30/03/2026

BIZ & FINANCE MONDAY | MAR 30, 2026

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Ishak Ismail is now NexG executive chairman

iCents subsidiary wins RM14m data centre systems deal in Indonesia

PETALING JAYA: iCents Group Holdings Bhd’s wholly owned subsidiary, Maytech Cleanroom Manufacturing Sdn Bhd, has accepted a letter of award from an Indo nesian dealer to undertake a data centre project in Indonesia. The contract, valued at about 59.5 billion rupiah (RM14.1 million), involves the design, supply and delivery of data centre systems. The products will be delivered to a multi national construction company undertaking the data centre project, with completion expected by June. Managing director of iCent Vincent Ong Mum Fei said the award of the contract reflects the group’s continued participation in data centre related projects, including those outside Malaysia. “This project is expected to contribute positively to our earnings over its duration, and we remain focused on delivering the scope of work in accordance with agreed specifications, timelines and quality standards.” iCents provides design, engineering, EPCC, qualification and validation of cleanrooms and manufacture of cleanroom fixtures and related products. Executive director Foo Siang Leng said this project marks another step towards expanding the group’s presence beyond the domestic market. “Following our involvement in data centre projects in Thailand since last year, this contract in Indonesia further reflects our growing regional footprint. Our team will work closely with all stakeholders to ensure smooth execution and timely delivery of the data centre systems, while maintaining our commitment to quality, safety and operational discipline,” he added. Looking ahead, iCents remains focused on strengthening its project execution capabilities and expanding its presence in high-specification industries, including data centre developments. The group will continue to prioritise operational discipline, technical excellence and prudent risk management as it undertakes projects across both domestic and regional markets. Backed by its engineering expertise and growing project portfolio, iCents is well positioned to support its clients’ requirements while delivering sustainable long-term value for shareholders.

short-term interests that may compromise it.” Ishak said his investment reflects a long term commitment to supporting a Bumiputera-led technology company which its role is part of a tightly controlled national ecosystem, where identity documents are not produced independently but within govern ment-controlled processes. “NexG provides the secure systems and technology, while personalisation and issuance remain fully within government control. This structure ensures the integrity and security of the system.” The company has now stabilised following a challenging period, Ishak said. “NexG stands on a firmer footing today. Management remains intact; execution has continued throughout, with systems, production, and delivery progressing as planned. All contractual obligations, inclu ding mission-critical national programmes such as MyKad and passports, continue to be fulfilled without delay,” he added. Ishak emphasised that NexG’s foundation and success are built on its founder, Hanifah. “NexG is what it is today because of Hanifah, who has built this company over more than two decades into a homegrown Malaysian provider of secure identity printing solutions, trusted with safeguarding and gatekeeping critical national identity systems. “The company has been delivering national identification and passport-related solutions since 1999, reflecting a long standing track record of supporting critical national infrastructure.” global digital asset ecosystem. The newly approved assets broaden investor choice across eight key crypto categories, namely, Layer 1, Layer 2, DeFi, AI x Crypto, gaming, non-fungible token (NFT), real-world assets (RWA), and decentralised physical infrastructure networks (DePIN), reflecting a more diversified and evolving digital asset landscape. This expanded offering provides Malaysians

PETALING JAYA: NexG Bhd is streamlining its leadership structure amid recent developments, and under the new structure Datuk Ishak Ismail has been redesignated as executive chairman while Datuk Abu Hanifah Noordin has been redesignated as deputy executive chairman and group CEO. Ishak said his position as a substantial shareholder, held through a long-term family trust, is guided by a clear purpose – to safeguard and support NexG as a company operating in critical national identity systems. “Our involvement reflects a responsibility to ensure that a company operating in highly sensitive and strategic areas including national identification systems such as MyKad, passport infrastructure, biometric technologies, and broader data and technology platforms remain stable, well governed and protected. “Given the national security impli-cations of these systems, particularly in secure identity documents such as MyKad and passports, it is critical that NexG remains in the right hands and is safeguarded from undue influence, foreign interference or o Abu Hanifah Noordin redesignated as deputy executive chairman and group CEO

Ishak said no one understands this business, its technology and its operating intricacies better or more deeply than Hanifah. “He remains the right person to steer the company forward, strengthen its capabilities and expand its presence beyond Malaysia, leveraging its technology and proven track record. I believe under his stewardship, the group is now back on the right track.” The revised structure reflects a close and collaborative partnership, Ishak said. “I will work closely with Hanifah and the management team, combining strategic oversight with operational execution to take the company forward. Malaysia has consistently maintained the issuance of its MyKad and passports without systemic failure or disruption. That reliability is built on long-term capability and experience, which NexG continues to support.” With a stabilised foundation, strengthened board and aligned leadership, NexG is now focused on its next phase of growth. “We are not here just to stabilise the company; we are here to take it forward. With the right governance, continued founder leadership and long-term shareholder support, NexG is well positioned to move to greater heights,” Ishak said. with a breadth of investment options, all within a safe and secure environment. Luno deputy country manager for Malaysia Jeroni Khoo said this is the biggest single crypto asset launch in Luno Malaysia’s history. While all new 29 crypto assets will immediately be on the instant buy/sell platform, they will be released on the exchange platform in three batches, launched two weeks apart, starting last Friday.

Luno Malaysia introduces 29 new digital assets PETALING JAYA: Luno, Malaysia’s leading digi tal asset exchange, has launched its largest ever batch of coins – 29 new digital assets approved by the Securities Commission Malaysia.

This milestone expands Luno’s crypto selection to 51 assets, the widest selection available on any regulated platform in the country, marking a significant step forward in broadening Malaysian investors’ access to the

Retrospective resolution of SST problems via voluntary declaration SINCE the introduction of the Sales and Service Tax (SST) in September 2018, many taxpayers have struggled to interpret the regulations and before an issue occurs), any other maintenance services would not be subject to SST. As time evolved, the inter

financial consultancy services, which was previously taxed under Group G and qualifies for group relief, however, effective July 2025 it was moved to Group H and no longer qualifies for the group relief. Group relief is given to services provided within a group of companies, which are subsidiaries of a holding company. Taxpayers who did not keep up with all these developments are facing additional taxes and penalties. The changes are constant and unless you have dedicated personnel monitoring these changes, you can accidentally be caught out. A related issue is the exclusion of service tax for services rendered in relation to matters outside Malaysia. Since not all services qualifies for this exclusion, an ordinary taxpayer would be unaware of it without consulting the regulations. Resolution through voluntary declaration Currently, there is an opportunity to

voluntarily declare any omitted tax without incurring penalties. During this period, the RMCD will conduct a high-level audit rather than a detailed one and will largely rely on the taxpayer’s honesty. You can review transactions going back up to six years from the current taxable period. It is crucial to thoroughly assess your transactions, quantify any omissions, and prepare supporting calculations and documentation to substantiate the basis of any shortfall to the RMCD. It is an opportunity to clean up your past affairs and avoid the RMCD visiting you and using up your valuable management time to deal with audits which can be time consuming and expensive. This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).

period added further headache to taxpayers. In particular, July 2025 was pivotal with the expansion of sales tax to include many items which were exempted earlier became taxable at the rates between 5% and 10%. Good example of a problem Repair and maintenance illustrates the issue well. In September 2018, when SST applied only to preventive maintenance, the term was undefined, leaving taxpayers to interpret it themselves. Generally, preventive maintenance refers to a proactive approach involving scheduled inspections, adjustments, cleaning and parts replacement to prevent equipment failures, reduce downtime and extend asset life. Many taxpayers initially believed that as long as the services were not preventive maintenance (done

pretation adopted by the RMCD became wider and it came to a crescendo in March 2024 when the RMCD defined both preventive and corrective maintenance (effective from March 1 2024). At this juncture, taxpayers were past the post, and the new definition would catch the services provided earlier under the categories of preventive maintenance. Since the law did not actually confine preventive maintenance to be effective from March 2024, taxpayers were now facing a tax bill retrospectively up to September 2018. Taxpayers faced a conundrum of being subjected to tax, which they genuinely believed were outside their scope. Somewhat similar issues have occurred with the change of services from one category to another category. An example would be,

supporting guides due to numerous updates and wording differences be tween the Royal Malaysian Customs Department (RMCD) and taxpayers. Although the legis lation was introduced in September 2018, major changes followed – in January 2019, service tax was extended to imported services; in January 2020, to digital services; in March 2024, to logistics, repair and maintenance, and non-financial brokerage services; and in July 2025, to construction, rental and leasing, financial services, private education, and healthcare. Amid all this, the tax rates were changed from 6% to 8% for a majority of the services. Changes to sales tax during this