGY STORAGE PARTNER PROGRAMME, UNVEILS NEW PRODUCTS

KUALA LUMPUR, Nov 18 (Bernama) -- BYD Co Ltd has expanded its partner programme for BYD Energy Storage solutions recently during a partner conference at its headquarters.

In November this year, the company hosted the conference, providing an opportunity for partners to share their experiences, engage with the technical team, and receive an exclusive preview of upcoming products and features.

BYD Energy Storage general manager, Yin Xiaoqiang said the company is committed to continuous investment in research and development (R&D), as well as in production facilities, to ensure its energy storage solutions are not only leading the innovation curve but also produced with the highest safety standards and in a cost-efficient way.

“Another important factor in our product development is active dialogue with our partners and customers. Therefore, regular meetings with partners from the distribution and installation sector, are part of our partner programme.

“We take their feedback and insights seriously and advance our solutions to help them address current and future demands in the efficient use and storage of renewable energy,” he said in a statement.

A key goal of the conference was to gain insights into current market challenges the partners are facing and how the energy storage solutions can assist in overcoming them. Many wholesalers and installers reported that customer hesitations to invest into photovoltaic (PV) and related technology has been a barrier due to a current market slowdown.

However, they confirmed that solutions such as the BatteryBox series have been instrumental in attracting customers, as the demand for integrated PV and energy storage solutions continues to grow.

The high charging power of the BYD BatteryBox systems was also highlighted as a significant advantage, especially in light of trends like bidirectional charging and dynamic electricity pricing.

In addition to the user conference and a tour of BYD’s headquarters, partners were given a look behind the scenes at one of its most advanced production facilities in Nanning, specialising in the R&D and manufacturing of energy storage cells and systems from May 2023.

-- BERNAMA