Presenna Nambiar
Malaysia
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Notable court rulings of 2025
From corporate liability to civil liberties, we highlight here selected pivotal judgements that set new precedents and clarify complex rules. On Oct 17, the High Court in Kota Kinabalu ruled that the federal government had acted unlawfully by failing to fulfil Sabah’s rights to a 40% share of federal revenue derived from the state for the years 1974 to 2021. The court declared that the special grants offered to the state in lieu of the 40% entitlement during the period were invalid.
Top 10 corporate stories of 2025
Auditor bans, cyber hacks and tycoon trials — these are among the top 10 stories that shook Corporate Malaysia in 2025 The protracted dispute between Putrajaya and the Sarawak state government over the rights to gas distribution in Sarawak was seemingly put to bed after the two parties inked a joint declaration in May this year.
Under fire Malaysia Airlines' parent appoints former MAHB MD Bashir to board
KUALA LUMPUR: Malaysia Airlines' operator Malaysia Aviation Group appointed former Malaysia Airports Holdings Bhd's managing director Tan Sri Dr Bashir Ahmad as a member of its board earlier this month. It is understood that he was appointed to the board on August 12, 2024. A quick check on the group's website showed that the appointment is yet to be made public. The board currently consists of seven members including MAG group managing director Datuk Captain Izham Ismail.
George Kent appoints ex-Sime Darby GCSO as director for strategy and investments
KUALA LUMPUR: George Kent (Malaysia) Bhd today announced the appointment of Sime Darby Bhd's former group chief strategy officer Datuk Thomas Leong Yew Hong as its director for strategy & investments. He will be joining George Kent effective August 1, 2024. Business Times today reported that Leong would be joining George Kent as its director of strategy and investments. George Kent however clarified that Leong will not be a member of the company's board.
Ex-Sime Darby GCSO to join George Kent amid board moves
KUALA LUMPUR: Ex Sime Darby Bhd's group chief strategy officer (GCSO) Datuk Thomas Leong Yew Hong is set to join Main-board listed George Kent (Malaysia) Bhd's board, according to people familiar with the matter. It is understood that an announcement on his appointment could be made as early as today (July 29), with his tenure to start on Aug 1, 2024.
Garmin's Asia push: Growing beyond wearables
OLATHE, KANSAS: Garmin Ltd, which has had a presence in Asia since its year of inception in 1989, with its first production facility in Xizhi, New Taipei City, sees much potential in the region especially for its marine, automotive original equipment manufacturing (OEM) and aviation segments. "Everything is different in Asia and we work very hard to serve customers there.
Sime Darby's group chief strategy officer resigns, hunt on for replacement [BTTV]
KUALA LUMPUR: Sime Darby Bhd's group chief strategy officer (GCSO) Datuk Thomas Leong Yew Hong has resigned after eight years at the industrial machinery and automotive group, and the hunt for his replacement is on. A Sime Darby spokesperson confirmed his departure and that a selection process for his replacement has started. "In the interim, the experienced senior management team of the group will ensure a smooth transition and continuity of operations.
35 years of Garmin: Innovator extraordinaire
OLATHE (Kansas): Garmin, in its 35th year of operations, is not look ing to be an Apple or a Samsung. It is instead focused on being Garmin — innovator extraordinaire. "I think there's only one Apple and Samsung and it would be very difficult for anyone our size to displace them, so we don't try to be Apple or Samsung.
IHH Healthcare looks at salary adjustments, reducing work load to attract, keep nurses amid global shortage
KUALA LUMPUR: IHH Healthcare Bhd, one of the world's largest healthcare groups, is looking at salary adjustments and reducing workload as the world grapples with a shortage of nurses. According to the International Council of Nurses, the world is facing a severe shortage of nurses – around 13 million by 2030, to be exact. The Southeast Asia region alone is facing a shortfall of 1.9 million nurses.
High Court orders Halim Saad to pay RM62 million to Amanah International Finance
KUALA LUMPUR: Businessman Tan Sri Halim Saad has been ordered to pay RM62 million to Amanah International Finance Sdn Bhd (AIF) for breach of a financing agreement entered in 2015. High Court judge Mohd Radzi Harun also ruled that Halim must pay for Ta'widh, or compensation for late payment, and costs to AIF.
Kesuma looks to encourage 30k-50k paid internships with Ilham programme
KUALA LUMPUR: The Human Resources Ministry (Kesuma) is looking to encourage between 30,000 and 50,000 paid internships under its Practical Training Incentives (Ilham) programme. The programme includes incentives for companies to offer paid internships by offering double tax deductions, use of Human Resources Development Fund (HRDF) levy and matching grants. The government offers double tax deductions for monthly allowances paid under the structured internship programme (MySIP).
Human Resources Ministry to set up unit to handle foreign workers complaints
KUALA LUMPUR: The Human Resources Ministry is looking to set up a unit under the manpower department to handle foreign workers complaints and abuse cases. "We understand that the handling of migrant workers complaints and abuses are not easy. Migrant workers may not have the same standing as local workers, even when they are legal," Human Resources Minister Steven Sim told a gathering of media here today.
Government to introduce multi-tier levy to discourage dependence on foreign workers
KUALA LUMPUR: The government is looking to introduce a multi-tier levy on businesses applying for foreign workers to discourage' dependence on them. Human Resources Minister Steven Sim said proceeds from the levy will go to support the upscaling of small and medium local workers. He said while the formula is currently under works, one mechanism could be to impose lower levies on businesses that require a lower number of migrant workers, and higher levies for those who need more.
Government could introduce multi-tier levy to discourage dependence on foreign workers as early as this year
KUALA LUMPUR: The government could introduce a multi-tier levy on businesses applying for foreign workers to discourage' dependence on them, as early as this year. Human Resources Minister Steven Sim said proceeds from the levy will go towards supporting the upscaling of small and medium enterprises' local workers.
IHH Healthcare's Fortis considering increasing stake in India's Agilus
KUALA LUMPUR: The impending exit of private equity (PE) investors in Agilus Diagnostics Ltd could lead to IHH Healthcare Bhd's associate Fortis Healthcare Ltd increasing its interest in the diagnostics lab chain in India. "The PE investors, they plan to exit. If it is not an initial public offerig (IPO), then their stake will be up for sale, and it can go to the third party."Fortis Healthcare also owns the remainder.
IHH Heathcare looks to sustain double digit growth in 2024
KUALA LUMPUR: IHH Healthcare Bhd, one of the largest healthcare groups in the world, is looking to sustain the double digit growth seen in 2023 this year, with a focus on organic growth, inorganic growth when it makes sense, public and private partnerships, and expansion into the continuum of care via ambulatory care centres (ACCs).
Bursa Malaysia says no to cryptocurrency on multi-asset exchange [BTTV]
KUALA LUMPUR: Bursa Malaysia Bhd has dismissed the idea of having cryptocurrency on its multi-asset exchange. Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift said the exchange looked into cryptocurrency offering, along with exchange traded fund (ETF), and chose not to go down that road as it was not in line with its goals. Bursa Malaysia's goals revolve around its tagline of creating opportunities and growing value. Umar stressed that cryptocurrency does neither.
Kumpulan Jetson's shareholders will be going in blind at the EGM to remove board of directors today
KUALA LUMPUR: Manufacturing, construction and hostel management company Kumpulan Jetson Bhd's shareholders will be going in blind to an extraordinary general meeting (EGM) to remove its current board of directors. A notice by shareholders who own more than 10 per cent in the company to remove its existing board of directors, did not state the reason as to why the requisionists are looking to remove the directors and replace them with another five. The EGM will be held virtually at 10am today.
Khalid says LTAT turmoil not his doing as yet another senior leader resigns
KUALA LUMPUR: The Armed Forces Fund Board (LTAT), already without a chief executive and a chairman in its second year of its three-year plan to turn the fund into a self sustaining one, has been dealt with another blow in the form of the resignation of its senior director of strategy. It is understood that LTAT chief financial officer Mohammad Ashraf Md Radzi is currently acting chief executive of the fund, which has an asset under management (AUM) of RM10 billion.
Khaled: Go ask LTAT acting chief on latest resignation
KUALA LUMPUR: Defence Minister Datuk Seri Mohamed Khaled Nordin has passed the buck to the acting chief executive of the Armed Forces Fund's Board (LTAT) to answer the departure of its latest senior executive. Khaled said he was not involved in the day to day running of the armed forces pension fund.
Another senior member of LTAT leadership resigns
KUALA LUMPUR: Another member of the Armed Forces Fund Board's (LTAT) leadership has resigned, making it three resignations over the past one month at the pension fund for 120,000 serving members of the Malaysian Armed Forces. The head of strategic asset allocation for LTAT, or senior director of strategy, Dayana Rogayah Omar, 39, has tendered her resignation. A LTAT corporate spokesperson said Dayana resigned to pursue other interests and is currently serving her notice.
Axiata Group posts RM797.4mil net loss in 3Q2023 on planned exit of Nepal's Ncell
KUALA LUMPUR: Axiata Group Bhd posted a RM797.4 million net loss for the third quarter ended Sep 30, 2023 (3Q2023) after booking a RM1 billion asset impairment from its plan to exit Nepal's Ncell Axiata Ltd (Ncell). According to its filing with Bursa Malaysia Securities Bhd, the board of directors' of Axiata approved the group's intention to exit the Nepal mobile segment on Sep 29, 2023.
MyEG's immigration related services offline until further notice
KUALA LUMPUR: MyEG Services Bhd, which has been facing brickbats for disruptions in its online immigration services, today announced that it will only resume offering immigration related services after a system enhancement is done. The system enhancement is required under a deal with the Home Affairs Ministry to continue to provide immigration related services for another two years.
MyEG gets two-year extension to offer immigration related services but is offline for now
KUALA LUMPUR: MY E.G. Services Bhd (MyEG), which has faced brickbats for disruptions in its online immigration services, has been given a two-year extension to provide the service but it remains offline for now. The Home Affairs Ministry requires MyEG to conduct a system enhancement before it can start offering immigration related services again.
KNM Group: Mahmud Abu Bekir is on our side
KUALA LUMPUR: Practice Note 17 company KNM Group Bhd, has issued a statement claiming that Datuk Seri Mahmud Abu Bekir Taib, a new substantial shareholder of the company, is in support of Tunku Datuk Yaacob Khyra and the current board of KNM Group. On Monday, KNM announced that Mahmud Abu Bekir acquired a 5.031 per cent interest in the company. "I have the fullest confidence in the current board of directors under the strong leadership of Tunku Yaacob.
How much shares does KLK own in Boustead Plantations?
KUALA LUMPUR: A slew of announcements made by Boustead Plantations Bhd (BPlant) on changes to its shareholdings on October 3, 2023 stated that KL Kepong Bhd's (KLK) holdings grew to 36.09 per cent from purchases of BPlant shares on September 29, 2023, serving to confuse media and investors alike. This is because it came at a time when BPlant and KLK were due to make an announcement on a RM1.15 billion deal for KLK to take a 33 per cent stake in BPlant.
11MP mid-term review - fiscal deficit to linger beyond 2020, govt to trim development spending
PETALING JAYA: The remainder of the Eleventh Malaysia Plan (11MP), which runs from 2016-2020, will see the government cut back on development expenditure, consolidate operating expenditure and prolong the fiscal deficit, which was to have been balanced by 2020. This will occur as the government undertakes comprehensive reforms to strengthen the administrative capacity and improve governance, which will require amendments to the Federal Constitution and respective legislation.
Malaysia lets go of high income nation by 2020 dream
PETALING JAYA: Malaysia will drop its long time dream to hit US$15,000 (RM62,300) per capita income by 2020 to meet its high income nation aspirations, as it now looks to ensure high income levels commensurate with higher purchasing power.
Fifty shades of grey
PETALING JAYA: The fallout from the 1Malaysia Development Bhd (1MDB) scandal has shone a spotlight on corporate Malaysia which illuminated a spectrum of grey. Not black or white, but a multitude of grey. Grey because as we all digest the intricacies and enormity of the web which 1MDB weaved, the realisation dawns that there are really very few well-known personalities who can claim not to have crossed paths with, or at least brushed up against, the investment fund's business affairs.
EPF exiting healthcare provider Columbia Asia
PETALING JAYA: The Employees Provident Fund (EPF) is selling its close to 30% interest in Columbia Asia Sdn Bhd (CASB) for an undisclosed sum, according to its annual report released on Friday. The fund has reclassified the cost of investment in CASB of RM203.21 million as assets held-for-sale, with the sale to be completed this month. It said the decision to sell was approved by its investment panel on Nov 7, 2017. The identity of the buyer could not be immediately ascertained.
Nestle Malaysia in RM100 a share club, thanks to innovation
KUALA LUMPUR: If you had believed in Nestle Malaysia Holdings Bhd MD Alois Hofbauer (pix) when he took the helm of the group in 2013 and invested in the group, you would now be part of a novel group of investors in an organisation whose share has passed the RM100 apiece mark. The group’s share price has appreciated 75% in the last five years since Hofbauer brought in his strategy of fuel, innovate and transform to drive growth. It is not the work of only one man, however.
Govt in about-turn on withholding tax, grants exemption to overseas firms
PETALING JAYA: The government has decided not to tax the income of businesses and enterprises providing technical services and assistance to companies here from outside of Malaysia, just a couple of months shy of the first anniversary of its implementation.
Abu Sahid - the man with a PLUS appetite
PETALING JAYA: Tan Sri Abu Sahid Mohamed is either all in or all out. He will bang tables and make impassioned speeches but, make no mistake, he is as shrewd and as proud as they come. Case in point is his Perwaja steel venture, which started in 1996. He may not have wanted it, but once he was committed. He was all in. Abu Sahid, 65, worked at it for 12 years to a point where the company was making profits again. Talk then started that he was cooking the books, and he was told to prove his numbers.
Maju's pursuit of PLUS - a chance in becoming a more contestable market
PETALING JAYA: Khazanah Nasional Bhd subsidiary UEM Group Bhd and the Employees Provident Fund (EPF) do not want to sell their respective stakes in PLUS Malaysia Bhd, the largest toll expressway operator in the country. Maju Expressway concessionaire holder Tan Sri Abu Sahid Mohamed is adamant about buying it. A party that should win, is the people of Malaysia. Abu Sahid will not be ignored, as evidenced by his media campaign which has lasted more than three months.
Bank Negara issues draft on net stable funding ratio, seeks feedback
KUALA LUMPUR: Bank Negara Malaysia today issued an exposure draft for feedback from banks to gather comments on net stable funding ratio (NSFR) implementation ahead of its proposed Jan 1, 2019 deadline. NSFR is a liquidity standard which comes under the Basel III international regulatory reforms.
Implementation of NSFR set for Jan 1, 2019
KUALA LUMPUR: Bank Negara Malaysia today issued an exposure draft for feedback from banks to gather comments on net stable funding ratio (NSFR) implementation ahead of its proposed Jan 1, 2019 deadline. NSFR is a liquidity standard which comes under the Basel III international regulatory reforms.
LEAP market may be a tough sell for Malaysia's biggest funds
PETALING JAYA: Companies heading for a listing on the Leading Entrepreneur Accelerator Platform (LEAP) market, launched by Prime Minister Datuk Seri Najib Abdul Razak more than a month ago, may have a tough time squeezing itself into the portfolios of some of Malaysia’s biggest funds.
Govt collating feedback for ‘targeted incentives’
KUALA LUMPUR: Finance Minister II Datuk Seri Johari Abdul Ghani said the government is in the midst of getting feedback to formulate “targeted incentives” which will ensure the stimulus given under Budget 2017 meet its objectives to create employment and grow the economy. “There will be no more stereotype incentives,” he said when met after giving a luncheon talk entitled “Malaysia’s Economy: Challenges and the Way Forward” organised by the Malaysian Press Institute.
1MDB power assets sale to China group included development rights
PETALING JAYA: An announcement by Tenaga Nasional Bhd (TNB) reveals that the sale of 1Malaysia Development Bhd (1MDB) energy assets for US$2.3 billion (RM10.2 billion) cash to China General Nuclear Power Corp (CGN) and its subsidiaries included development rights, breaking away from industry practice.
The curious case of Bank Negara versus MyCC
PETALING JAYA: The Malaysia Competition Commission’s (MyCC) proposed decision against General Insurance Association of Malaysia (PIAM) is a curious case to say the least, not only because of its whopping RM213.45 million in proposed penalties, but also because of the ensuing sharp response from the likes of Bank Negara Malaysia (BNM) which has always been rather measured in its responses via the media. It raises the question of what led to the rather public admonishment of MyCC’s findings.
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