Latest news with #NeohJiaMan
New Straits Times
6 days ago
- Business
- New Straits Times
Petronas signals long-term LNG commitment in Canada
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas)'s continued presence in Canada highlights its long-term commitment to natural gas and liquefied natural gas (LNG) as a core pillar of its energy transition strategy. According to Tradeview Capital fund manager Neoh Jia Man, natural gas remains a vital transitional fuel for Petronas, which is expected to sustain investments in LNG and related infrastructure. However, Neoh said Petronas may eventually divest its Canadian upstream operations while retaining its stake in LNG Canada, a move that would still reflect its strategic focus on LNG and align with its long-term plans in the region. "In our view, Canada's low-cost natural gas and crude oil resources remain attractive to most energy companies. "However, cultural differences and a lack of local operational expertise may present execution challenges for some Asian energy firms," he told Business Times. As such, Neoh said that over the long term, as Petronas shifts away from traditional fossil fuels, a full exit from Canada remains possible. He noted that this is likely unless the company identifies new opportunities that align with its evolving portfolio in renewable energy, hydrogen, green mobility, speciality chemicals, carbon capture and storage, or bio-based products. Petronas has denied reports suggesting it intends to exit Canada, reaffirming its strong, long-term commitment to the country's energy sector. In a brief statement issued on Wednesday, the Malaysian state-owned energy firm clarified that claims of its withdrawal from Canada are incorrect. This statement follows a Bloomberg report on Tuesday indicating that Petronas is evaluating strategic options for its Canadian subsidiary, formerly Progress Energy Resources Corp. According to sources cited by Bloomberg, Petronas is working with a financial advisor and gauging interest from potential buyers. The Canadian business is estimated to be worth between US$6 billion and US$7 billion. Reports suggest that Petronas is considering either a full or partial sale, with the possibility of selling only a minority stake depending on investor interest. Meanwhile, Nusantara Academy for Strategic Research senior fellow Dr Azmi Hassan noted that Petronas has a history of reassessing its LNG investments in Canada based on prevailing market conditions. He pointed out that back in 2017, Petronas withdrew from the Pacific Northwest LNG project following a period of low LNG prices, while simultaneously focusing on the Rapid LNG project in Pengerang, Malaysia. Azmi suggested that this approach reflects a strategic prioritisation rather than a complete withdrawal from Canadian projects. Another industry expert said Petronas' ongoing commitment to Canada demonstrates confidence in the value of Canadian LNG assets and reflects a balanced strategy to diversify its portfolio across stable markets. He noted that Canada offers political stability, strong regulatory frameworks, and access to the Pacific market, making it an attractive and reliable destination for Asian energy investments, especially as demand in Asia continues to grow. "While companies routinely review their portfolios, Petronas' current stance suggests it sees continued value in Canada. "However, any future decisions to exit from Canada would likely be driven by long-term market trends," he said. Petronas entered Canada in 2012 by acquiring Progress Energy for US$5.3 billion, securing shale gas assets in northeastern British Columbia. Currently, Petronas operates the North Montney Joint Venture (NMJV) and holds a 25 per cent share in LNG Canada, a significant US$40 billion liquefied natural gas project nearing completion in Kitimat, British Columbia. Other LNG Canada partners include Shell plc, PetroChina, Mitsubishi Corp., and Korea Gas Corp. The LNG facility is set to be one of the lowest in carbon emissions globally and is preparing to ship its first cargo later this year. Petronas reaffirmed its commitment to supplying lower-carbon, reliable Canadian liquefied natural gas to global markets for the long term.
New Straits Times
22-05-2025
- Business
- New Straits Times
PN17 companies struggle to stay afloat
KUALA LUMPUR: The potential removal of companies from Bursa Malaysia for failing to submit financial regularisation plans is becoming an increasingly familiar reality in the 2025 corporate landscape. Since January, at least one company has been shown the door, while two more under Practice Note 17 (PN17) face potential delisting amid an increasingly challenging global economic environment. Last month, Reach Energy Bhd became the first to be delisted this year, on April 29, after its third extension request to submit a regularisation plan was rejected. The oil and gas company, once a high-profile special purpose acquisition company (SPAC), had failed to demonstrate a viable turnaround strategy despite repeated assurances. It slipped into PN17 in April 2023, after the shareholders' equity fell below 50 per cent of its share capital as of the fiscal year ended Dec 31, 2022. In terms of financial performance, for the fiscal year ended Dec 31, 2024, Reach Energy reported revenue of RM207.83 million, a slight decrease from RM208.67 million in the previous year. The company recorded a net loss of RM18.11 million, an improvement compared to the RM208.3 million loss in the prior year. On Tuesday, Sarawak Cable Bhd and Annum Bhd were flagged for potential delisting after Bursa rejected their appeals for more time. Both companies are scheduled for trading suspension on May 28, with delisting set for May 30, unless a fresh appeal is submitted and accepted. In early trade, shares of Sarawak Cable and Annum plunged by 56 per cent and 70 per cent, respectively. Sarawak Cable continued to slide throughout the day, ending 62.5 per cent lower at 3 sen with a total of 59.1 million shares traded. Annum tumbled 80 per cent, losing 4 sen to close at 1 sen, with 7.9 million shares changing hands. Tradeview Capital fund manager Neoh Jia Man said while the share price crashes may appear dramatic, they are not out of the ordinary within the current market context. "The share price performance of both firms on Wednesday is not unusual, as it merely reflects the broader weak market sentiment," he told Business Times. Neoh advised investors not to concentrate only on day-to-day share price changes, but to pay closer attention to shifts in a company's fundamentals, especially when firms fail to stabilise their operations, increasing the risk of delisting. "Although the technical triggers for their classification as PN17 or GN3 (under Paragraph 8.03A) differ, the underlying issue is the same: both firms are considered to have insufficient levels of operations to meet ongoing listing requirements," he added. He said there are not any particular industries or sectors that are more prone to delisting, as the risk of being delisted due to inadequate business operations is generally not tied to any specific sector. "Investors should seek to understand the root causes of the potential delisting in each case. It is crucial to engage management on their recovery plans, as this may offer insight into the likelihood of a white knight emergence or the viability of a new business plan," he added. Meanwhile, several other distressed firms have received temporary reprieve. Pertama Digital Bhd and Iskandar Waterfront City Bhd were recently granted six-month extensions by Bursa to finalise their respective regularisation plans. Majuperak Holdings Bhd, a Perak state-linked developer, was given until October 11 to submit its proposal. The developer's turnaround strategy involves several key elements, including acquiring strategic assets, selling off underperforming properties, and investing in renewable energy initiatives. PN17 and Guidance Note 3 (GN3) are designations by Bursa Malaysia for financially distressed companies listed on the stock exchange. These classifications apply to firms experiencing issues such as shareholders' equity dropping below 25 per cent of paid-up capital or loan defaults. Affected companies are required to submit a regularisation plan, typically within 12 months, or risk suspension and potential delisting. Currently, 24 companies are classified under PN17 and GN3 on Bursa Malaysia, representing about 2.34 per cent of the 1,025 listings across the Main and ACE Markets.
New Straits Times
25-04-2025
- Business
- New Straits Times
MBI Ponzi scheme targeted foreigners unfamiliar with local market [WATCH]
KUALA LUMPUR: Investment scams like the now-exposed Mobility Beyond Imagination (MBI) scheme often target foreign investors who are less familiar with local market conditions, says fund manager Neoh Jia Man. Neoh, of Tradeview Capital, said it is not uncommon for schemes originating in one country to lure victims from another, precisely because the latter lack on-the-ground knowledge to spot red flags. "These scams are designed to exploit gaps in awareness," Neoh told the New Straits Times' Beyond the Headlines. "When you're unfamiliar with how things operate locally — the regulations, the players, the red flags — you're far more vulnerable." Neoh added that investors should focus on markets where they have a "homegrown advantage" — familiarity with the business environment, regulations, and on-the-ground realities. "That local knowledge gives you an edge. There were actually a lot of obvious warning signs in MBI's case that locals might have picked up on — but foreigners wouldn't necessarily recognise them," he said. MBI, founded by Tedy Teow Wooi Huat, is believed to have defrauded more than 11 million people globally. On April 11, four 'Datuks' — including two lawyers — were among eight people arrested in connection with MBI. Inspector-General of Police Tan Sri Razarudin Husain said the federal police's Anti-Money Laundering Unit has so far frozen and seized assets and accounts worth RM3.17 billion. The arrests and seizures were made under Op Northern Star, a cross-border operation launched after an Interpol Red Notice was issued on March 20. Assets linked to MBI's Ponzi-style operation — based in a neighbouring country — are still being traced.
New Straits Times
25-04-2025
- Business
- New Straits Times
Greed, false confidence drove MBI scheme, says fund manager [WATCH]
KUALA LUMPUR: The now-defunct Mobility Beyond Imagination (MBI) investment scheme thrived for years by feeding off investor greed and projecting a façade of legitimacy through physical assets, says fund manager Neoh Jia Man. Speaking to the New Straits Times' Beyond the Headlines, Neoh, of Tradeview Capital, said investors are often aware of the risks behind schemes promising high returns — but greed frequently overrides sound judgment. "People who invest in these schemes are often well-informed, but they still fall for promises that are simply too good to be true," he said. Neoh added that MBI stood out from other scams because it was backed by a wide range of physical assets, including shopping malls, hotels, property projects and even durian orchards. "These tangible assets gave investors a false sense of security. Unlike other schemes based purely on digital or virtual offerings, MBI's real-world presence gave the illusion of credibility," he said. He added that some investors may have suspected the scheme was unsustainable, but stayed on as long as the payouts kept coming. "They were blinded by greed. There's also the belief that because the company had so many visible assets, the money game could last longer than others — and in MBI's case, it did." Authorities believe the MBI scheme defrauded more than 11 million people. Police have since identified billions more in assets potentially linked to the scam. On April 11, four 'Datuks' — including two lawyers — were among eight people arrested in connection with MBI. Inspector-General of Police Tan Sri Razarudin Husain said the federal police's Anti-Money Laundering Unit has so far frozen and seized assets and accounts worth RM3.17 billion. The arrests and seizures were made under Op Northern Star, a cross-border operation launched after an Interpol Red Notice was issued on March 20. Assets linked to MBI's Ponzi-style operation — based in a neighbouring country — are still being traced.
New Straits Times
25-04-2025
- Business
- New Straits Times
[EP93] BTH: MBI fraud, ponzi scheme, warning signs and Jho Low 2.0 [WATCH]
KUALA LUMPUR: In one of the most extensive crackdowns on financial fraud in recent Malaysian history, authorities have seized and frozen more than RM3.17 billion worth of assets linked to the defunct investment outfit Mobility Beyond Imagination (MBI). Once marketed as a futuristic loyalty programme promising sky-high returns, MBI operated for over a decade as a global Ponzi scheme — ensnaring over 11 million investors, including many from neighbouring countries. Tradeview Capital fund manager Neoh Jia Man joins Beyond the Headlines to help us decode the classic red flags of Ponzi schemes, the behavioural cues of fraudsters, and what investors can do to shield themselves from similar financial traps in future. The episode tackled the larger implications of MBI's collapse—particularly the chilling ripple effects it could have on public confidence and market stability. From "guaranteed returns" to shady referral structures and secretive business operations, he offered expert insights into due diligence, verification with regulators, and the importance of transparency in financial platforms. Watch the latest episode of Beyond the Headlines on NST Online's YouTube channel. * This episode was recorded on Apr 24.
