27/03/2025

BIZ & FINANCE THURSDAY | MAR 27, 2025

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Maybank to tap opportunities arising from Malaysia’s Asean chairmanship KUALA LUMPUR: Malayan Banking Bhd (Maybank) will tap fully growth opportunities that arise as Malaysia assumes the Asean chairmanship this year, especially in areas of sustainability, transition finance, and micro, small, and medium-sized enterprises. It said in its 2024 annual report themed “Purpose Driven with Agility” that the bank is also eyeing growth opportunities in trade and Islamic finance as well as wealth management. President and group CEO Datuk Khairussaleh Ramli said the Asean chairmanship is another positive development and would serve as a catalyst for greater engagement and con nection between individuals, businesses and the governments of Malaysia and other member states. “With a presence in all 10 Asean countries, Maybank looks to fully tap into the growth opportunities that will arise,” he said in the report. Commenting on the global growth in 2025, he said growth is expected to moderate slightly to 2.9% on softer outlook for major economies, while Asean’s gross domestic product (GDP) growth is set to remain resilient at 4.7% (2024: 5.0%) benefitting from easing domestic monetary conditions, increasing foreign direct investment inflows and a rebound in consumer spending in the second half of the year. “Malaysia is projected to experience GDP growth of 4.9% in 2025, anchored on projects outlined under the Madani Economy frame work. “I’m upbeat about the prospects for the banking industry, especially with Budget 2025 focused on driving positive economic progress along with transformative reforms for the continued prosperity of the people. With clearly outlined roadmaps, these initiatives will attract significant foreign direct investment which, in turn, will strengthen Malaysia’s standing as a high-performing nation,” he added. Khairussaleh also said Maybank is in its final sprint of the M25+ strategy and will endeavour to finish strong as it starts developing the next medium term plan that would ensure its continued evolution and sustainable growth. For the year under review, Maybank recorded a net profit of RM10.09 billion and a return on equity of 11.1%. Maybank’s overall loan growth was driven by Malaysia, Singapore and Indonesia, which expanded by 8.2%, 8.9% and 11.7%, respectively. “Loan growth for our key markets was supported by good growth across our consumer, non-retail and corporate segments, especially in the super growth areas of non-retail and mid-market as well as mortgages, with the latter used as an anchor product to boost our cross-sell capabilities,” Khairussaleh said. Meanwhile, Maybank’s total deposits grew 6.5% year-on-year as total current and savings accounts grew 5.5% led by Singapore (18%), Indonesia (6.6%) and Malaysia (5%). – Bernama

Cuckoo Malaysia prepares for next phase of growth From left: RHB Investment Bank Bhd regional head equity capital markets and syndication director Ankur Khandelwal, head of corporate finance Tommy Har, CEO/managing director Kevin Davies, Hoe, Cuckoo Malaysia CFO Bryan Yeong, COO Toh Seng Lee, chief marketing officer Queenie Goh, AmInvestment Bank Bhd CEO Tracy Chen Wee Keng and AmBank (M) Bhd business banking managing director Christopher Yap Huey Wen at Cuckoo Malaysia’s prospectus launch.

of training hubs from 149 to 202, strengthening our workforce capabilities and ensuring high service standards.” As a market player in the home appliance rental sector, Hoe said, Cuckoo Malaysia has built a strong brand presence through its holistic “Healthy Home and Healthy Living” ecosystem, offering products ranging from water and air purifiers to kitchen appliances and wellness solutions. “With the growing consumer demand for smart home solutions and subscription-based services, the company sees vast potential in further penetrating the market through its expanding product portfolio and rental offerings,” he said. Cuckoo Malaysia’s IPO involves the issuance of up to 365.36 million ordinary shares, representing 25.5% of the company’s enlarged share capital. Priced at RM1.29 per share, the listing is expected to give Cuckoo Malaysia a market capitalisation of RM1.85 billion upon its market debut. The IPO proceeds will be channelled into several key areas of expansion, with 56.7% allocated for product purchases to support the company’s growing rental business, 21.6% to repay bank borrowings, 5.7% for capital expenditure, including the opening of brand shops and upgrading IT systems to enhance digitalisation and operational efficiency, 5.4% to expand its presence in Singapore, and 10.6% for listing expenses.

o Home appliance and wellness solutions company to strengthen local presence, step up regional expansion

Ű BY AIMIE SHAZRIE sunbiz@thesundaily.com

sector,” he said at the prospectus launch, yesterday. He said the IPO comes at a crucial time as the company gears up to expand its footprint across Malaysia and beyond. “A key part of this strategy is our omnichannel distribution model, which aims to increase customer accessibility to its wellness solutions,” Hoe said. The company is also ramping up its logistics and warehouse management capabilities to improve efficiency and accommodate the increasing demand for its products and services. “We aim to boost our delivery capacity from 31% to 83% by the end of 2025, enabling faster and more efficient product distribution. Investments will be made in barcode systems, automatic product tracing, and a physical server upgrade to streamline warehouse operations and enhance inventory tracking,” Hoe said. To support its service infrastructure, Cuckoo Malaysia is expanding its Cuckoo+ service centres from 37 to 52 in 2026, ensuring stronger after-sales support and maintenance services, he added. “We also plan to increase the number

PETALING JAYA: Cuckoo International (MAL) Bhd (Cuckoo Malaysia) is gearing up for its next phase of growth, leveraging its initial public offering (IPO) to accelerate regional expansion and strengthen its market dominance. The home appliance and wellness solutions provider launched its prospectus ahead of its listing on the Main Market of Bursa Malaysia on April 30, a move that is expected to unlock new opportunities and fuel its growth plans. Cuckoo Malaysia CEO Hoe Kian Choon said the company plans to open 10 cash-and-carry retail outlets this year, located in Kuala Lumpur, Penang and Johor. “In 2026, Cuckoo Malaysia is making its mark in Singapore by establishing five third party retail outlets, further cementing its regional ambitions. Additionally, seven outlets will be launched across Selangor, Malacca, Perak, Kedah, Kelantan and Terengganu “With a growing industry and our strategic expansion plans, we believe Cuckoo Malaysia is well-positioned to capture new market opportunities and solidify our leadership in the

Shareholders approve merger of XL Axiata, Smartfren and SmartTel PETALING JAYA: Axiata Group Bhd and Sinar Mas yesterday jointly announced that shareholders of PT XL Axiata Tbk (XL Axiata), PT Smartfren Telecom Tbk and PT Smart Telcom (SmartTel) have formally approved the merger of the three companies, marking a significant milestone in Indonesia’s telecommunications sector. Authority, further solidifying institutional support for the strategic consolidation. XLSMART is better able to serve consumers and businesses in the era of digitalisation. With a subscriber base exceeding 94.3 million, XLSMART is well-positioned to lead the next phase of growth in Indonesia’s tele communications sector. Kuala Lumpur. The LoI laid the groundwork for deeper collaboration between the two companies, focusing on potential synergies in Malaysia, Indonesia, and Southeast Asia. The shareholder approvals mark a critical step forward in realising that vision and advancing strategic cooperation between the two companies.

The approval signifies the confidence of shareholders in the combined potential of XL Axiata and Smartfren, reinforcing their commit ment to driving a more integrated, efficient, and innovative telecommunications industry. With the shareholders’ endorsement, XLSMART, the merged entity, will continue the important roles played by XL Axiata and Smartfren in Indonesia’s development via the critical telecommuni cations industry. Combining XL Axiata’s extensive infrastructure and reach with Smartfren’s digital innovation,

Following the completion of the merger, Axiata Group and Sinar Mas will become the joint controlling shareholders, with each holding a 34.8% stake in XLSMART, with equal influence over its strategic direction and decisions. To strengthen the collaboration beyond XLSMART, Axiata and Sinar Mas on Jan 28 signed letters of intent (LoI), at a ceremony in

The approval was secured following extraordinary general meetings held on Tuesday by XL Axiata, Smartfren and SmartTel. This followed prior in-principle regulatory approvals from Indonesia’s Ministry of Communication and Digital Affairs and the approval of the Indonesia Stock Exchange and the Financial Services

As part of the newly formed company’s leadership, Rajeev Sethi has been appointed president director and CEO, supported by an executive team that includes nine directors and nine commissioners, ensuring a well-balanced representation from both XL Axiata and Smartfren.