News In Brief

Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs.
Below are snippets of all the media releases we received from July 8 till the end of the week.
This article updates throughout the week.

Showtime: Box Office Update: Top Films

Sydney, July 8: The National Australian Box Office grossed $18.37M this weekend. Retaining the top spot, Inside Out 2 brought in $5.99M, adding to its cumulative total of $37.57M in its fourth week of release.
Despicable Me 4 came in second, earning $5.83M in its third week, bringing its cumulative Australian box office to $24.23M.
This film remains particularly popular with family audiences enjoying the D-BOX sessions that sync seat movements with the minion action on screen.
A Quiet Place: Day One secured third place with $2.53M in its second week, reaching a cumulative total of $7.86M.In fourth place, The Bikeriders debuted with $932K in its opening weekend.
Bad Boys: Ride or Die rounded out the top five, earning $646K and bringing its cumulative total to $12.75M.
Looking ahead, several new releases are set to hit theaters.
Fly Me to the Moon, starring Scarlett Johansson and Channing Tatum, is a sharp, stylish comedy-drama set against the backdrop of NASA’s historic Apollo 11 moon landing.
Twisters, the highly anticipated sequel to the 1996 blockbuster Twister, directed by Lee Isaac Chung and starring Daisy Edgar-Jones and Glen Powell, promises an adrenaline-fueled thriller experience. MaXXXine takes viewers to 1980s Hollywood, where adult film star Maxine Minx navigates a deadly game as a mysterious killer targets starlets.
This film will be featured at the HOYTS Horror Night on Thursday, July 11.
Other notable releases include Kinds of Kindness, a triptych fable screening at select HOYTS locations, Indian 2 (Tamil), which follows a hero battling corruption, and Sarfira (Hindi), an inspiring story set in the world of startups and aviation, also screening at select HOYTS locations.

News Appointments: Hurtigruten Expands APAC Team

Sydney, July 8: Hurtigruten Group has strengthened its presence in the Asia-Pacific region with key new hires in sales, marketing, PR, and customer service.
Managing Director for Asia-Pacific, Damian Perry, emphasizes the expanded team’s role in supporting the growing demand for Hurtigruten’s brands: Hurtigruten and HX (Hurtigruten Expeditions).
“As our business continues to evolve, we want to ensure we can best support our industry partners, agents and consumers across Hurtigruten’s Original Coastal Express and Premium Signature Voyages, as well as HX expedition cruises,” Perry says.
“Additionally, bringing our PR and communications activity in-house will help strengthen relationships with travel and news media in the region.”
Kirsty Fruin joins as Regional Sales Manager for QLD, WA, and SA, based in Brisbane. Christina Koullas takes on the role of PR & Communications Manager – APAC in Melbourne.
The Customer Service Centre in Melbourne welcomes Briohny Black and Laura Lund as CSC Consultants.
Jemma Gormack and Emily Coltman join the Melbourne head office as Marketing Executives.

Personal Finance: Inflation Threatens Financial Goals

Sydney, July 9: New research from online investment platform Stake reveals Australians are increasingly turning to financial markets to secure their future, as wage growth lags behind rising costs. The Stake Ambition Report, surveying over 2,000 non-retired investors, highlights housing costs, inflation, and slow wage growth as top financial barriers.
Seven in ten Australians face financial strain from stagnant wages, but 73 per cent continued investing over the past six months, and 67 per cent retained all their shares.
“In an economy where costs continue to outpace wage growth, Australians are looking for more accessible and reliable ways to reach financial security,” Jon Howie, CEO of Stake said.
Key investment goals include retiring and living off investments (54 per cent), boosting income (51 per cent), funding travel (43 per cent), and reducing working hours (34 per cent).
Lifestyle flexibility, such as being debt-free (86 per cent) and home ownership (85 per cent), is prioritized over owning a business (20 per cent) or having an impressive job title (13 per cent).
Despite 73 per cent of Australians wanting to buy investment property, they are five times more likely to see the share market as a more accessible wealth-building option.
Concerns about the intergenerational wealth gap are prevalent, with 63 per cent believing it holds young people back.
Only 28 per cent of 18-34-year-olds have received significant financial help, yet 85 per cent of 18-24-year-olds have maintained their investment habits, the highest rate among all age groups.
Financial strain is leading to cutbacks on non-essentials, such as takeaway food (55 per cent) and dining out (51 per cent).
Respondents believe a salary of $121-150K is needed to live comfortably, nearly double the national median wage.
Four in five expect to work past 65, prompting action towards financial security.
Investment knowledge is mainly self-directed, with only 11 per cent attributing their skills to formal education. Investors are optimistic about gold (49 per cent), electric vehicles (46 per cent), and artificial intelligence (44 per cent), while viewing inflation (47 per cent) and a slowing global economy (43 per cent) as significant risks.
Top ASX stocks bought on Stake include Vanguard Australian Shares Index ETF (VAS) and iShares S&P 500 ETF (IVV).
Popular U.S. stocks are Tesla (TSLA) and Nvidia (NVDA).

Startup:KC8 Raises AU $10M

Melbourne, July 9: KC8 Capture Technologies, an Australian startup specializing in carbon capture technology, has raised AU $10 million to accelerate its deployment in critical and hard-to-abate industries.
The funding round included leaders from energy, construction, and chemical manufacturing sectors, such as Woodside Energy, Cemex Ventures, and a major petrochemical company.
KC8, founded in 2021, offers a cost-effective CO2 capture technology for industries like cement, steel, power generation, and chemical production.
The technology captures up to 95 per cent of CO2 emissions at a capital cost up to 50 per cent lower than conventional amine-based solutions and with improved energy efficiency of up to 15 per cent.
“Being able to provide safe, naturally occurring solvents that have little or no impact to the environment at scale is an incredible feat.
By lowering the cost of capture, our goal is to enhance and accelerate CCUS as a leading greenhouse gas mitigation tool that will form an important part of a balanced solution to lowering emissions for all sectors,” commented Greg Ross, Executive Director, KC8 Technologies.
KC8 plans to use the funding to expand its team and expedite its technology’s deployment.
Key projects include a Front-End Engineering Design (FEED) study at a Cemex cement plant to capture over 100 tons per day (TPD) of CO2, a 15 TPD commercial demonstration plant in Gladstone, Queensland with Cement Australia, and a Commercial Pilot Demonstration plant at the US Department of Energy’s National Carbon Capture Center.
“Our mission is to provide the most sustainable, cost-effective solution for large scale abatement — particularly for industries that don’t currently have a clear pathway to emission reduction. We’re grateful for the local and global industry investment, which will accelerate our commercialisation plans and the deployment of our technology into these critical industries,” said Ross.
Woodside Vice President Carbon Solutions Jayne Baird said KC8 technology has the potential to assist Woodside’s efforts to reduce emissions from its operations.
“As a global energy company, we understand the need to innovate and develop efficient and cost-effective ways to produce safe, lower carbon, affordable and reliable energy through the energy transition,” said Baird.
“Achieving carbon neutrality requires not just sustainable investments, but aggressive action from major players like Cemex. By adopting clean technologies and fostering collaboration with innovative global startups like KC8, we aim to revolutionise the construction industry and significantly reduce the environmental impact of our operations in order to become a net-zero CO2 company by 2050,” said Gonzalo Galindo, Head of Cemex Ventures.

Retail and Ecommerce: Australia Post Opens Parcel Facility

Gold Coast, July 9: Australia Post has officially opened a new $12 million Parcel Facility on the Gold Coast, enhancing its long-term investment in the region.
The 15,087m² facility, which can process up to 90,000 parcels a day during peak periods, features cutting-edge sortation technology and has achieved a 5-star Green Star rating with a 99kW solar system.
Rod Barnes, Executive General Manager Network Operations, highlighted the facility’s importance: “This new facility will expedite processing and improve turnaround times, ensuring quicker delivery of parcels to our customers’ doorsteps.”
Minister for Communications, Michelle Rowland MP, praised the investment: “Australia Post’s facility investment and the Government’s modernisation agenda will help ensure the business is well positioned to meet the challenges and needs of the future.”
The facility also commemorates 50 years of StarTrack and will accommodate over 300 team members, with recruitment for seasonal positions starting soon.

Company News: Tex Cycle and ER2E Collaborate

Kuala Lumpur, July 9: Tex Cycle Technology (M) Berhad’s subsidiary, Tex Cycle (P2) Sdn. Bhd., has formed a collaboration with Econas Resource to Energy Sdn. Bhd.
(ER2E) to enhance eco-efficiency in waste management.
This partnership aims to maximize business opportunities in scheduled waste management and is expected to positively impact Tex Cycle’s revenue streams while complementing its existing business model.
ER2E’s advanced landfill and incineration facilities will enable Tex Cycle to extend its range of waste management services.
Tex Cycle will secure up to 5,000 tons per month of scheduled waste management works for ER2E and provide technical support and transportation services. In return, ER2E will engage Tex Cycle for similar volumes in waste recycling and recovery projects.
Gary Dass Anthony Francis, Group CEO of Tex Cycle, stated, “We are pleased about our collaboration with ER2E, as it represents a pivotal advancement in our mission to enhance environmental sustainability across Malaysia. This partnership will enable us to leverage ER2E’s exceptional capabilities in waste management solutions, enhancing our service delivery and efficiency.”
Datuk Mohd Shafiee Mohd Sanip, Executive Chairman of ER2E, added, “Our collaboration with Tex Cycle is a remarkable milestone that leverages our combined strengths in waste management to innovate and enhance environmental practices across Malaysia.”
This collaboration is anticipated to significantly boost both companies’ capabilities, leading to innovative and sustainable waste management solutions.

Company News: MClean Technologies Restructures Board

Kuala Lumpur, July 9: MClean Technologies Berhad has successfully restructured its board following its acquisition by Accrelist Ltd. on 2 July 2024.
The new board comprises Datuk Dr. Terence Tea Yeok Kian as Executive Chairman and Executive Director, Yeo Hock Huat and Lim Han Kiau as Non-Independent Non-Executive Directors, Cik Siti Haliza Binti Md. Taib as Senior Independent Non-Executive Director, Muhammad Radzi Bin Embong and Chuah Ai Wen as Independent Non-Executive Directors.
Datuk Dr. Terence Tea, also the Executive Chairman and CEO of Jubilee Industries Holdings Ltd. and Executive Chairman and Managing Director of Accrelist, has been instrumental in revitalising Accrelist’s portfolio and driving its growth.
He holds a Ph.D. in Business Administration from Honolulu University and a Diploma in Electronics and Electrical Engineering from Singapore Polytechnic.
Datuk Dr. Terence Tea commented, “We are excited about the completion of our investment in MClean Technologies Berhad. With the new board, I am confident that MClean will achieve even more significant milestones and create long-term value for our shareholders. I look forward to being a part of MClean Technologies’ future growth, particularly the prospect of the Company’s HDD solutions, especially in Malaysia and Thailand, where demand for high-quality precision cleaning services is growing rapidly.”
The new board alignment aims to leverage synergies between MClean Technologies and Jubilee Industries Holdings Ltd., enhancing the customer base and creating cross-selling opportunities, particularly in Southeast Asia.
As of today, MClean Technologies’ share price closed at RM0.380, representing a market capitalisation of RM74.9 million.

Gaming: Trash Goblin Showcased at Brighton

London, July 9: Spilt Milk Studios will unveil a new demo of their shopkeeping game Trash Goblin at Brighton’s Indie Showcase from July 9th-11th.
The demo features a new quest and gives attendees a first look at the latest version of the game.
One of ten games showcased, Trash Goblin is eligible for the Indie Showcase Winner and People’s Choice Award. The game involves uncovering, cleaning, and upcycling trinkets to satisfy various customers’ requests.
“We’re over the moon that Trash Goblin has been selected to be a part of Develop this year,” said Spilt Milk Creative Director Andrew Smith.
“Being chosen as one of only 10 games on the show floor is such fantastic validation for the team’s hard work, plus it’s some great exposure for our cheeky little Goblin game. We’re also looking forward to seeing the reaction to the new quest featured in our updated demo – we think players will enjoy the new content, and watching them play it irl will be an unbeatable way to tell if we’re hitting all the right notes!”

Hisense Hosts Football Tournament

Subang Jaya, July 9: Hisense Malaysia, in collaboration with Sunway University, hosted the “Beyond Glory Campus Cup,” an inter-university football tournament in the Klang Valley, coinciding with UEFA EURO 2024™.
The event, held on 7 July at Sunway University, featured teams from Tunku Abdul Rahman University of Management and Technology (TARUMT), Taylor’s University, The International Medical University (IMU), and Sunway University. Hisense Malaysia’s team also participated, playing against the winning team, Taylor’s University.
“Hisense Malaysia is thrilled to partner with Sunway University to celebrate the spirit of football and support local youth sports. Our goal is to inspire young athletes and promote healthy lifestyles, aligning with Hisense’s mission to improve people’s lives through our innovative products and initiatives. We look forward to even more opportunities where we can continue to promote and support the local youth sports scene,” said Derek Jin, Managing Director of Hisense Malaysia.
Professor Sibrandes Poppema, President of Sunway University, added, “We are excited to collaborate with Hisense Malaysia for this event. It provides a wonderful platform for our students and those from other local universities to showcase their talent and passion for football. We firmly believe in the unifying power of sports to bring people together and nurture a strong sense of community spirit.”

Epson Wins Global Award

Sydney, July 11: Epson’s high-performance cushioning material, made from used copier paper, has won the WorldStar Global Packaging Awards 2024 in the Electronics category.
This is Epson’s second WorldStar Award, the first being in 2007 for ink packaging for large-format inkjet printers.
The award-winning material is created using Epson’s proprietary Dry Fibre Technology, which reduces paper to fibres with minimal water and moulds them into shock-absorbing cushions. These eco-friendly cushions perform as well as or better than petroleum-derived materials and can be easily disassembled for recycling.
Epson’s innovation has also won accolades such as the President of Japan Productivity Centre for Socio-Economic Development Award in the Japan Packaging Contest 2023 and an award in the Transportation Package category at the AsiaStar 2023 Awards.
Epson continues to focus on reducing, reusing, and recycling resources in packaging, applying Dry Fibre Technology to develop environmental technologies and achieve sustainability goals as outlined in the Epson 25 Renewed corporate vision.

GenAI Transforms Banking

Kuala Lumpur, July 11: The Asian Institute of Chartered Bankers (AICB) and The Association of Banks in Malaysia (ABM) hosted the third edition of the Malaysian Banking Conference, focusing on the transformative potential of generative artificial intelligence (GenAI) in the banking sector.
According to Accenture’s Banking in AI 2024 report, banks could see a 30 per cent increase in employee productivity and up to a six per cent revenue boost within three years through effective adoption and scaling of GenAI.
The conference, themed “Banking in the Era of GenAI — Reshaping Banking, Innovating for the New Economy & Accelerating Sustainability,” brought together industry leaders to discuss how GenAI can reshape banking operations, enhance customer experiences, and support sustainability efforts.
Gobind Singh Deo, Minister of Digital, Malaysia, highlighted Malaysia’s potential as ASEAN’s premier data centre hub, stating, “Digital infrastructure is the backbone of the digital economy.”
AICB Chairman Tan Sri Azman Hashim emphasized the importance of talent development, saying, “Continued investment in talent development is pivotal to building a highly qualified workforce equipped with future-fit skills.”
ABM Chairman, Datuk Khairussaleh Ramli, noted, “GenAI should form part of financial institutions’ core business strategy, and not be treated as a separate technology or digital initiative.”
The conference featured speakers from top financial institutions and tech companies, providing valuable insights on harnessing GenAI for innovation and efficiency.
MBC 2024 attracted over 600 delegates, underscoring the sector’s commitment to digital transformation.
Additionally, AICB is developing the Future Skills Framework (FSF) for the Malaysian financial sector, to be launched on 22 July 2024, as part of Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026. This initiative aims to foster a future-ready workforce and advance the growth of Malaysia’s financial industry.

RM53 Million Contract Secured

Kuala Lumpur, July 11: Aneka Jaringan Holdings Berhad (Bursa: ANEKA, 0226), a basement and foundation construction specialist, announced that its subsidiary, Aneka Jaringan Sdn. Bhd. (AJSB), has received a RM53.0 million Letter of Award from Grand Dynamic Builders Sdn. Bhd. (GDB).
The contract involves bored piles and precast reinforced concrete piles works for a new logistic hub in Shah Alam.
Managing Director Pang Tse Fui said, “Securing this contract is a testament to our team’s dedication and expertise. We are thrilled to be part of this significant project and look forward to delivering exceptional results. Our involvement in the construction of the new logistic hub in Shah Alam is particularly exciting as it represents a strategic development in one of Malaysia’s key industrial areas. This project underscores our capability to handle large-scale, complex construction assignments and further cements our reputation in the industry.”
He added, “Our team’s commitment to excellence and innovation has been the driving force behind our success. We are confident that this project will contribute positively to our financial performance and enhance shareholder value. As we continue to expand our footprint in the construction sector, we remain focused on delivering quality, maintaining safety standards, and ensuring the timely completion of all our projects. Looking ahead, we are excited about the opportunities that lie ahead and are fully committed to sustaining our growth trajectory while delivering value to all our stakeholders.”
The Group’s total project value for FY2024 stands at RM115.9 million in Malaysia and RM34.9 million in Indonesia.
Aneka Jaringan aims to leverage its strong order book and expertise to complete ongoing projects on time, ensuring continued success in the industry.

Hektar REIT Expands Portfolio

Kuala Lumpur, July 11: Hektar Asset Management Sdn. Bhd. (“Hektar Asset Management”), the manager of Hektar Real Estate Investment Trust (“Hektar REIT”), has completed the acquisition of Kolej Yayasan Saad Melaka (“KYSM”) for RM148.5 million.
This acquisition, the first educational asset in Hektar REIT’s portfolio, increases its Assets Under Management (AUM) by 12 per cent to RM1.38 billion and is secured under a 30-year quadruple net lease, yielding an average of eight per cent annually.
Hektar REIT aims to double its portfolio size to RM3.0 billion by 2027, with plans to diversify up to 20% of its assets into non-retail sectors, focusing on education and industrial assets.
The Manager of Hektar REIT stated, “This marks the beginning of our diversification with the acquisition of our first non-retail asset. Hektar REIT is in an active acquisition stage, looking to inject more income-generating assets and targeting to double our portfolio size to RM3.0 billion by 2027.”
Additionally, Hektar REIT plans asset enhancement initiatives (AEIs) for its current properties, starting with Subang Parade in Q4 2024, aiming to improve the mall’s ambiance and offerings, including new tenants like FlyProject and Sushi Kazoku.

Searchr.TV’s Subscriber Surge

Sydney, July 12: Searchr.TV, an Australian entertainment app, is seeing steady growth following the launch of its new freemium version.
The free version lets users search content from 14 providers and access news from LeadStory, which includes 16 global publishers and free-to-air sports.
Plans to add audio and gaming are also in the works.
For premium subscribers, who pay just $2.50 per month with an annual subscription, Searchr.TV now offers the ability to create multiple profiles and use advanced features.
These features include selecting specific providers, toggling between free and paid content, and more. A new feature called Collections allows users to share their favorite content with friends and family via a link.
Searchr.TV is also gearing up to launch its Audio platform, which will enable users to find audiobooks, podcasts, radio, and music across multiple streaming providers.
June saw significant growth for Searchr.TV, with monthly recurring revenue more than doubling, user numbers increasing by 35 per cent, total sessions growing by 20 per cent, web app traffic rising by 20 per cent, and Smart TV traffic jumping by 60 per cent.
The app is now available on all Google OS TVs, including Sony, Panasonic, TCL, and Kogan, with Samsung TV support nearly complete. Apple TV and LG versions are in development, and iOS and Android mobile apps are also on the way.
“We’re committed to making it easy for users to find a wide range of entertainment on multiple devices,” said Tim Wheeler, Managing Director of Searchr.TV.
“Our research shows that 74 per cent of people prefer an app over a set-top box. Offering more comprehensive content and flexibility helps users discover new platforms they might not have considered before.”

Hektar REIT’s New Director

Kuala Lumpur, July 12: Hektar Asset Management Sdn. Bhd., the manager of Hektar Real Estate Investment Trust (Hektar REIT), is pleased to announce the appointment of Zainal Iskandar Ismail, 50, as the Non-Independent Non-Executive Director, effective immediately.
Iskandar brings over 20 years of diverse business experience across industries such as property, oil and gas, port and logistics, hotel and tourism, renewable energy, palm oil and biofuels, IT, and telecommunications. His expertise in corporate development, governance, financial restructuring, and business turnaround is extensive. With a strong background in corporate finance and private equity, Iskandar has successfully managed various investments and industrial projects both locally and internationally.
Currently, Iskandar serves as Chairman of PKEINPK Properties Sdn Bhd, Managing Partner of Heureka Capital Partners, and Board Member of Perbadanan Ekonomi Islam Perak, the business and investment arm of Majlis Agama Islam dan ‘Adat Melayu Perak. Previously, he held key positions including Group CEO and Executive Director of Perak Corporation Berhad (Perak Corp), Chairman of the Executive Committee and Board Member of Lumut Maritime Terminal Sdn Bhd (Lumut Port), and Trustee of the Perak Corp Nature Foundation.
Iskandar played a crucial role in Perak Corp’s corporate and debt restructuring, leading the company to stronger financial health and profitability, particularly restoring it to profitability in 2022 after six years of losses. His career began with the RENONG-United Engineers (Malaysia) Group, where he contributed to the TIME dotcom Berhad IPO and RENONG-UEM Group’s corporate and debt restructuring.
Iskandar holds a Bachelor of Commerce degree in Accounting from the University of Auckland, New Zealand.
The Board stated, “Iskandar’s appointment is a testament to our effort to continuously strengthen the REIT’s governance and enhance the Board’s expertise, which are critical in steering Hektar REIT into a stronger position moving forward. His in-depth experience in corporate development and investments will contribute immensely to Hektar REIT’s growth pursuits to double the portfolio size and increase the REIT’s market capitalisation. Together with the Management team, we look forward to shaping the next growth phase of Hektar REIT.”

Minetech Secures RM4.05M Contract

Kuala Lumpur, July 12: Minetech Resources Berhad (“Minetech”), through its subsidiary Minetech Construction Sdn Bhd (“MCSB”), has been awarded a RM4.05 million contract by VED Engineers Sdn Bhd to complete road and drainage works for Banting Industrial City (Part of Phase 2D). This contract highlights Minetech’s growing presence in civil engineering and infrastructure projects.
The project, located at Lot 79116, Mukim Tanjung Duabelas, Daerah Kuala Langat, Selangor, began on 28 June 2024 and is expected to be completed within three months.
Encik Abang Abdillah Izzarim, the Executive Chairman of Minetech, said, “The award of this project to Minetech adds to the support in infrastructure development. The Banting Industrial City contract is not just a testament to our robust expertise in civil engineering, but also a strategic enhancement to our competitive edge in the industry. We’re committed to delivering this project with the highest standards of quality and efficiency, ensuring substantial value creation for our stakeholders and further solidifying our position in the industry.”
As of 5:00 P.M. on 12 July 2024, Minetech’s share price closed at RM0.145, with a market capitalization of RM258.8 million.