Malaysian Rating Corporation Berhad

MARC EVENTS: For Panel Session 3 of SAREC 2025, panellists shared insights from the investor’s perspective, and discussed financing options and policies to attract local and foreign capital for renewable energy growth in Sabah. Moderator: • Badrul Hisham Zawawi — Chief Commercial Officer, Malaysian Rating Corporation Berhad Panellists: • Mohammad Fariz Ahmad Shamsuddin — Chief Executive Officer, KAF Investment Fund Berhad Funds Berhad • Dr. Rosnani Rasul — Chief Executive Officer, BIMB Securities Sdn Bhd • Irwin Mohd Eusoff — Group Chief Corporate Strategy and Sustainability Officer, AFFIN Group • Roy Heong Beng Wai — Chief Sustainability Officer, Group Strategy and Transformation, Alliance Bank Malaysia Berhad For more event info, please visit www.sarec2025.com. #MARC #QhazanahSabah #SAREC2025 #renewableenergy

MARC EVENTS: The afternoon session of SAREC 2025 started off with Panel Session 2, "Overcoming Hurdles and Transforming Tomorrow: Sabah’s Renewable Energy Transition Strategies", looking at energy transition strategies from the perspectives of various stakeholders. Moderator: • Somasundram a/l Ramasamy — Member of Board Investment Committee, Qhazanah Sabah Berhad Panellists: • Terrence John Kouju — Director of Strategic Planning, Energy Commission of Sabah • Ir. Ts. Mohd Yaakob bin Haji Jaafar — Chief Executive Officer, Sabah Electricity Sdn. Bhd. • Nazliyah Mohd Ali — Sector Head of Industry Partnership, Talent Corporation Malaysia Berhad (TalentCorp) • Ir. Nirinder Singh Johl — Chief Executive Officer, AsiaCarbonxChange For more event info, please visit www.sarec2025.com. #MARC #QhazanahSabah #SAREC2025 #renewableenergy

MARC EVENTS: The morning session of SAREC 2025 ended with a fireside chat, “Opening Doors to Renewable Energy Projects Through the Debt Capital Markets”. This session explored the role of financial institutions and the capital markets, in advancing Sabah’s renewable energy landscape. Moderator: • Leslie Jong Vui Min — Head of ESG/Sustainability, MARC Solutions Sdn Bhd Panellists: • Saiful Hakim Rahman — Director of Strategic Planning, Sustainable Energy Development Authority (SEDA) Malaysia • Ranita Abdullah — Head of ESG Strategy and Solutions, Group Global Banking, Maybank For more event info, please visit www.sarec2025.com. #MARC #QhazanahSabah #SAREC2025 #renewableenergy

MARC EVENTS: The first panel session for SAREC 2025 discussed the challenges in expanding renewable energy in Sabah. This was as seen through the perspectives of industry players, thus opening a meaningful dialogue on the ways to break through existing barriers for the development of the renewable energy sector. Moderator: • Dr. Edward Chua — President, Green Energy Association of Sabah Panellists: • Datuk Haji Beroz Mirdin — Executive Chairman, JENTAYU SUSTAINABLES BERHAD • HP Ong — Group Chief Executive Officer, Sunview Group Berhad • Ir. Yew Hoe Kwok — Acting Group Chief Executive Officer, Cenergi SEA Berhad • Sharidan Salleh — Senior Head, Ratings Portfolio - Oil & Gas and Power MARC Ratings Berhad For more event info, please visit www.sarec2025.com. #MARC #QhazanahSabah #SAREC2025 #renewableenergy

MARC RESEARCH: Malaysia’s economy is anticipated to grow by 4.4% in 1Q2025, easing from 5.0% in the previous quarter due to weaker mining and manufacturing output, although domestic demand as well as the services and construction sectors remained resilient. Inflation stayed subdued at 1.4% in March, but upside risks may arise from the recently implemented minimum wage hike and the upcoming RON95 fuel subsidy rationalisation. Despite trade headwinds, exports rose by 6.8% in March, led by electrical and electronics, palm oil, and machinery, particularly to the US, Hong Kong, and Singapore. However, exposure to new US tariffs would pose risks, although the affected countries are likely to cope through ongoing supply chain diversification. For the full press announcement, please click here: https://lnkd.in/gQpmzaNq For the full monthly report, please click here: https://lnkd.in/gfusrnih #MARC #MARCRatings #economicresearch #monthlyreview

MARC DATA: The Malaysian economy is forecast to grow steadily in 2025, driven by robust consumer spending and elevated investment activities.   Investment growth will be primarily fueled by large public infrastructure projects and foreign direct investments in data centre construction, technology, and artificial intelligence sectors. However, economic headwinds from the Artificial Intelligence Diffusion Framework policy could pose challenges, potentially impacting the growth trajectory, especially for data centre hyperscalers in Malaysia.   MARC Data is ready to support your business. Our Business Information Reports and Credit Reports provide the intelligence you need to navigate the market, manage risks, and seize opportunities. To learn more, visit www.marcdata.com.my or contact us at data@marc.com.my.

Today we celebrate the hard work and dedication of individuals across all fields - may all our efforts continuously bring growth, positive change and shared success. Happy Labour Day, from all of us at MARC.

MARC RESEARCH: MARC Ratings today published its 2024 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2024. For the full press announcement, please click here: https://lnkd.in/guuQ55ht For the full report, please click here: https://lnkd.in/gctZ9Xvg #MARC #MARCRatings

RATING ANNOUNCEMENT: MARC Ratings has assigned preliminary ratings to S P Setia Berhad’s proposed sukuk programmes as follows: • RM3.5 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programme with a sublimit of RM1.5 billion on the Perpetual Sukuk at AAIS /A+IS. The ratings outlook is stable. • RM500.0 million Islamic Commercial Papers Programme at MARC-1IS. MARC Ratings maintains its rating on S P Setia’s existing RM3.0 billion IMTN Programme, which was affirmed on July 5, 2024, at AAIS /Stable. The existing IMTN programme has been fully drawn down. (The full credit analysis report was published on July 12, 2024.) For the full press announcement, please click here: https://lnkd.in/g46Vtiyp #MARC #MARCRatings #creditrating #SPSetia

RATING ANNOUNCEMENT: MARC Ratings has revised its rating outlook on Sinar Kamiri Sdn Bhd’s outstanding RM170.0 million ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah to positive from stable. Concurrently, the AA-IS rating on the Sukuk Wakalah has been affirmed. The rating agency will upgrade Sinar Kamiri’s rating within the next 6–12 months provided the current projected operational performance trajectory is maintained. For the full press announcement, please click here: https://lnkd.in/gwUjTSkj #MARC #MARCRatings #creditrating #SinarKamiri