Business

KUALA LUMPUR,, CelcomDigi Bhd has submitted its proposal on the deployment of Malaysia’s second 5G network to the Malaysian Communications and Multimedia Commission (MCMC) this morning. Its chief executive officer, Datuk Idham Nawawi said the proposal highlights CelcomDigi’s commitment to building an advanced 5G network and accelerating its adoption among consumers and businesses. ‘We believe that we have submitted a compelling case to deploy Malaysia’s second 5G network – either alone or in partnership with others – towards ensuring a thriving 5G ecosystem built for the nation,’ he said in a statement today. The telco emphasised its ability to deliver

KUALA LUMPUR,, The Inland Revenue Board of Malaysia (IRB) has launched the MyInvois portal, kicking off its implementation of e-invoicing effective Aug 1, 2024. In a statement today, the IRB said the move will strengthen the country’s taxation system, increase transparency, and provide a more accurate assessment of compliance risk. The statement said e-invoicing will be implemented in stages, with the first phase involving 5,000 companies with recorded annual revenue or sales exceeding RM100 million starting Aug 1, 2024. “The second phase will start on Jan 1, 2025, involving companies with annual revenue or sales of between RM25 million and

KUALA LUMPUR,, Bintai Kinden Corporation Bhd (BKCB) has announced that the group has successfully restructured and rescheduled all of its defaulted banking facilities with its financiers with the aim of uplifting its PN17 status. The engineering services specialist company said it has made substantial progress through strategic initiatives including securing a robust order book, negotiating favourable terms with banks and creditors, implementing cost-cutting measures, finalising outstanding projects and ensuring timely debtor payments. ‘These efforts have been critical in driving the company towards recovery,’ it said in a Bursa Malaysia filing today. On July 30, 2024, BKCB received Maybank’s approval for

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,, 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