Latest news with #Gan
Business Times
2 days ago
- Business
- Business Times
EMA grants conditional licence to RGE, TotalEnergies' Indonesian solar project to import electricity to Singapore
[SINGAPORE] The Energy Market Authority (EMA) on Friday (May 30) granted a conditional licence to Singa Renewables, a joint venture (JV) between RGE and TotalEnergies, to import 1 gigawatt (GW) of low-carbon electricity from Indonesia to Singapore. This is the sixth electricity import project to be awarded a conditional licence, after EMA in September 2024 raised the low-carbon electricity import target to around 6 GW by 2035, up from the initial target of 4 GW announced in 2021. This is a part of Singapore's strategy to decarbonise the power sector, which currently accounts for about 40 per cent of the country's carbon emissions. Faith Gan, director of energy connections office at EMA, told The Business Times that the government would be open to more electricity imports beyond 6 GW as Singapore's energy demand grows beyond 2035. Presenting the conditional licence to the JV, EMA chief executive Puah Kok Keong said: 'This licence marks another step forward in our efforts to transform the power sector and deepen regional energy cooperation.' While electricity import projects help diversify Singapore's energy supply and reduce carbon emissions, they also bring in investment, create jobs and contribute to the growth of the clean energy sector in partner countries such as Indonesia, he added. Eric Lombard, France's minister of the economy, finance and industry, attended the presentation. This was in conjunction with French President Emmanuel Macron's state visit to Singapore. Dr Tan See Leng, minister-in-charge of energy and science and technology, was also present. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Imelda Tanoto, managing director at RGE, said that the conditional licence was a key milestone, affirming its role in advancing the region's decarbonisation goals. Current status of electricity import EMA's Gan noted: 'To date, EMA has granted 3 GW of conditional licences for electricity imports from Indonesia, as well as 4.35 GW of conditional approvals for electricity imports comprising 0.4 GW from Indonesia, 1 GW from Cambodia, 1.2 GW from Vietnam and 1.75 GW from Australia.' She highlighted different operational timelines for the projects. Gan noted that not all projects awarded conditional approvals or conditional licences will be implemented, as the importers make business decisions on whether to proceed with their plans after more detailed analysis. On Friday, Singa Renewables also inked a memorandum of understanding with Singapore Energy Interconnections – a newly incorporated company appointed by the Singapore government – to jointly develop a subsea interconnector to enable electricity imports from Indonesia to Singapore, a step to enhance regional power connectivity. Singa Renewables, which aims to achieve commercial operations from 2029, received conditional approval from EMA in September 2024. 'Since then, the project has made substantive progress, with marine surveys and feasibility studies completed. These are key milestones in demonstrating the project's technical and commercial viability,' according to EMA's release. The conditional licence was granted to Singa Renewables after Singapore-headquartered RGE and France's TotalEnergies on Wednesday signed a co-investment agreement for a solar photovoltaic plant with integrated battery energy storage under Singa Renewables. When the obligations in the conditional licences are fulfilled – which includes securing all necessary financing – EMA may subsequently issue the companies an electricity importer licence to commence construction and commercial operations.
The Sun
2 days ago
- Business
- The Sun
Southern Score posts best-ever 9M earnings, eyes Bursa main market transfer
KUALA LUMPUR: Southern Score Builders Bhd, a construction management specialist for high-rise residential buildings and civil infrastructure, posted a revenue of RM59.8 million for the third quarter (Q3) ended March 31, 2025 (FY25), surging 52.1% from RM39.4 million posted in Q3 FY24. Net profit also grew by 39.4% year-on-year (YoY) to RM10.0 million, up from RM7.2 million in Q3 FY24. For the nine-month (9M) of FY25, Southern Score recorded a revenue of RM140.0 million, representing a YoY increase of RM32.9 million or 30.7% from RM107.1 million in the 9M FY24. The double-digit growth was driven mainly by the group's mechanical and electrical (M&E) arm, SJEE Engineering Sdn Bhd's (SJEE) maiden contribution as well as higher revenue from turnkey construction services following the commencement of the Platinum Melati Residences project. At the bottom line, net profit jumped 53.8% YoY to RM28.6 million, up from RM18.6 million in 9M FY24. The growth was attributed to cost savings from the main building work projects of Vista Harmoni Sentul Residences and PV 22 Residences. Notably, this marks Southern Score's highest-ever net profit for a nine-month period. Executive director and CEO Gan Yee Hin said the company delivered its best-ever nine-month bottom-line performance. 'This was partly driven by the maiden contribution from our M&E arm — a clear indication that our investment is already yielding results. 'Looking ahead, we continue to be upbeat on the prospects as we see vast opportunities for both our construction and M&E divisions,' he said. Gan also noted that the Department of Statistics Malaysia reported that the value of work done in the construction sector continued its upward trend, recording a moderate increase of 16.6% to RM42.9 billion in the first quarter of 2025. Meanwhile, the Malaysian data centre market is projected by Arizton Advisory & Intelligence to reach US$13.6 billion by 2030 from US$4.0 billion in 2024. On top of that, the Johor-Singapore Special Economic Zone (JS-SEZ) opens up new opportunities for us as it is attracting interest from multinational corporations, particularly in the medical, pharmaceutical, and artificial intelligence (AI) sectors, which are exploring potential investments in the area. 'These positive developments bode well for the group, and with our technical expertise and proven track record, we are well-positioned to seize the opportunities ahead,' Gan said. To recap, SJEE had in April 2025 secured a RM51.4 million M&E contract for a data centre project at Elmina Business Park, Selangor. 'This boosted the order book of our M&E arm to RM105.7 million, while the order book for the construction segment stands at RM1.3 billion as of end-April 2025. 'This gives us clear earnings visibility in the coming years,' said Gan. On the corporate front, Gan said the group had proposed in March 2025 to undertake the transfer of the listing and quotation for Southern Score's entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia. 'The transfer represents another major milestone for everyone at SSBB. We believe this exercise will enhance the group's corporate profile, credibility, and reputation, while according Southern Score a greater recognition and following amongst institutional investors. 'Besides, the transfer would boost the confidence of all our stakeholders and better reflect our group's current scale of operations,' said Gan. Southern Score board expects the transfer to be completed within the second half of 2025, barring any unforeseen circumstances and subject to all required approvals being obtained. Gan said the group had proposed in March 2025 to undertake the transfer of the listing and quotation for Southern Score's entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia.
Straits Times
3 days ago
- Business
- Straits Times
Asia needs to form agile partnerships, double down on regional integration: Singapore DPM Gan Kim Yong
Singapore Deputy Prime Minister Gan Kim Yong delivering a speech at the 30th Nikkei International Forum on the Future of Asia in Tokyo on May 29. PHOTO: EPA-EFE Asia must not 'rest on its laurels' and continue to reinforce partnerships amid turmoil: DPM Gan – Singapore's Deputy Prime Minister Gan Kim Yong on May 29 appealed to Asia to form agile partnerships and double down on regional integration amid deepening global strife. While many countries in Asia are already part of overlapping partnerships of varying permutations – bilateral, regional, plurilateral – the inherent danger is if they rest on their laurels and not work on growing and strengthening these links, he said. 'We should recognise the challenges of the current turmoil and raise the ambition of each of these mutually reinforcing partnerships,' Mr Gan said in a speech during the 30th Nikkei International Forum On The Future of Asia in Tokyo. Exercising agility and flexibility in building ties is increasingly vital as the world grapples with what Mr Gan described as 'the greatest uncertainty confronting us today': What would happen after the United States' 90-day reprieve over 'reciprocal tariffs' ends on July 8. 'Things are changing all the time, every morning when (you) open the newspaper , there is always big news on trade and tariffs, and sometimes shocking news, and that is the first dish on your breakfast table,' Mr Gan, who is also Singapore's Trade and Industry Minister, said in conversation with the Nikkei's Singapore bureau chief Fumika Sato. While he noted that the risk of a recession cannot be ruled out, another bad-case scenario was that it would be difficult to undo the damage caused by the sweeping Liberation Day tariffs. 'At the end of 90 days, whatever outcome that may be, the uncertainty remains that tariffs can be raised or reduced at any point in time,' Mr Gan said. 'This will result in weakening of the global trading system, and that is going to be the new order of the day. In time to come, this will be the new landscape.' Trade-reliant economies like Singapore, whose trade is three times the size of its economy, would be vulnerable to these headwinds. This was why it was essential for Asean and its partners to double down and expand on existing relationships, he said. Doing so would 'demonstrate to the rest of the world that despite this contestation and competition, there is still room for cooperation and collaboration'. The Straits Times is a media partner for the two-day event , whose theme for 2025 is Asia's Challenge In A Turbulent World. Mr Gan, who leads Singapore's tariff negotiations with Washington, had used his 20-minute address to emphasise that a winner-takes-all approach towards trade was against the spirit of a level playing field that the World Trade Organisation (WTO) has been advocating. In such a climate, larger economies with stronger bargaining chips can leave smaller economies in the dust. 'This is why recent moves by some countries to impose and remove tariffs at will are concerning,' Mr Gan told an audience of over 200 diplomats, bureaucrats, executives and academics. Singapore faces the baseline 10 per cent reciprocal tariff imposed by the US, although some countries across South-east Asia were hit harder with rates of over 40 per cent. 'We must do all we can to reinforce a shared rules-based order, so that global trade can continue to be conducted on a free, fair and non-discriminatory basis,' Mr Gan said. More on this Topic Singapore sees progress in US tariff talks, but uncertainty may overwhelm hope In this regard, Japan and Singapore are partners, given the convergence in their strategic outlooks and a shared agenda to strengthen and reform multilateral institutions. The two countries mark 60 years of diplomatic ties in 2026, an occasion that lends itself to the opportunity for new areas of collaboration such as digital trade, supply chain resilience, and the green transition. Mr Gan reiterated Singapore's hopes for Japan to play an even bigger role in the upkeep of regional peace and stability – a point that Singapore's political leaders have made repeatedly in recent years. 'Singapore stands ready to work with Japan as a trusted and reliable partner, and we hope to step up our economic and security cooperation in time to come,' he said . Japan's expanding role in regional security comes despite its history as a wartime aggressor. Yet the tides have changed 80 years since its surrender, with Japan now relied upon as a staunch defender of a rules-based multilateral order that is being undermined. Yet this order is now under attack, with assertive behaviour in regional waters, as well as international conflicts both on the battlefield and in trade. Mr Gan said the world is facing three key fundamental challenges today: How can Asia maintain strategic autonomy amidst intensifying US-China contestation? How can we preserve the rules-based, multilateral trading system that underpins Asia's economic growth and development? How do we address global threats and protect the global commons? For one thing, the persistent risk of flare-ups between the world's two largest economies could well spread beyond trade to other areas, such as investments, supply chains and critical technology, Mr Gan warned. 'While both powers claim that they do not wish to force countries to take sides, each seeks to draw others closer to their respective orbits,' he said. This makes it all the more paramount for Asian countries, which maintain close ties with both powers, to 'continue to maintain our strategic autonomy, and act in a principled and consistent way on the basis of our own national interests,' he added. It was also in Asia's interests to modernise the WTO, Mr Gan said, noting: 'While the system is not perfect, we must not abandon it. Instead, we should reform it and make it better.' Among Mr Gan's suggestions were to review the existing consensus-based decision-making processes such that they do not 'end up a recipe for gridlock', and to update the WTO rulebook to address emerging issues. Other institutions such as the World Health Organisation, International Monetary Fund and World Bank cannot be allowed to fail, Mr Gan said, as this would impair the world's ability to respond to future crises like pandemics or recessions. The key way to prevent this was to entrench relationships – especially in areas where the collective commitment already seems to be waning, such as in climate change – by deepening existing ones and forging new ties. He noted how Asean, which earlier this week had concluded talks on upgrading its trade in goods agreement, was looking to deepen economic ties with the Gulf Cooperation Council (GCC). This includes a potential free trade agreement between Asean and the GCC, its possible admission to the 15-nation Regional Comprehensive Economic Partnership (RCEP) that now comprises Asean, Australia, China, Japan, New Zealand, and South Korea. The more vigorous Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), too, is looking at how to broaden economic partnerships, including with Asean and the European Union. The CPTPP comprised 11 founding members after the United States pulled out – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – with Britain acceded as the 12th member in 2024. Singapore supports cementing multilateralism, including by expanding the CPTPP if countries can meet its stringent criteria, with Mr Gan noting China and Indonesia as among countries that have indicated interest. 'These new alliances will facilitate effective and timely collaboration on key trade policy issues, and signal our commitment to a rules-based trading system,' he said. There are also measures driven by like-minded countries, such as a WTO Joint Statement Initiative on E-commerce that Japan, Singapore and Australia co-led in 2019 and now involves 91 members, accounting for over 90 per cent of global trade. Despite unsuccessful efforts to formally incorporate the initiative within the WTO in February 2025, the countries are exploring how to implement the agreement in the interim. 'This is one example of 'flexible multilateralism', where we allow like-minded partners to move ahead on important issues of mutual interest, such as e-commerce, while leaving the door open for others to join as and when they are ready,' Mr Gan said. Other areas for collaboration with Asean include deeper digital integration and cross-border payment connectivity, as well as what the DPM described as a 'cross-border flow of electrons'. Referring to plans for an Asean Power Grid by 2045, which would facilitate the flow of renewable energy across borders and reduce the reliance on fossil fuels, Mr Gan said: 'Asia is at the epicentre of the battle against climate change. 'There is urgency to galvanise global action not only for climate mitigation measures, but also to accelerate the green transition.' During his three-day visit to Tokyo ending May 29, Mr Gan also met with Japan's Chief Cabinet Secretary Yoshimasa Hayashi, economic security minister Minoru Kiuchi, as well as economic revitalisation minister Ryosei Akazawa, who is leading Japan's tariff negotiations with the US. Walter Sim is Japan correspondent at The Straits Times. Based in Tokyo, he writes about political, economic and socio-cultural issues. Join ST's Telegram channel and get the latest breaking news delivered to you.
Nikkei Asia
4 days ago
- Business
- Nikkei Asia
Singapore deputy PM Gan calls for 'new alliances' amid U.S. tariffs
TOKYO -- Singaporean Deputy Prime Minister Gan Kim Yong urged countries across Asia to "forge new alliances" in a bid to combat common trade policy issues amid a restructuring in the global trade system following sweeping U.S. tariffs. Gan, who as the city-state's trade and industry minister leads tariff negotiations with Washington, was speaking at Nikkei's Future of Asia forum in Tokyo on Thursday, where he expressed that the "rules-based order in trade is being undermined."
New Straits Times
5 days ago
- Business
- New Straits Times
Kawan Food posts lower Q1 profit on export slowdown, eyes domestic-led recovery
KUALA LUMPUR: Kawan Food Bhd's latest quarterly results reflect the impact of global market volatility and ongoing geopolitical tensions, according to its chairman emeritus and acting group managing director, Gan Thiam Chai. For the first quarter ended March 31, 2025 (Q1 FY25), the group posted a net profit of RM4.7 million — down 48.5 per cent from RM9.2 million in the same quarter last year — due to lower export volumes and unrealised foreign exchange losses. Revenue also fell 12.6 per cent year-on-year to RM70.5 million from RM80.6 million, dragged by softer sales in key export markets including North America and China. Despite the challenges, Gan said domestic sales remained resilient, with stable contributions from Europe and Oceania. "Our business fundamentals remain intact, and we are focused on adapting to market conditions and ensuring operational stability," he added. Looking ahead, Kawan Food expects growth to be supported by sustained domestic demand for its frozen convenience foods, while it continues expanding internationally through innovation, targeted marketing, and improved distribution. To strengthen operations, the group has allocated RM3.3 million in capital expenditure for property, plant, and equipment, aimed at boosting supply chain resilience and manufacturing capacity. Shares of Kawan Food have been on a downward trend for nearly two years, falling from RM2.30 in January 2023 to RM1.29 on Wednesday, giving it a market capitalisation of RM469.61 million.
