Business

KUALA LUMPUR,, Global credit rating agency, AM Best has maintained a stable outlook on Vietnam’s non-life insurance segment, citing accelerating non-life premium growth and increased demand for commercial lines insurance. In its latest Best’s Market Segment Report, ‘Market Segment Outlook: Vietnam Non-Life Insurance’, the rating agency notes the country’s Insurance Business Law as a recent regulatory refinement supporting the stable outlook, as the newly adopted requirements on risk management, internal controls, internal audits and actuarial standards are expected to enhance risk governance and strengthen financial conduct. Property insurance was a key business growth driver in 2023, in which government spending

KUALA LUMPUR,, Yong Tai Bhd will sell its five-star Courtyard by Marriott Melaka hotel to Southern Envoy Sdn Bhd for RM160 million. In a Bursa Malaysia filing today, Yong Tai said its wholly-owned subsidiary, Apple 99 Development Sdn Bhd has entered into a conditional sale and purchase agreement with Southern Envoy. It said the proposed sale of the hotel represents an opportunity for Yong Tai to immediately unlock the hotel’s value, and it is expected to provide an estimated net pro forma gain on disposal of approximately RM45.86 million. ‘The proposed disposal will give rise to RM160 million in proceeds

KUALA LUMPUR,, The boycott movement on foreign businesses and products is not seen to have a significant impact on the national economy, the Ministry of Economy said. Through a reply posted on the Parliament’s website today, the ministry said the boycott has not impacted the economy since the contribution of the food and beverage subsector to the gross domestic product (GDP) is small, which is 2.4 per cent in the first quarter of 2024. The government will continue to work to ensure that the country’s economy continues to grow and is not affected by any boycott movements, said the ministry.

KUALA LUMPUR,, Alliance Bank Malaysia Bhd (Alliance Bank) expects healthy loan growth between eight per cent and 10 per cent for the financial year 2025 (FY2025), driven by its small and medium enterprise, corporate and consumer banking segments. Alliance Bank group chief executive officer Kellee Kam said the bank is poised for strong growth as it sees favourable economic conditions in the country during the first half of 2024. ‘In the first two quarters, Malaysia’s gross domestic product grew pretty rapidly. Now, there are also further opportunities from the foreign direct investments that have been approved as well as the

KUALA LUMPUR,, Yong Tai Bhd will sell its five-star Courtyard by Marriott Melaka hotel to Southern Envoy Sdn Bhd for RM160 million. In a Bursa Malaysia filing today, Yong Tai said its wholly-owned subsidiary, Apple 99 Development Sdn Bhd has entered into a conditional sale and purchase agreement with Southern Envoy. It said the proposed sale of the hotel represents an opportunity for Yong Tai to immediately unlock the hotel’s value, and it is expected to provide an estimated net pro forma gain on disposal of approximately RM45.86 million. ‘The proposed disposal will give rise to RM160 million in proceeds