04/08/2026

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© 2026 Starbucks Coffee Company. All rights reserved. Pick up at your nearest store and enjoy! Maybank to acquire Ageas’ stake in Etiqa’s holding company PETALING JAYA: Malayan Banking Bhd (Maybank) has entered into an implementation agreement (IA) with Ageas Insurance International NV (Ageas) to acquire the remaining 30.95% interest in its 69.05% owned subsidiary, Maybank Ageas Holdings Bhd (Maybank Ageas), following a long-term partnership that has established Etiqa as one of Malaysia’s leading insurance and takaful players. Maybank Ageas is the holding company for Etiqa’s businesses in Malaysia and Singapore, providing a range of life and general conventional insurance products as well as family and general takaful products through multichannel distribution. Maybank president and group CEO Datuk Seri Khairussaleh Ramli said this is the start of an exciting journey for its ROAR30 strategy as it continues investing in Etiqa to drive growth and expand customer penetration regionally. “This transaction represents an important milestone for Maybank in charting its insurance and takaful business’ next growth phase across Southeast Asia. We will also continue to invest in innovations and leverage digital capabilities to improve productivity, reduce operating costs, and deliver better customer experience. “New and existing customers will also have access to expanded suite of solutions including enhanced product offerings. This is part of our strengthened commitment to improving accessibility and making insurance and takaful protection easier to be obtained by all consumers” Going forward, he said, Maybank will continue to drive long term value creation for its shareholders, and owning Maybank Ageas fully is one of the initiatives for the purpose. The proposed acquisition is underpinned by four key strategic rationales – strengthen Maybank Ageas’ position as national insurance and takaful champion through deeper penetration into new and existing Maybank customer base; gain greater flexibility to expand across Southeast Asia through ROAR30 regional wealth propositions supported by enhanced bancassurance, more personalised offerings for conventional and Islamic products, and streamlined regional operations; enhance sustainable and resilient long-term value for Maybank Group and boost capital management efficiency across the insurance group with capacity for sustainable elevated dividend payout in support of Maybank group’s capital management strategy. The agreed purchase price of RM4.83 billion (after adjusting for RM800 million dividend proposed to be paid by Maybank Ageas on the completion date, of which Ageas’ entitlement is RM248 million and the balance of RM552 million will be allocated to Maybank) reflects a price-to-book multiple of 1.98x based on Maybank Ageas’ reported book value of RM8.7 billion as at December 2025 less RM800 million dividend proposed to be paid by Maybank Ageas on the completion date and a price-to earnings multiple of 15.3x based on Maybank Ageas’ reported net profit of RM1.02 billion for FY2025. This underscores Maybank Ageas’ value as Etiqa continues to strengthen its position as Malaysia’s insurance and takaful champion. Maybank will fund the proposed acquisition through a combination of internal and external sources. In conjunction with the proposed acquisition, a formal application to Bank Negara Malaysia has been submitted for approval. Maybank Investment Bank and Morgan Stanley Asia (Singapore) Pte are financial adviser and international financial adviser, respectively, to Maybank on the proposed acquisition.

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Nestle Malaysia heads for next sustainability milestone

company’s refreshed sustainability platform for Project SAVE (Segregate, Avoid, Value, Educate), Malaysia’s largest Extended Producer Responsibility programme. “Collecting and segregating for recycling the solid waste of nearly 300,000 families on a weekly basis across nine cities, that’s an important effort that also has an impact on emissions ultimately,” he said. Since its launch, Project SAVE has recovered and recycled more than 50,000 tonnes of dry mixed recyclable materials, including approximately 32,000 tonnes of plastics, while supporting the country’s circular economy. The company is extending its sus tainability initiatives into schools through the Milo Energy for Good programme, which has engaged more than 200 schools nationwide by promoting recycling education and transforming used beverage cartons into school furniture and sports equipment. Alongside efforts to reduce operational emissions and improve circularity, Nestle Malaysia continues to invest in nature-based climate solutions through Project RELeaf, under which three million trees have been planted nationwide. The company has committed to planting another three million trees by 2030. “When we do the largest private effort in reforestation in Malaysia with the three million trees that we have planted and the three million more trees that we are planning to plant until 2030, that has an impact on carbon emissions, and it’s part of our journey to net zero,” Aranols said. He stressed that achieving the company’s climate ambitions will not depend on any single initiative but on sustained investment, innovation and collaboration across the entire food value chain.

While expressing his confidence in achieving the next milestone, Aranols said execution remains the company’s imme diate priority. “I’m always confident,” he said when asked whether Nestle could exceed its emissions reduction target. “If we can exceed it, we will exceed it. But now the focus is making sure that we have the plan to deliver on this commitment.” Aranols attributed that confidence to the breadth of sustainability initiatives being implemented across the Nestle Group globally, particularly programmes aimed at reducing emissions throughout agricultural supply chains, which account for the largest share of the company’s carbon footprint. “First, we have our commitment here, but it’s also all the work that the Nestle Group is doing globally, working with suppliers. “When you look at the global dairy supply, there is a lot of work that is going on to reduce the carbon impact of farming activities and milk collection. We are working, of course, in our factories to reduce further the impact of our manufacturing activity. So again, there is a whole set of activities that we do.” Aranols said Nestle is also working closely with suppliers to reduce emissions from farming through regenerative agricultural practices while improving manufacturing efficiency by lowering energy and water consumption and expanding the adoption of renewable electricity across its operations. He added that the company’s net zero strategy spans sustainable packaging, responsible sourcing, community recycling, reforestation and ecosystem restoration, reflecting Nestle’s belief that meaningful emissions reductions require action across the entire value chain. Aranols highlighted Nestle Kitar, the

o Food and beverage company on track to achieve 50% reduction in GHG emissions by 2030

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

PETALING JAYA: Nestle Malaysia is on track to achieve its next climate milestone of reducing greenhouse gas (GHG) emissions by 50% by 2030 from its 2018 baseline after surpassing its interim 2025 target with a 31% reduction, CEO Juan Aranols said. The food and beverage manufacturer exceeded its initial target of a 20% reduction by 2025 through a broad range of initiatives across its operations and value chain, including the transition to 100% renewable electricity across its Malaysian operations, improvements in manufacturing efficiency, regenerative agriculture, sustainable sourcing, circular packaging and ecosystem restoration. Aranols said the next phase of Nestle Malaysia’s decarbonisation journey will require a broader transformation that extends beyond factories into its agricultural supply chain, supplier network and global com modity sourcing, where the majority of the company’s emissions originate. “We are totally committed to get there. We are building the plan, we are building all the activities that should lead to that in Malaysia, and also leveraging our global supply chain when it comes to the supply of certain commodities,” he told reporters at Nestle Malaysia’s Net Zero Milestone event yesterday.

Proton steps up export drive with launch of e.MAS 5 in Nepal PETALING JAYA: Proton has continued the international expansion of its electric vehicle (EV) business with the official launch of the Proton e.MAS 5 in Nepal, making it the second overseas market to receive the company’s best-selling EV following its introduction in Singapore. Proton e.MAS 7 in 2025. Its domestic success has provided a strong foundation for the model’s export expansion, with about 200 bookings secured on the first day of launch. strategy. “Every new market we enter strengthens our international footprint while showcasing Malaysia’s capability to produce globally competitive vehicles. Together with our trusted partners, we look forward to making the Proton e.MAS brand an increasingly recognised name across international markets,” said Lim. From left: Jagdamba Motors executive director Akhil Gupta, PICSB deputy director John Li Zhi Dan, Shanker Group director Deepa Agrawal and Malaysian embassy in Nepal head of chancery Muammar Taufiqi Mustapha at the launch of theProton e.MAS 5 in Kathmandu.

Export markets remain a key component of Proton’s long-term growth strategy as the company seeks to diversify its revenue streams while increasing the global visibility of Malaysian automotive products. “The launch of the Proton e.MAS 5 in Nepal is another important milestone in our export journey and demonstrates the growing international confidence in the Proton e.MAS brand,” said PICSB CEO Edmund Lim Meng Thong. He added that exports have always been an important pillar of Proton’s business

Led by Proton International Corporation Sdn Bhd (PICSB), Proton said it is committed to growing its export business while streng thening the presence of the Proton e.MAS brand across international markets. The Proton e.MAS 5 was introduced in Nepal by Jagdamba Motors, Proton’s authorised distributor in the country. Unveiled during a ceremony in Kathmandu, it is the second Proton EV in the country following the introduction of the

In Nepal, the Proton e.MAS 5 is offered in Prime and Premium variants and is positioned as a compact electric SUV designed for everyday mobility. To mark the launch, Jagdamba Motors has also introduced a special introductory campaign for early buyers with pricing of Rs 35 lakhs for the Prime variant and Rs 40 lakhs for the Premium variant.