Day: July 31, 2024

KUALA LUMPUR,, Kuwait Finance House KSCP said it has decided to voluntarily withdraw from the Malaysian market and wind down Kuwait Finance House (Malaysia) Bhd (KFHMB) after 19 years of operation. The group said in a statement here today that this followed a recent announcement on the group’s international business strategic review to focus on and expand in regional markets namely Gulf Cooperation Council (GCC) countries and the Middle East. Acting chief executive officer Ida Aizun Husin said KFHMB is profitable and remains solvent as the group approach this transition with a strong financial foundation, ensuring that all their commitments

GEORGE TOWN,, The Small and Medium Enterprises Association of Malaysia (SAMENTA) will intensify its efforts to assist small and medium enterprises (SMEs) in the country, in improving their compliance with environmental, social, and governance (ESG) standards. Its president Datuk William Ng said many SMEs still struggle with meeting these essential standards, which are crucial for maintaining competitiveness in the industry. ‘There are numerous issues requiring SAMENTA’s attention, but ESG compliance is a particularly pressing one. We aim to support SMEs in addressing this challenge, by enhancing their understanding and knowledge of ESG requirements,’ he said. In addition to ESG compliance,

KUALA LUMPUR,, The Retirement Fund Inc (KWAP) plans to increase its international investment exposure to 30 per cent by 2025 although the local market has recently showed an improved performance. Chief investment officer Hazman Hilmi Sallahuddin said that as of 2023, 24.4 per cent of KWAP’s investment assets were allocated internationally. “We are currently on track. The local market is much better than before, but in the long term, we aim to balance our investment exposure to 70 per cent local and 30 per cent international, which we believe is more sustainable,” he said during KWAP’s financial year 2023 performance