09/07/2025

BIZ & FINANCE ˻ ͚ ˜ ͓͓͖͑

K >WK ' K ħب‰ÐÛº

Malaysian Paper

Щj ºÛ¹‰Ì ¿º‰ ØjÌ¢‰Ø ¿’ TÌÛ¹ÉĞÐ ØjÌ©’’ ´‰Ø؉ÌÐ

K Ш¿€²Ð ¹j̲‰ØÐĘ ²‰‰ÉÐ Ìj؉Рۺ€¨jº¢‰ 4:%/&: "VTUSBMJB T DFOUSBM CBOL ZFTUFSEBZ MFGU JUT DBTI SBUF TUFBEZ BU B TIPDL GPS NBSLFUT UIBU IBE DPOGJEFOUMZ XBHFSFE PO B DVU TBZJOH UIF NBKPSJUZ PG UIF CPBSE XBOUFE UP XBJU GPS NPSF JOGPSNBUJPO UP DPOGJSN JOGMBUJPO XBT TMPXJOH 5SBEFST XFSF RVJDL UP TFOE UIF "VTUSBMJBO EPMMBS SBDJOH VQ UP 64 XIJMF UISFF ZFBS CPOE GVUVSFT FYUFOEFE FBSMJFS MPTTFT BOE GFMM UJDLT UP 5IF TXJGU NPWFT JO NBSLFUT JNQMZ BSPVOE BO DIBODF UIF DBTI SBUF XPVME CF DVU UP BU JUT "VH NFFUJOH BOE OPX GBWPVST SBUFT CPUUPNJOH BU SBUIFS UIBO 8SBQQJOH VQ B UXP EBZ QPMJDZ NFFUJOH UIF 3FTFSWF #BOL PG "VTUSBMJB 3#" TBJE JU SFNBJOFE DBVUJPVT BCPVU UIF JOGMBUJPO PVUMPPL BEEJOH UIBU TJY NFNCFST IBE WPUFE UP IPME SBUFT TUFBEZ XIJMF UISFF WPUFE BHBJOTU B SBSF TQMJU EFDJTJPO GPS UIF CPBSE .BSLFUT IBE CFFO BMNPTU GVMMZ QSJDFE GPS BO FBTJOH UP UIJT XFFL HJWFO DPSF JOGMBUJPO IBE TMPXFE UP UIF NJE QPJOU PG UIF 3#" T UP UBSHFU SBOHF BOE DPOTVNFS TQFOEJOH XBT QSPWJOH XFBLFS UIBO FYQFDUFE i5IF CPBSE KVEHFE UIBU JU DPVME XBJU GPS B MJUUMF NPSF JOGPSNBUJPO UP DPOGJSN UIBU JOGMBUJPO SFNBJOT PO USBDL UP SFBDI PO B TVTUBJOBCMF CBTJT i UIF CPBSE TBJE JO B TUBUFNFOU i*U OPUFE UIBU NPOFUBSZ QPMJDZ JT XFMM QMBDFE UP SFTQPOE EFDJTJWFMZ UP JOUFSOBUJPOBM EFWFMPQNFOUT JG UIFZ XFSF UP IBWF NBUFSJBM JNQMJDBUJPOT GPS BDUJWJUZ BOE JOGMBUJPO JO "VTUSBMJB w 3#" (PWFSOPS .JDIFMF #VMMPDL TBJE UIF EJTBHSFFNFOU XJUIJO UIF CPBSE XBT NPSF BCPVU UJNJOH BOE UIBU UIF CBOL SFNBJOT PO BO FBTJOH QBUI BT MPOH BT UIF TFDPOE RVBSUFS $1* DPNFT JO SPVHIMZ JO MJOF XJUI GPSFDBTUT TUSFTTJOH UIBU NPOUIMZ SFQPSUT BSF TPNFXIBU WPMBUJMF 4QFBLJOH BU B QSFTT DPOGFSFODF GPMMPXJOH UIF QPMJDZ EFDJTJPO #VMMPDL TBJE JG TFDPOE RVBSUFS JOGMBUJPO iDPNFT JO BT XF UIJOL JU XJMM BOE DPOUJOVFT UP EFDMJOF UIFO UIBU WBMJEBUFT PVS FBTJOH QBUI "OE UIBU T XIBU XF XFSF XBJUJOH GPS w 5IF DFOUSBM CBOL DIJFG BEEFE UIBU UIF XPSTU PVUDPNF JO 64 UBSJGGT IBT CFFO BWFSUFE CVU OPUFE UIF MFWJFT BSF TUJMM IJHIFS UIBO CFGPSF 0O .POEBZ 1SFTJEFOU %POBME 5SVNQ SBNQFE VQ IJT HMPCBM USBEF XBS UFMMJOH USBEF QBSUOFST MJLF +BQBO BOE 4PVUI ,PSFB UIBU IJHIFS 64 UBSJGGT XPVME TUBSU PO "VH BMUIPVHI UIFSF BQQFBSFE UP CF PQQPSUVOJUJFT GPS BEEJUJPOBM OFHPUJBUJPOT "VTUSBMJB 5SFBTVSFS +JN $IBMNFST TBJE UIF 3#" EFDJTJPO UP IPME SBUFT XBT OPU UIF SFTVMU NJMMJPOT PG "VTUSBMJBOT XFSF IPQJOH GPS PS XIBU UIF NBSLFU XBT FYQFDUJOH i8F TVTQFDU UIF EPXOTJEF SJTLT UIBU IBE GPDVTFE UIF CPBSE T BUUFOUJPO JO .BZ IBWF SFDFEFE TJHOJGJDBOUMZ XIJDI IBT TVCTFRVFOUMZ CFFO SFGMFDUFE JO B EJGGFSFOU UPOF i TBJE "EBN #PZUPO IFBE PG "VTUSBMJB FDPOPNJDT BU "/; i-PPLJOH BIFBE XF FYQFDU UIF 3#" CPBSE XJMM EFDJEF UP DVU UIF DBTI SBUF JO "VHVTU 8F BMTP TFF BO BEEJUJPOBM FBTJOH CFZPOE "VHVTU BT NPSF MJLFMZ UIBO OPU w 5IF DFOUSBM CBOL DVU JOUFSFTU SBUFT JO 'FCSVBSZ BOE .BZ CVU UIF SFEVDUJPOT EJE MJUUMF UP TQVS DPOTVNFST JOUP TQFOEJOH FWFO BT UIFZ MJGUFE IPVTJOH QSJDFT UP SFDPSE IJHIT 5IF TUVCCPSOMZ GSVHBM DPOTVNFS JT B SFBTPO UIBU UIF FDPOPNZ CBSFMZ HSFX JO UIF GJSTU RVBSUFS BOE B TMFX PG TPGU SFUBJM TBMFT SFQPSUT TVHHFTU IPVTFIPMET BSF TBWJOH SBUIFS UIBO TQFOEJOH QBTU UBY DVUT " NPOUIMZ JOGMBUJPO SFQPSU IBE UIF DMPTFMZ XBUDIFE USJNNFE NFBO NFBTVSF IJUUJOH JO .BZ B › ZFBS MPX BOE DPNJOH VOEFS UIF NJEQPJOU PG UIF UBSHFU CBOE PG 5IBU IBE QSPNQUFE NBOZ FDPOPNJTUT UP CSJOH GPSXBSE UIFJS SBUF DVU DBMM UP +VMZ GSPN "VHVTU )PXFWFS JO JUT TUBUFNFOU UIF 3#" TBJE XIJMF UIF NPOUIMZ $1* JOEJDBUPST iTVHHFTU UIBU +VOF RVBSUFS JOGMBUJPO JT MJLFMZ UP CF CSPBEMZ JO MJOF XJUI UIF GPSFDBTU UIFZ XFSF BU UIF NBSHJO TMJHIUMZ TUSPOHFS UIBO FYQFDUFE w o 3FVUFST

50,:0 %POBME 5SVNQ TFOU MFUUFST UP DPVOUSJFT NBJOMZ JO "TJB JOGPSNJOH UIFN UIBU IJHIFS JNQPSU UBSJGGT XJMM DPNF JOUP FGGFDU PO "VH VOMFTT UIFZ SFBDI B EFBM XJUI UIF 64 *U JT UIF TFDPOE UJNF UIF 64 QSFTJEFOU IBT TFU B EFBEMJOF BGUFS IF QPTUQPOFE UBSJGGT PO BMNPTU BMM DPVOUSJFT JO "QSJM GPS EBZT $PVOUSJFT UIBU IBWF MBSHF USBEF JNCBMBODFT XJUI UIF 64 IBWF CFFO LFZ UBSHFUT JODMVEJOH +BQBO 64 CJMMJPO 3. CJMMJPO TVSQMVT JO 4PVUI ,PSFB 64 CJMMJPO 5IBJMBOE 64 CJMMJPO BOE *OEPOFTJB 64 CJMMJPO )FSF JT B TVNNBSZ PG XIBU 5SVNQ T MFUUFST NFBO GPS UIFTF DPVOUSJFT 4PVUI ,PSFB 0QUJNJTUJD GPS B EFBM 4PVUI ,PSFB BMSFBEZ CVSEFOFE CZ TFDUPS TQFDJGJD MFWJFT PO TUFFM BOE BVUPNPCJMFT JT GBDJOH B UBSJGG IJLF PO JUT SFNBJOJOH FYQPSUT UP UIF 64 CVU JT DBVUJPVTMZ PQUJNJTUJD PG CSPLFSJOH B EFBM 4PVUI ,PSFB POF PG UIF XPSME T CJHHFTU TIJQCVJMEFST BHSFFE UP iDPPSEJOBUF DMPTFMZu XJUI 8BTIJOHUPO PO UIF JOEVTUSZ UP BDIJFWF iUBOHJCMF BOE NVUVBMMZ CFOFGJDJBM PVUDPNFTu IF TBJE +BQBO &MFDUJPOT SJDF BOE BVUPT " DMPTF 64 BMMZ BOE UIF MBSHFTU TPVSDF PG GPSFJHO JOWFTUNFOU JO UIF DPVOUSZ +BQBO BMTP IBT UP EFBM XJUI B MFWZ PO JUT LFZ BVUP JOEVTUSZ 5SVNQ IBT DSJUJDJTFE +BQBO GPS OPU PQFOJOH JUT NBSLFU UP "NFSJDBO SJDF BOE WFIJDMFT FOPVHI 3JDF JNQPSUT JT B UBCPP UPQJD GPS UIF +BQBOFTF HPWFSONFOU XIJDI DMBJNT UP EFGFOE MPDBM GBSNFST JOUFSFTUT BOE IBT UBLFO B IBSEMJOF BQQSPBDI UP UBMLT BIFBE PG BO VQQFS IPVTF QBSMJBNFOUBSZ FMFDUJPO PO +VMZ *OEPOFTJB #PPTU 64 XIFBU JNQPSUT +BLBSUB GBDJOH UBSJGGT QMBOT UP JODSFBTF JUT äÏÜÙÏÝ ÓØ ÙØ ÝßÜÚÖßÝ ØËÞÓÙØÝ ËÝ ÝÏÍÙØÎ ÞÜËÎÏ ÎÏËÎÖÓØÏ ØÏËÜÝ áÓÞÒ ËÚËؘ ÙßÞÒ ÙÜÏ˘ ÒËÓÖËØΘ ËØÎ ØÎÙØÏÝÓË ÓØ ÐÙÍßÝ

" DBSHP TIJQ EPDLT BU UIF RVBZ PG UIF JOUFSOBUJPOBM DBSHP UFSNJOBM BU UIF QPSU PG 5PLZP +BQBO DBMMT OFX 64 UBSJGGT ASFHSFUUBCMF BT JU NBJOUBJOT GJSN TUBODF JO USBEF UBMLT DJUJOH OFFE UP QSPUFDU LFZ JOEVTUSJFT o "'11*9

XPO GSPN B ZFBS FBSMJFS UIF GJMJOH TIPXFE 4BNTVOH BUUSJCVUFE DIJQ QSPGJU GBMMT QBSUMZ UP JOWFOUPSZ WBMVF BEKVTUNFOUT XJUIPVU FMBCPSBUJOH "OBMZTUT TBJE VOTPME )#. DIJQT UP /WJEJB NBZ IBWF DPOUSJCVUFE UP UIF MBSHF JOWFOUPSZ XSJUFEPXOT 5IFZ FTUJNBUFE UIF DIJQ EJWJTJPO T PQFSBUJOH QSPGJU DPVME DPNF JO BSPVOE CJMMJPO XPO EPXO PWFS GSPN B ZFBS FBSMJFS XIJMF JUT QIPOF CVTJOFTT QSPGJU NBZ IBWF JNQSPWFE EVSJOH UIF QFSJPE 4BNTVOH &MFDUSPOJDT TIBSFT TMJQQFE BHBJOTU B SJTF JO UIF CFODINBSL ,041* BT PG (.5 *U TBJE JU QMBOT UP CVZ CBDL USJMMJPO XPO 3. CJMMJPO XPSUI PG JUT TIBSFT QBSU PG B USJMMJPO XPO CVZCBDL BOOPVODFE MBTU /PWFNCFS "OBMZTUT TBJE UIFZ FYQFDU 4BNTVOH T QSPGJU UP JNQSPWF HSBEVBMMZ TVQQPSUFE CZ UIF MBVODI PG OFX QIPOFT BOE HSPXUI JO TBMFT PG )#. DIJQT UP OPO /WJEJB DVTUPNFST o 3FVUFST QVSDIBTFT BOE CPPTUJOH PSEFST GPS #PFJOH BJSQMBOFT .BMBZTJB GBDFT B UBSJGG BOE UIF USBEF NJOJTUSZ TBJE ZFTUFSEBZ JU XJMM DPOUJOVF OFHPUJBUJPOT UP SFBDI B iB CBMBODFE NVUVBMMZ CFOFGJDJBM BOE DPNQSFIFOTJWF USBEF BHSFFNFOUu #BOHMBEFTI 5FYUJMFT BU SJTL 5IF XPSME T TFDPOE MBSHFTU UFYUJMF NBOVGBDUVSFS JT MPPLJOH BU B UBSJGG PO JUT HPPET CVU XBT IPQJOH UP TJHO BO BHSFFNFOU CZ FBSMZ +VMZ 5FYUJMF BOE HBSNFOU QSPEVDUJPO BDDPVOUT GPS BCPVU PG UIF DPVOUSZ T FYQPSUT BOE 64 GJSNT UIBU TPVSDF QSPEVDUT GSPN UIFSF JODMVEF 'SVJU PG UIF -PPN -FWJ 4USBVTT BOE 7' $PSQ m XIPTF CSBOET JODMVEF 7BOT 5JNCFSMBOE BOE 5IF /PSUI 'BDF %IBLB IBT QSPQPTFE UP CVZ #PFJOH QMBOFT BOE CPPTU JNQPSUT PG 64 XIFBU DPUUPO BOE PJM 0UIFS UBSHFUFE DPVOUSJFT ,B[BLITUBO 4PVUI "GSJDB 5VOJTJB 4FSCJB BOE #PTOJB BSF BNPOH UIF PUIFS SFDJQJFOUT PG UIF MFUUFST NBEF QVCMJD CZ 5SVNQ PO .POEBZ

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

Oj¹ÐÛº¢ ’´j¢Ð Jŗ ÉÌ¿’©Ø Ð´Û¹É ¿º WO €¨©É €ÛÌÐ 4&06- 4BNTVOH &MFDUSPOJDT ZFTUFSEBZ QSPKFDUFE B GBS XPSTF UIBO FYQFDUFE QMVOHF JO TFDPOE RVBSUFS PQFSBUJOH QSPGJU EVF UP XFBL "* DIJQ TBMFT EFFQFOJOH JOWFTUPS DPODFSOT PWFS UIF UFDI HJBOU T BCJMJUZ UP SFWJWF JUT TUSVHHMJOH TFNJDPOEVDUPS CVTJOFTT 4BNTVOH SFMJFT NPSF PO $IJOB XIFSF TBMFT PG BEWBODFE DIJQT BSF SFTUSJDUFE CZ UIF 64 BOE DPNQFUJUJPO XJUI MPDBM SJWBMT JT HSPXJOH i'PS 4BNTVOH &MFDUSPOJDT UIF LFZ JTTVF SFNBJOT SFHBJOJOH DPNQFUJUJWFOFTT o FWFSZUIJOH VMUJNBUFMZ DPNFT CBDL UP )#. i TBJE 3ZV :PVOH IP B TFOJPS BOBMZTU BU /) *OWFTUNFOU 4FDVSJUJFT

5IF XPSME T CJHHFTU NFNPSZ DIJQNBLFS CMBNFE UIF QSPGJU NJTT PO 64 SFTUSJDUJPOT PO BEWBODFE "* DIJQT GPS $IJOB CVU BOBMZTUT TBJE UIF EFDMJOF XBT BMTP EVF UP EFMBZT JO TVQQMZJOH IJHI CBOEXJEUI NFNPSZ )#. DIJQT UP LFZ 64 DVTUPNFS /WJEJB *O .BSDI 4BNTVOH GMBHHFE NFBOJOHGVM QSPHSFTT PO JUT MBUFTU )#. & MBZFS DIJQT DPVME DPNF BT FBSMZ BT +VOF #VU ZFTUFSEBZ JU HBWF OP VQEBUF PO TVQQMZ UP /WJEJB POMZ TBZJOH JUT JNQSPWFE )#. QSPEVDUT XFSF VOEFSHPJOH DVTUPNFS FWBMVBUJPO BOE QSPDFFEJOH XJUI TIJQNFOUT ,FZ SJWBMT 4, )ZOJY BOE .JDSPO IBWF CFOFGJUFE GSPN SPCVTU EFNBOE GPS NFNPSZ DIJQT ESJWFO CZ "* HSPXUI JO UIF 64 XIJMF

1PUFOUJBM 64 UBSJGGT BMTP DMPVE UIF PVUMPPL GPS 4BNTVOH T NBJOTUBZ DIJQ BOE QIPOF CVTJOFTTFT QSFTTVSJOH NBSHJOT i*U XJMM BMTP CF EJGGJDVMU UP SBJTF QSJDFT JNNFEJBUFMZ EVF UP DPNQFUJUJPO NBLJOH JU DIBMMFOHJOH UP TVTUBJO IJHI NBSHJOT i 3ZV TBJE 4BNTVOH FTUJNBUFE BO PQFSBUJOH QSPGJU PG USJMMJPO XPO GPS UIF "QSJM +VOF QFSJPE WFSTVT B USJMMJPO XPO -4&( 4NBSU&TUJNBUF 5IBU XPVME CF JUT XFBLFTU JO TJY RVBSUFST EPXO GSPN USJMMJPO XPO JO UIF TBNF QFSJPE B ZFBS FBSMJFS BOE USJMMJPO XPO JO UIF QSFDFEJOH RVBSUFS 3FWFOVF XPVME MJLFMZ GBMM UP USJMMJPO