Business summary from Sept 27-Oct 3

Datuk Hamidah Naziadin was appointed as independent and non-executive directors of Sime Darby Property Bhd. She has over 30 years of extensive strategic human resources and leadership experience in the financial services sectors across Malaysia and ASEAN.

Sime Darby Property appoints Hamidah Naziadin, Lisa Lim as independent directors

• Datuk Hamidah Naziadin and Dr Lisa Lim Poh Lin have been appointed independent and non-executive directors of Sime Darby Property Bhd.
• Sime Darby Property chairman Rizal Rickman Ramli said their appointments will add to the breadth of diverse expertise to drive the company's future aspirations.

Serba Dinamik restructures, appoints Mohamed Ackiel as new deputy CEO

• Prior to this, Mohamed Ackiel was the company's senior vice-president (special projects), where he was leading the companies digital transformation and several key initiatives and projects in the Middle East, Central Asia, and Americas.
• With a combined industry and academic experience of over 18 years, he was also the deputy chairman of the board of governors for University Malaysia of Computer Science and Engineering (UNIMY), a higher learning institution wholly owned by Serba Dinamik.
• Meanwhile, since its inception in 1996, Serba Dinamik has expanded to more than 25 countries.

Amanah Saham Nasional declares RM593.04mil payout for ASM3

• The payout to 525,038 unit holders comes on the back of a net realised income of RM653.27mil for the financial year ended Sept 30, 2021, a 17.87% increase from the previous year.
• Meanwhile, the unit trust manager will be paying out an additional RM57.68mil to unit holders of variable price funds ASN Equity 5 and ASN Sara (mixed asset conservative) 2 for the same financial year.

China's power crunch dwarfs Evergrande's troubles in investors' eyes

• China's power supply crunch, that has shut factories across the country, may pose a much bigger threat to the economy than the debt crisis at Evergrande Group, prompting investors to shun industries vulnerable to power shortages such as steelmaking and construction.
• Shares in Chinese chemical producers, carmakers and shipping companies have tumbled, while renewable energy stocks have soared.
• Yuan's current investment stance is to bet on hydropower companies such as SDIC Power Holdings and Sichuan Chuantou Energy Co, while shorting steelmakers and coal-fired power makers.

12th Malaysia Plan: GDP growth of 4.5% to 5.5%

• Under its selected targets for the plan, it wants to see compensation of employees reach 40% by the end of the plan period from 37.2%.
• Importantly, the government wants to see a more than double the Malaysian wellbeing index growth per annum of 1.2% from 0.5% in the 11th Plan.
• The report said the 12th Plan needs to be transformational to overcome the global uncertainties, domestic structural economic challengers and shortcomings in the development approach.

S P Setia’s new president Choong begins work on business sustainability

• Datuk Choong Kai Wai officially begins his role on Friday as S P Setia Bhd's new president and chief executive officer.
• In a statement, the group said Choong's mission is to establish new points of business sustainability that will intelligently position S P Setia as ready to adapt and react to new market needs and norms, as well as keeping a pulse on environmental responsibilities.

Impiana kickstarts development of RM380mil GDV Impiana Cherating

• Impiana Hotels Bhd has commenced the development of Impiana Resort & Residences Cherating, which has a gross development value of RM380mil.
• In a statement, the hospitality operator said the GDV Is more than double that of its market capitalisation of about RM118mil.
• Impiana Cherating will be situated on 30 acres of beach front land and feature luxurious furnished service suites and villas, as well as an international all-day dining restaurant, beachfront pool bar and restaurant, beachfront barbeque, lounge bar and spa.

U Mobile to consider sale of telco towers

• U Mobile Sdn Bhd, Malaysia's fourth-biggest phone operator, is considering the sale of its telecommunications towers for about RM500mil, according to sources.
• The company is in talks with potential buyers including Edgepoint Capital Advisors and Edotco Group Sdn Bhd, a telecom infrastructure company, the sources said.
• U Mobile is still pursuing a planned initial public offering (IPO), the sources said.

TM, Astro’s Measat to deliver high quality digital experience

• TM, via TM WHOLESALE, its global and wholesale business arm, will provide Astro with a full suite of infrastructure and connectivity solutions that comprises the whole range of wholesale services inclusive of high speed broadband (HSBB), bandwidth, backhaul and Internet access.
• This extensive and robust fibre network infrastructure will enable TM together with Astro to provide high-quality and reliable connectivity to their end-users.
• With TM's HSBB service, Astro also will be able to provide broadband services to its customers without having the need to build a new infrastructure while extending its coverage to wider areas across the country via a fibre network.