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KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 OUR REPORTS The Annual Report 2023, Corporate Governance Report 2023 and Sustainability Report 2023 are our primary reports. Annual Report Provides an overview of Kenanga Group’s financial performance, as well as business highlights of the year. Corporate Governance Report Provides an overview of Kenanga Group’s corporate governance and how it facilitates effective management to deliver long-term value for the Company. Sustainability Report Provides an understanding of Kenanga Group’s sustainability ambitions, initiatives and progress, as well as how it is integrated across the business. Supplementary information is available on our website: https://www.kenanga.com.my 50 ANNUAL GENERAL MEETING Date Thursday, 30 May 2024 Time 11:00 a.m. Broadcast Venue Level 19, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur, Wilayah Persekutuan, Malaysia TH Kenanga is committed to making a difference in the environment. Play your part by opting to download a softcopy of our reports at https:www.kenanga.com.my/investorrelations/AGM2024 or by scanning the QR code on the left. COVER RATIONALE At Kenanga, we embark on our journey guided by four (4) fundamental values: agility, collaboration, trustworthiness, and future-facing. These values serve as the bedrock of our identity, propelling us forward in our commitment to resilience and innovation in the dynamic landscape of the financial world. The cover of our Annual Report symbolises our steady trajectory having achieved market leadership position across all core businesses, and embracing the road ahead with determination and resilience. The blue skies overhead represent the boundless possibilities that await, as we continue to push the boundaries of innovation, driving growth and creating value for our shareholders.
1 INSIDE THIS REPORT 6 FINANCIAL STATEMENTS Five (5)-Year Group Financial Summary 127 Five (5)-Year Group Financial Highlights 127 Directors’ Report 128 Statement by Directors 135 Statutory Declaration 135 Independent Auditors’ Report 136 Shariah Committee’s Report 142 Consolidated Statement of Financial Position 143 Statement of Financial Position 144 Statements of Profit or Loss and Other Comprehensive Income 145 Consolidated Statements of Changes in Equity 147 Statements of Changes in Equity 149 Statements of Cash Flow 150 Notes to the Financial Statements 152 8 ADDITIONAL INFORMATION Notice of 50th Annual General Meeting 364 Statement Accompanying Notice of 50th Annual General Meeting 371 Corporate Directory 372 Proxy Form 375 7 SHAREHOLDERS’ INFORMATION Analysis of Shareholdings 361 List of Thirty (30) Largest Shareholders 362 Substantial Shareholders’, Directors’ and Group Managing Director’s Interest in Securities 363 3 VALUE CREATION MODEL Value Creation Model 22 5 HOW WE ARE GOVERNED Founder Emeritus and Adviser’s Profile 48 Profiles of Directors 50 Group Managing Director’s Profile 58 Senior Management Profiles 59 Corporate Governance Overview Statement 67 Ethics and Compliance Statement 98 Statement on Risk Management and Internal Control 111 Audit Committee Report 116 2 LEADERSHIP MESSAGE Chairman’s Message 10 Group Managing Director’s Management Discussion and Analysis 14 1 WE ARE KENANGA Kenanga at a Glance 2 Who We Are 4 Our Notable Recognitions in 2023 5 Corporate Structure 7 Corporate Information 8 4 OUR SUSTAINABILITY APPROACH Sustainability Statement 24 Bursa Malaysia Sustainability Reporting Disclosures 46
2 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 KENANGA AT A GLANCE Today, Kenanga Investment Bank Berhad (“KIBB” or “Kenanga”) is the country’s leading independent investment bank with a continuous commitment towards driving collaboration, innovation, digitalisation and sustainability in the marketplace. The Group’s ambitions include building a robust digital ecosystem that meets the needs of its clients and businesses. Some of its game-changing products include Malaysia’s fully online digital stockbroking platform Rakuten Trade and a fully artificial intelligence (“AI”) robo-advisor, Kenanga Digital Investing. It is currently developing Malaysia’s first Wealth SuperApp that will be rolled out in 2024. Kenanga’s Digital Journey 2016 Rakuten Joint Venture Kenanga entered into a joint venture with Japanese internet giant Rakuten Securities, Inc. 2017 Launch of Rakuten Trade Kenanga and Rakuten Securities, Inc. jointly launched Rakuten Trade, Malaysia’s first fully digital equity broker. Back Office Digitalisation Kenanga completed back office digitalisation to enhance efficiencies. 2019 Launch of Remisier Portal Kenanga launched a new portal to enable remisiers to work remotely. 2020 E-Wallet Launch with Merchantrade Asia Sdn Bhd (“Merchantrade”) Kenanga launched Kenanga Money, Malaysia’s first stockbroker e-wallet, with Merchantrade and later acquired a 4.99% stake in the company.
3 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION KENANGA AT A GLANCE Awarded at The Edge Malaysia Centurion Club Corporate Awards 2023 2021 A Stake in Tokenize Technology (M) Sdn Bhd Kenanga received approval from the Securities Commission Malaysia to acquire 19% stake in Digital Asset Exchange Platform, Tokenize Xchange. 2022 2023 Launch of a RoboAdvisory Platform Kenanga launched a fully AI-driven robo-advisory platform, Kenanga Digital Investing. Signed Memorandum of Understanding with Ant Group Kenanga entered into a collaboration with Ant Group to develop Malaysia’s first Wealth SuperApp, geared to revolutionise wealth generation and management. 2020 >500,000 clients >1,300 employees RM21.7 billion Asset under Administration >6,500 licensed representatives Celebrated 50 years on 9 June 2023 Partnership with Bay Group Holdings Sdn Bhd (“CapBay”) Kenanga entered into a partnership with CapBay to digitalise first-inMalaysia factoring solution unifying both, private and public sector’s receivables under one (1) platform. ‘Highest Returns to Shareholders Over Three Years’ ‘Highest Growth in Profit After Tax in Over Three Years’ ESG Rating of 4 Top 11 in Percentile Ranking
4 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 WHO WE ARE Established for over fifty (50) years, Kenanga is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives broking, investment management, asset and wealth management, money lending and robo-advisory. OUR BRAND VALUES Agility We are nimble and quick to respond with creative, customised solutions to meet our stakeholders’ needs, both externally and internally. Trustworthiness Professionalism, integrity and transparency are values we hold dear. We are fully committed to ethical practices and strive to always maintain credibility in all that we do. Future Facing We are constantly pushing boundaries. Our pursuit of digital innovations will drive financial inclusion and create opportunities and possibilities for our stakeholders. Collaboration We are supported by an integrated network of colleagues and partners. We believe in consolidating our knowledge and working together for the best solutions.
5 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION KENANGA INVESTMENT BANK BERHAD OUR NOTABLE RECOGNITIONS IN 2023 The Edge Malaysia Centurion Club Corporate Awards 2023 Financial Services Category • Highest Returns to Shareholders Over Three Years • Highest Growth in Profit After Tax Over Three Years National Energy Awards 2023 • Winner of Energy-Efficient Building in Retrofitted Building Malaysia National Business Award 2023 • Investment Banking Malaysia Technology Excellence Award 2023 • Fintech – Investment Banking United Nations Global Compact Malaysia-Brunei Forward Faster Sustainability Awards 2023 Recognition for: • Partnership for the Goals • Sustainability Awareness and Employee Engagement ESG Positive Impact Awards 2022 • Silver Award in the Innovative Partnership Category Bursa Excellence Awards 2023 • Best Overall Equities Participating Organisation (Champion) • Best Retail Equities Participating Organisation (Investment Bank) (Champion) • Best Online Retail Participating Organisation (Champion) Bursa Retail Investor Campaign 2023 Top Remisier Category • Highest Number of New Accounts Opened (Shariah): Ahmad Faizal bin Mohamed Yusup • Highest Traded Value – New Accounts: Ooi Yim Ee • Highest Reactivation – Untraded Accounts: Yasmin Mae Abdul Karim SRP Asia Pacific Awards 2023 • Best Educational Initiative The Edge Best Call Awards 2023 • Samuel Tan Kai Bin’s timely downgrade of D&O Green Technologies Bhd and SKP Resources Bhd • Nigel Ng Ken Hou’s call on United U-Li Corp Bhd Focus Economics Analyst Forecast Awards 2023 • Kenanga Research, Third Place in Malaysia – Interest Rate Category Sustainability & CSR Awards 2023 • Bank of the Year – Outstanding Sustainability Champion
6 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 OUR NOTABLE RECOGNITIONS IN 2023 KENANGA INVESTORS BERHAD KENANGA FUTURES SDN BHD FSMOne Recommended Unit Trust Awards 2023/2024 LSEG Lipper Fund Awards Malaysia 2024 Asia Asset Management’s 2024 Best of the Best Awards Sector Equity – Malaysia Focused Sector Equity – Malaysia Small to Medium Companies (Islamic) Private Retirement Scheme – Growth (Islamic) Best Equity Malaysia Diversified – Malaysia Pension Funds over 10 Years Best Mixed Asset MYR Flexible – Malaysia Pension Funds over 10 Years Malaysia Best Impact Investing Manager Best Impact Investing Manager in ASEAN Malaysia Best Equity Manager Malaysia CEO of the Year Malaysia CIO of the Year Malaysia Best House for Alternatives Malaysia Most Improved Fund House Malaysia Best Investor Education Kenanga Growth Fund Series 2 Kenanga Shariah Growth Opportunities Fund Kenanga Shariah OnePRS Growth Fund Kenanga Malaysian Inc Fund Kenanga Diversified Fund Kenanga Investors Berhad Kenanga Investors Berhad Kenanga Investors Berhad Datuk Wira Ismitz Matthew De Alwis, Executive Director and Chief Executive Officer, Kenanga Investors Berhad Lee Sook Yee, Chief Investment Officer, Kenanga Investors Berhad Kenanga Investors Berhad Kenanga Investors Berhad Kenanga Investors Berhad Bursa Excellence Awards 2023 • Best Overall Derivatives Trading Participant (Champion) • Best Trading Participant Commodity Derivatives (Champion) • Best Institutional Derivatives Trading Participant (Champion)
7 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION CORPORATE STRUCTURE Kenanga Investment Bank Berhad Registration No. 197301002193 (15678-H) 100% Kenanga Capital Sdn Bhd Registration No. 199701024604 (440102-V) 20% Kenanga Capital Islamic Sdn Bhd Registration No. 201101010778 (938908-X) 100% Kenanga Private Equity Sdn Bhd Registration No. 199701007563 (423059-P) 100% Kenanga Management & Services Sdn Bhd Registration No. 198001007478 (61262-V) 100% Kenanga Nominees (Tempatan) Sdn Bhd Registration No. 197301003326 (16778-M) 100% Kenanga Nominees (Asing) Sdn Bhd Registration No. 199301025305 (280043-U) ECML Berhad Registration No. 193001000016 (682-X) 100% 100% Kenanga Digital Sdn Bhd Registration No. 193801000015 (938-T) 29.6% Al Wasatah Al Maliah Company (Incorporated in the Kingdom of Saudi Arabia) Registration No. 1010241832 100% K & N Kenanga Holdings Berhad Registration No. 199401017181 (302859-X) 50% Rakuten Trade Singapore Pte Ltd (Incorporated in Singapore) Registration No. 201433886E 50% Rakuten Trade Sdn Bhd Registration No. 199301011963 (266701-P) 100% Avenue Kestrel Sdn Bhd Registration No. 198301001914 (97150-A) 100% Kenanga Futures Sdn Bhd Registration No. 199501024398 (353603-X) 100% 45% SSSB Management Services Sdn Bhd Registration No. 199101009010 (219322-W) Kenanga Investment Corporation Ltd (Incorporated in Sri Lanka) Registration No. PB300 100% Kenanga Investors Berhad Registration No. 199501024358 (353563-P) 100% Eq8 Capital Sdn Bhd (Formerly known as i-VCAP Management Sdn Bhd) Registration No. 200701034939 (792968-D) 100% KUT Nominees (Asing) Sdn Bhd Registration No. 200201001939 (569602-K) 100% KUT Nominees (Tempatan) Sdn Bhd Registration No. 200201001942 (569605-D) 100% Kenanga Islamic Investors Berhad Registration No. 199701036457 (451957-D) Kenanga Trustees Berhad (Formerly known as Kenanga Funds Berhad) Registration No. 200301017657 (620077-K) Note: All the above companies are incorporated in Malaysia, except for Kenanga Investment Corporation Ltd, Al Wasatah Al Maliah Company and Rakuten Trade Singapore Pte Ltd 20% 20% 20% 20% 20%
8 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 CORPORATE INFORMATION BOARD OF DIRECTORS YAM TAN SRI DATO’ SERI SYED ZAINOL ANWAR IBNI SYED PUTRA JAMALULLAIL (“YAM Tan Sri Dato’ Seri Syed Anwar Jamalullail”) Chairman/ Independent Non-Executive Director ISMAIL HARITH MERICAN Non-Independent Non-Executive Director LUK WAI HONG, WILLIAM Non-Independent Non-Executive Director JEREMY NASRULHAQ Senior Independent Non-Executive Director NORAZIAN AHMAD TAJUDDIN Independent Non-Executive Director KANAGARAJ LORENZ Independent Non-Executive Director CHOY KHAI CHOON Non-Independent Non-Executive Director CHIN SIEW SIEW Independent Non-Executive Director GROUP GOVERNANCE, NOMINATION & COMPENSATION COMMITTEE CHIN SIEW SIEW Chairman - Jeremy Nasrulhaq - Ismail Harith Merican - Norazian Ahmad Tajuddin - Choy Khai Choon Members GROUP BOARD DIGITAL INNOVATION & TECHNOLOGY COMMITTEE KANAGARAJ LORENZ Chairman - Luk Wai Hong, William - Jeremy Nasrulhaq - Choy Khai Choon - Chin Siew Siew Members GROUP BOARD RISK COMMITTEE NORAZIAN AHMAD TAJUDDIN Chairman - Luk Wai Hong, William - Kanagaraj Lorenz - Choy Khai Choon - Chin Siew Siew Members SHARIAH COMMITTEE DR. GHAZALI JAAPAR Chairman - Dr. Mohammad Firdaus Mohammad Hatta - Dr. Fadillah Mansor Members AUDIT COMMITTEE JEREMY NASRULHAQ Chairman - Kanagaraj Lorenz - Norazian Ahmad Tajuddin Members EMPLOYEES’ SHARE SCHEME COMMITTEE CHIN SIEW SIEW Chairman - Norazian Ahmad Tajuddin - Jeremy Nasrulhaq Members
9 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION CORPORATE INFORMATION GROUP EXECUTIVE COMMITTEE DATUK CHAY WAI LEONG Group Managing Director Kenanga Investment Bank Berhad DATUK LEE KOK KHEE Executive Director, Head of Group Equity Business Kenanga Investment Bank Berhad DATUK ROSLAN HJ TIK Executive Director, Head of Group Investment Banking and Islamic Banking Kenanga Investment Bank Berhad DATUK WIRA ISMITZ MATTHEW DE ALWIS Chief Executive Officer/ Executive Director Kenanga Investors Berhad CYNTHIA WOON CHENG YEE Head of Group Treasury Kenanga Investment Bank Berhad AZILA ABDUL AZIZ Chief Executive Officer/ Executive Director and Head of Listed Derivatives Kenanga Futures Sdn Bhd CHEONG BOON KAK Group Chief Financial and Operations Officer Kenanga Investment Bank Berhad MAHESWARI KANNIAH Group Chief Regulatory and Compliance Officer Kenanga Investment Bank Berhad NIK HASNIZA NIK IBRAHIM Group Chief Human Resource Officer Kenanga Investment Bank Berhad TAI YAN FEE Group Chief Risk Officer Kenanga Investment Bank Berhad WOO KING HUAT Chief Credit Officer Kenanga Investment Bank Berhad VAITHIYANATHAN MADAVAN Head of Group Operations Kenanga Investment Bank Berhad LOW JIA YEE Chief Technology Officer Kenanga Investment Bank Berhad SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR JEREMY NASRULHAQ Email: jeremyn@kenanga.com.my GROUP COMPANY SECRETARY NORLIZA ABD SAMAD (CCM PC NO.: 201908002139) (MAICSA 7011089) REGISTERED OFFICE KENANGA INVESTMENT BANK BERHAD Registration Number: 197301002193 (15678-H) Level 17, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur Wilayah Persekutuan Malaysia Tel : +603-2172 2888 Fax : +603-2172 2999 URL : https://www.kenanga.com.my E-mail : kenanga@kenanga.com.my AUDITORS ERNST & YOUNG PLT (202006000003 (LLP0022760-LCA) & AF 0039) Chartered Accountants Level 23A, Menara Milenium Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur Wilayah Persekutuan Malaysia STOCK EXCHANGE LISTING BURSA MALAYSIA SECURITIES BERHAD Main Market: Financial Services Stock Name: KENANGA Stock Code: 6483 Listing Date: 2 November 2016 PRINCIPAL BANKERS AmBank (M) Berhad CIMB Bank Berhad Malayan Banking Berhad RHB Bank Berhad Standard Chartered Bank (Malaysia) Berhad SHARE REGISTRAR BOARDROOM SHARE REGISTRARS SDN BHD Registration Number: 199601006647 (378993-D) 11th Floor, Menara Symphony No. 5, Jalan Prof. Khoo Kay Kim Seksyen 13 46200 Petaling Jaya Selangor Darul Ehsan Malaysia Tel : +603-7890 4700 Fax : +603-7890 4670 E-mail : BSR.Helpdesk@boardroomlimited.com Website : https://www.boardroomlimited.com
10 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 CHAIRMAN’S MESSAGE DEAR SHAREHOLDERS, This year marks a significant milestone as we proudly commemorate fifty (50) years of Kenanga Investment Bank Berhad (“Kenanga” or “KIBB” or “the Company”), a journey defined by resilience and enduring legacy. Reflecting upon this half-century, we witness Kenanga and Its Group of Companies (“Kenanga Group” or “the Group”) standing the test of time, creating value, and reshaping Malaysia’s investment landscape. As a homegrown brand, our role in democratising investing has empowered ordinary Malaysians to build and generate wealth. Beyond this, our approach is distinguished by a profound sense of responsibility, acknowledging our role as the gateway in helping our clients achieve their financial goals. A cornerstone of our success is undoubtedly the steadfast support from our stakeholders — shareholders, regulators, trusted business partners and valued clients. Your continuous confidence in us has been instrumental in propelling Kenanga forward throughout the decades, cementing our position as the country’s leading and award-winning independent investment bank. I would like to take this opportunity to extend my heartfelt gratitude for the enduring trust bestowed upon us. This trust serves as a beacon, inspiring us to continually strive for excellence. OVERVIEW This year has proven to be noteworthy for the Group. Despite challenges posed by the global environment such as inflationary pressures which led to high interest rate, as well as the lingering impact of the pandemic and geopolitical conflicts, the Group achieved commendable results. We are pleased to report a Revenue of RM821.1 million and a Profit Before Tax (“PBT”) of RM88.1 million, with Net Profit standing at RM72.8 million. In consideration of these results, the Board is delighted to declare a dividend of 7.00 sen per share, totaling dividend payable of RM51.5 million for Financial Year Ended 31 December 2023 (“FY2023”). UPHOLDING GOOD GOVERNANCE At the core of Kenanga Group’s operations is a persistent focus on maintaining the highest standards of good governance. In 2023, our Whistleblowing Policy was refined to include a comprehensive Speak Up Framework and a Speak Up Policy that lays the foundation for the Framework and provides, among others, assurance
11 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION CHAIRMAN’S MESSAGE A full account of our efforts can be found in the Ethics and Compliance Statement on pages 98 to 110 of this Annual Report. to all relevant stakeholders, both internal and external, of the safeguards accorded when making a report in good faith and that all reports will be handled objectively and impartially. Complementing this, an independent whistleblowing solutions provider was appointed to implement Conduct Watch, a secure and confidential channel for whistleblowing. In parallel, our annual flagship initiative, the Fraud Awareness Week (“FAW”), has reached its seventh (7th) year. What started off as an in-house campaign has expanded to a widely embraced industry-wide initiative, attracting over 2,300 delegates this year from regulatory bodies, public listed companies, and professional bodies, as well as our internal staff. The consistent surge in participation not only attests to the relevance of the event, but also accentuates its profound impact. This year, for the first (1st) time, we also collaborated with the esteemed Faculty of Law, University of Malaya (“UM”), on a Fraud Awareness Talk session aimed at enhancing awareness of fraud prevention and detection within the local community, particularly among the students of UM’s Law Faculty. The collaborative effort signifies our dedication to broadening the scope of FAW, fostering a culture of vigilance and ethical conduct in the fight against fraud.
12 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 CHAIRMAN’S MESSAGE SUSTAINABILITY AND CLIMATE ACTION The Group’s commitment to sustainability is not only expressed through our Sustainability Framework, but it is also reinforced by a three (3)-year Roadmap – a strategic guide encompassing specific goals and targets aimed at progressing our Environmental, Social and Governance (“ESG”) performance. For 2023, there was a particular emphasis on climate action as we have diligently ensured our readiness to meet regulatory timelines for incorporating climate risk management and considerations into the Group’s operations. As part of our commitment to further embed and solidify sustainability leadership at the Board level, we updated and expanded the Board Charter and Terms of Reference of the Board Committees to formalise Board oversight on matters relating to climaterelated risks, underscoring our dedication to not only addressing current challenges, but also fostering a climate-resilient business ecosystem. In terms of achieving energy efficiency, we proudly emerged as the winner of the ‘Energy-Efficient Building in Retrofitted Building’ category at the prestigious National Energy Awards 2023. This landmark recognition, presented by the Ministry of Natural Resources, Environment, and Climate Change in collaboration with the Malaysian Green Technology and Climate Change Corporation, signifies the culmination of years of dedicated effort. Since 2021, we have been proactively managing our environmental impact, integrating sustainable practices in our value chain, and incorporating technological solutions into our operations. This journey has led us to optimise the energy efficiency of our building, undertaking significant measures such as overhauling our air conditioning and air handling unit system, coupled with the installation of energyefficient lighting throughout the premises. PEOPLE AND COMMUNITIES Within the organisation, our commitment to community enrichment is deeply ingrained in a history of philanthropy and outreach initiatives. The year saw active support from our employees towards a myriad of volunteering activities, from emergency relief assistance during the devastating floods in Johor, to the distribution of almost 800 meals to the homeless, a blood donation drive at our headquarters, as well as supporting the children in need of Pertubuhan Rahoma Darul Fakir Malaysia. Collectively, these outreach initiatives made a meaningful impact, touching the lives of over 2,700 individuals. As a measure of progress, we have not only maintained our inclusion in the FTSE4Good Bursa Malaysia Index, but our score was also elevated from 3.7 to 4.0. This recognition affirms our continuous focus on sustainability and responsible business practices, emphasising our pursuit of prosperity while creating positive impact for people and the planet. Further details on our sustainability efforts can be found by scanning the QR code here. SCAN HERE
13 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION CHAIRMAN’S MESSAGE Beyond this, we continue to partner social enterprises, namely Silent Teddies Bakery and Dialogue Includes All (“DIA”) Academy, with whom we have fostered meaningful collaborations over the past twelve (12) years. Their advocacy for dignity, entrepreneurial spirit and a selfstarter mindset mirrors our very own culture of empowerment and resilience at Kenanga Group. In addition to being consistent patrons of the baked goods from Silent Teddies Bakery, an establishment run by hearing-impaired youths, we have also been actively supporting their expansion and renovation efforts that have been ongoing in recent years. In 2024, the humble bakery will be transformed to include a well-equipped learning centre for the hearing impaired, as well as a café that will cater to a broader audience. Witnessing their remarkable progress, especially as they grow their business, fills us with pride, highlighting the distance they have covered since our initial collaboration. In tandem, our alliance with DIA reflects our dedication towards inclusivity. DIA, beyond being a café, is an exhibition space advocating for people with disabilities. During the year, in collaboration with DIA Academy, our asset management arm, Kenanga Investors Berhad, organised immersive empathy workshops for their teams and network of financial advisers. Led by visually impaired trainers from DIA Academy, these workshops, conducted in darkness, encompassed empathy theories and activities aimed at reshaping awareness, fostering deeper appreciation, and breaking down barriers between abled and disabled communities. THE YEAR AHEAD For 2024, it is undeniable that we will be confronted with another set of challenges that will test our resilience and strategic acumen. Despite the hurdles ahead, our outlook is one of cautious optimism. While there are expectations that there will be a pause and eventual return to a lower interest rate environment which will be beneficial to the business, we are aware that other challenges exist. This includes slower global economic growth, the prospect of ongoing geopolitical conflicts disrupting global supply chains again, and China’s sluggish economic recovery. In the face of prevailing uncertainties, the Group will continue to be unwavering in its commitment to fostering collaborative partnerships with all stakeholders, driving innovation through the way we approach our business, as well as advocating sustainability in the marketplace. I am confident that these guiding principles will hold us in good stead, as we navigate the intricacies of the coming year. ACKNOWLEDGEMENTS I want to extend my heartfelt appreciation to YM Tan Sri Dato’ Paduka Tengku Noor Zakiah Tengku Ismail, the Founder Emeritus and Adviser of Kenanga Group and to my fellow Board members. This expression of gratitude is particularly poignant as we celebrate our fiftieth (50th) anniversary, and recognise the support and wisdom of the stalwarts who have been instrumental in shaping the enduring success of Kenanga Group. Additionally, my deepest thanks go to the dedicated Management and employees of Kenanga Group. Their exceptional service and tireless commitment have further solidified and enriched the values that define the essence of Kenanga Group. Finally, I extend my appreciation to our esteemed clients, business partners, suppliers, and shareholders for entrusting the Group. A special acknowledgment goes to Bank Negara Malaysia, Bursa Malaysia Berhad, and the Securities Commission Malaysia for their invaluable advice and steadfast support. TAN SRI DATO’ SERI SYED ANWAR JAMALULLAIL CHAIRMAN
14 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS DEAR SHAREHOLDERS, The year 2023 proved to be another challenging period for the world economy as headwinds from the previous year lingered, accompanied by escalating geopolitical tensions, persistently high inflation, sluggish growth, and turbulent financial markets. In response to inflationary pressures, the US Federal Reserve raised interest rates four (4) times, and many major central banks worldwide followed suit with Bank Negara Malaysia opting for a single rate hike in May 2023. These high interest rate moves had a cooling effect on global economic growth, dampening both business and consumer sentiment. Aggravating these challenges include China’s slow economic recovery, the ongoing Russia and Ukraine war, and the Israel-Palestine conflict, which added further layers of uncertainty to the economic landscape. According to the International Monetary Fund (“IMF”), the global Gross Domestic Product (“GDP”) projection stands at 3.2% for 2023, up from 2.3% in 2022. Meanwhile, Malaysia’s GDP growth moderated to 3.7% in 2023 from 8.7% in 2022, while inflation averaged 2.5%, down from 3.3% in 2022. The cumulative impact of these global events reverberated through capital markets worldwide, including Malaysia. Despite the challenges, Malaysia’s economy demonstrated resilience, driven by robust domestic demand. This resilience underscored Malaysia’s capital market as a steadfast platform for fundraising endeavours. Within the ASEAN region, FTSE Bursa Malaysia KLCI (FBMKLCI) emerged as the second-best performer, underlining a modest 5.7% upswing in the second (2nd) half of 2023, reaching 1,454.7 points — a healthy rebound from the 1,376.7 points recorded in the first (1st) half. OVERVIEW Amid formidable challenges, I am pleased to share that Kenanga and Its Group of Companies (“Kenanga Group” or “the Group”) delivered another strong year, with a Revenue of RM821.1 million and a Profit Before Tax (“PBT”) of RM88.1 million for the Financial Year Ended 31 December 2023 (“FY2023”). Net Profit for the year stood at RM72.8 million. As we celebrate fifty (50) years of growth as a proud and thriving homegrown brand, the positive outcomes achieved reflect the grit, persistence, and innovation that have consistently been the hallmark of our journey. These accomplishments stand as a testament to our commitment to safeguarding our clients’ financial interests, showcasing strength derived from agility and a diversified range of businesses. Throughout the year, our focus was centred on fortifying the pillars of our success. In our pursuit of sustained growth and shareholder value creation, we adhered to thoughtful and prudent practices. Strategic planning was exemplified through the development of innovative products tailored to meet client needs, branch consolidation efforts for enhanced efficiency, as well as substantial investments in cybersecurity and technology to ensure the financial well-being in the digital age. As we navigate the ever-evolving landscape of the financial industry, we believe these strategic initiatives will position us for growth and resilience.
15 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS Our Asset and Wealth Management division delivered a positive year, marked by an increase in management and performance fee income across our diverse client segments. Its Asset Under Administration (“AUA”) also registered a strong closing at RM21.7 billion in FY2023. Simultaneously, our Listed Derivatives business celebrated a significant milestone, attaining its highest profits in over a decade. This exceptional performance was driven by the heightened interest in derivative products spurred by market volatility. For our Stockbroking division, it recorded a positive upturn in 2023, aligning with the overall increase in market volume and turnover attributed to improved sentiment on our local market.This was exemplified by a notable upswing in the Group’s trading volume and trading value, increasing by 24.5% and 7.1% respectively. Such robust performance not only mirrored our commitment to excellence but also earned us the prestigious title of ‘Best Overall Equities Participating Organisation’ from Bursa Malaysia Berhad for the fourth (4th) consecutive year, further solidifying our position as a leader in the industry. Furthermore, the result of our Stockbroking division was also bolstered by the reversal of credit loss expense due to our recovery efforts. Over the past five (5) decades, our journey has been marked by challenges, each serving as a stepping stone propelling us to new heights. Though formidable, they proved to be transformative, strengthening our character and fostering innovation and adaptability within the Group. This was further recognised during the year when we were honoured at The Edge Malaysia Centurion Club Corporate Awards 2023 with the accolades, ‘Highest Returns to Shareholders Over Three Years’ and ‘Highest Growth in Profit After Tax Over Three Years’, affirming our dedication to delivering value and excellence in the financial industry. In this regard, I would like to extend my heartfelt appreciation to every member of the Kenanga Group family, both past and present, for their dedication and invaluable contributions. It is through our collective effort that we have forged a legacy that defines us today. In celebrating our fiftieth (50th) anniversary, we not only reflect on our rich history but also look forward with enthusiasm and optimism to the promising chapters that lie ahead. RM821.1 million RM88.1 million Revenue PBT In consideration of these results, the Board is delighted to declare a dividend of 7.00 sen per share SEGMENTAL REVIEW Stockbroking Refer to page 17 of this Annual Report for more information. Investment Banking Refer to page 18 of this Annual Report for more information. Asset and Wealth Management Refer to page 19 of this Annual Report for more information. Listed Derivatives Business Refer to page 20 of this Annual Report for more information.
16 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS HARNESSING DIGITAL MOMENTUM In response to the dynamic financial landscape, Kenanga Group has been undergoing a digital transformation, strategically investing in cutting-edge technologies to future-proof our operations. We believe that this forward-looking initiative will ensure our readiness for future challenges, positioning us as industry leaders. Throughout this journey, Kenanga Group strategically ventured into various digital collaborations with partners such as, Merchantrade Asia Sdn Bhd (“Merchantrade”), Rakuten Trade Sdn Bhd, (“Rakuten Trade”), Tokenize Technology (M) Sdn Bhd (“Tokenize”), and Bay Group Holdings Sdn Bhd (“CapBay”), while fostering the growth of our organic digital platforms and businesses. A pivotal focus of 2023 was laying the groundwork with the introduction of the Kenanga SuperApp. This comprehensive digital investment hub aims to empower Malaysians with seamless access to diverse asset classes, complete portfolio visibility, and loyalty rewards through a convenient, and user-friendly platform. To maximise the SuperApp’s potential, the Group established Kenanga Digital Sdn Bhd (“KDSB”) as a dedicated entity. Positioned as a disruptive tech-first player, the SuperApp is aimed at attracting strategic investors who share our vision of democratising access to investments for all. We believe our key differentiation in this space stems from the range of investment licenses we possess and/ or have access to, which will enable us to create the first (1st) one-stop-center for all investment needs. In Phase 1 of the SuperApp, we will consolidate our offerings such as robo-advisory, cryptocurrency trading, e-wallet, and stock trading under one (1) roof. We are now actively pursuing regulatory approvals to distribute these products through the SuperApp. In addition, our commitment to technological advancement goes hand-in-hand with our embrace of Artificial Intelligence (“AI”) and Machine Learning (“ML”) across new business initiatives. Notably, our proprietary quantitative trading algorithms, powered by AI and ML, have already demonstrated success in trading and portfolio management, particularly through Kenanga Digital Investing’s (“KDI”) robo-advisory business. In 2023, we launched our Treasury FX platform, providing our clients with the capability to conduct seamless online foreign currency trades and transfer funds internationally. With zero transfer fee and competitive rates, this platform unlocks elevated convenience for those on the go and further democratises access to the foreign currency exchange market. The release of an updated version is expected in 2024. CORPORATE HIGHLIGHTS The Group, via our subsidiary, Kenanga Capital Sdn Bhd (“KCSB”) has completed the disposal of 31.0% stake in Kenanga Capital Islamic Sdn Bhd (“KCI”) to CapBay. Currently, KCSB holds a 20.0% stake in KCI, which is now an associate company of the Group. The disposal did not have a significant impact on Kenanga Group’s earnings and net asset value in FY2023. FINANCIAL POSITION As at 31 December 2023, Group and Company capital adequacy ratios were 29.4% and 31.6% respectively, which were in excess of the minimum regulatory capital adequacy of 10.5% set by Bank Negara Malaysia, including a capital conservation buffer of 2.5% if imposed. Liquidity Coverage Ratio was 280.5%, well above the regulatory requirement of 100%, while Net Stable Funding Ratio stood at 129.5%, above the mandatory minimum of 100%. The Group maintained A+ and MARC-1 ratings from the Malaysian Rating Corporation Berhad (“MARC”), which continued to note our strong competitive position, sound capital position, profitability, and funding profile despite weakened capital market conditions. As always, we remain committed to consistently enhancing our financial performance, while striving to maintain the highest ratings. For the same period, our subsidiaries Kenanga Investors Berhad and Kenanga Islamic Investors Berhad maintained MARC IMR-2 ratings, affirming our commitment to well-established investment processes and sound risk management practices.
17 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS SEGMENTAL REVIEW Stockbroking In 2023, the Stockbroking division strategically enhanced its operational efficiencies, building upon the progress made in 2022 to navigate challenging market conditions effectively and achieve stability. The division’s concerted efforts, including the recovery of credit loss expense in the prior year, yielded significant results, with PBT surging from RM2.5 million in the previous year to RM16.1 million. Despite market challenges, the division upheld its market share, rising from 10.2% in the previous year to 10.5% as at FY2023. The completion of its algorithmic trading platform in early 2023 marked a significant milestone. Currently utilised by the division’s proprietary trading team, the platform has undergone continuous enhancement, incorporating valuable machine learning capabilities. Although the equities market remained bearish for most of the year, impacting its trading profitability, a turnaround in the last quarter saw improved performance from its traders. With this, the Stockbroking division is positive on the upcoming development of this platform, as it look forward to rolling it out to its clients this year. Meanwhile, its Equity Derivatives department continued its strong performance in 2023. The team’s issuance of Hang Seng indexrelated warrants saw active participation from investors, bolstering its market presence, and making Kenanga-issued structured warrants one of the top performing warrants in the market. Beyond structured warrants, the team has also been diligently working towards creating bespoke Over-the-Counter strategic solutions to meet the unique financial needs of corporates and strategic equity owners. The year 2023 marked significant strides in this direction, solidifying its commitment to providing client-centric solutions. The Group’s joint venture partnership with Rakuten Securities Inc., also delivered positive progress, especially with the organisation’s income diversification strategy through extension of foreign trading capabilities. In 2023, Rakuten Trade added trading access to include the Hong Kong Exchange and was the first (1st) in Malaysia to offer US Fractional Share Trading services. As a result, its foreign market brokerage income increased by 57.9% Year-on-Year. The account opening process was also revamped to improve customer experience. As of December 2023, its Malaysian trading accounts stood at 276,163 since launch, showcasing continued growth. There was also a steady increase in AUA, reaching RM4.1 billion in FY2023, compared to RM3.6 billion the previous year. Additionally, its US trading accounts recorded an increase from 27,830 accounts in 2022 to 39,687 in 2023. Looking ahead, the Stockbroking division is planning for further branch consolidation, in line with the Group’s digitalisation strategy and to improve efficiencies, while maintaining overall customer experience. The division will also continue efforts to enhance investor literacy through public education and outreach for both existing and prospective customers, with a richer and more comprehensive series of marketing and educational content. In addition to these strategic initiatives, the division’s commitment to excellence continues to be recognised through notable industry accolades, which include recognitions at the prestigious Bursa Excellence Awards 2023. The awards include ‘Best Overall Equities Participating Organisation (Champion)’, ‘Best Retail Equities Participating Organisation (Investment Bank) (Champion)’, and ‘Best Online Retail Participating Organisation (Champion)’.
18 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS Investment Banking Amidst the persistently challenging macro environment in 2023, the Investment Banking division registered a PBT of RM5.7 million compared to RM15.8 million the previous year. In the equity capital market, the division successfully listed Synergy House Berhad in the second (2nd) quarter of FY2023 (“2Q2023”) and SkyWorld Development Berhad in the third (3rd) quarter of FY2023 (“3Q2023”) on the ACE Market and Main Market of Bursa Malaysia Securities Berhad, respectively. Notably, the Initial Public Offering (“IPO”) for SkyWorld Development Berhad, which the division singlehandedly raised RM320.0 million for, marked the third (3rd) largest IPO fundraising in 2023. In addition, it assumed roles as Joint Underwriter and Joint Placement Agent for Plytec Holding Berhad’s ACE Market listing in the fourth (4th) quarter of FY2023 (“4Q2023”), and presently, the division has initiated filings for two (2) IPOs slated for listing in the second (2nd) half of 2024 (“2H2024”). Furthermore, it took on the role as Joint Bookrunner for Pavilion REIT’s private placement of RM720.0 million, earmarked to partially finance its RM2.2 billion acquisition of Pavilion Bukit Jalil from Malton Berhad. Additionally, the division also acted as Joint Placement Agent in Al-’Aqar Healthcare REIT’s private placement of RM138.0 million, primarily for the repayment of borrowings. As a result of its efforts in the equity capital market, Kenanga IB also ranked #3 in terms of equity and rights offerings by Bloomberg. In 2023, its Debt Capital Markets department (“DCM”) established seven (7) new programmes, assuming key roles as Sole Principal Adviser, Lead Arranger, Lead Manager, and Facility Agent. Notably, two (2) of these programmes, namely Singer (M) Sdn Bhd’s RM300.0 million Medium Term Note (“MTN”) programme and SkyWorld Capital Berhad’s RM300.0 million Islamic MTN programme, received ratings from MARC Ratings Berhad. This contributed to the division’s joint second (2nd) runner-up position in MARC Ratings Berhad’s League Table, within the Issue Count Category. Moreover, the division also served as Joint Lead Manager and participated in the book-building exercise for several government-guaranteed sukuk programmes, such as Prasarana Malaysia Berhad’s RM1.5 billion sukuk issuance, Perbadanan Tabung Pendidikan Tinggi Nasional’s RM1.5 billion sukuk issuance, and Danainfra Nasional Bhd’s RM780.0 million sukuk issuance. On the Merger & Acquisition front, the division served as Independent Advisers for numerous mergers and acquisitions, notably the privatisation of Boustead Holdings Berhad; Sunway REIT’s acquisition of six (6) Giant hypermarkets; Malaysia Building Society Berhad’s acquisition of Malaysian Industrial Development Finance Berhad; CapitaLand Malaysia Trust’s acquisition of Queensbay Mall in Penang; the privatisation of UMW Holdings Berhad; and Pelikan International Corporation Berhad’s disposal of German-based Pelikan Group GmbH to Holdham SAS. In the face of a rising interest rate environment, the Corporate Banking unit has maintained a prudent approach to expanding its loan portfolio. With a focus on loan assets quality, the unit has steadily grown its portfolio, which currently stands at RM598.0 million as at FY2023. Within the Islamic capital markets space, the Islamic Markets team within the division, supported by its Shariah Committee, took on the role of Shariah Adviser for the pre-IPO Shariah screening of both Synergy House Berhad and SkyWorld Development Berhad. Following the successful application submitted to the Securities Commission Malaysia, both companies were granted the status of ‘Shariah compliant IPO’ accordingly. In addition, the team continues to provide Shariah advisory services for Kenanga Investors Berhad’s Islamic funds and private mandates. For instance, it was appointed as the Shariah adviser for the newly launched Kenanga Islamic Asia Pacific (ex-Japan) Total Return Fund. The Shariah Committee also remained actively engaged as the Shariah Adviser for sukuk programmes initiated by DCM clients. Furthermore, they worked closely with the Facility Agency team to streamline subsequent issuances for other DCM clients. Looking ahead, Islamic Markets is poised to extend its Shariah expertise to support any ESG initiatives within the Group, including providing guidance on potential Shariah-compliant Green/ sustainable and responsible investment sukuk deals for DCM clients. Meanwhile in FY2023, Group Treasury realised a loss of RM1.8 million before tax as net income decreased sharply due to lower net interest amid a high deposit rate environment and strong competition in the deposit market. Although government bonds delivered a higher return in 2023, Group Treasury remained prudent in its trading positions, and the Group’s liquidity ratios also remain healthy and in compliance with regulatory liquidity requirements. Given the expected path of policy interest rates, a peak in interest rates presents an opportunity for investors, and moving forward, there will be a higher contribution from fixed income activities. Moreover, Group Treasury will persist in diversifying its product portfolio, particularly in forex, with the aim of enhancing profitability and increasing sales volume.
19 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS Asset and Wealth Management The Asset and Wealth Management division of the Group comprises Kenanga Investors Berhad (“KIB”), Kenanga Islamic Investors Berhad (“KIIB”), and Eq8 Capital Sdn Bhd (Formerly known as i-VCAP Management Sdn Bhd). Together, these entities form Kenanga Investors Group (“KIG”). Complementing these entities are the KIBB Digital Investment Management and Wealth Management units, extending a suite of offerings that encompasses conventional collective investment schemes, robo-advisory services, portfolio management, and a spectrum of alternative investments. Despite the downtrends in the market, the overall Group’s Asset and Wealth Management division recorded exceptional growth in FY2023, with a PBT of RM58.7 million compared to the PBT of RM54.2 million in the previous year. These results were due to significantly higher earnings from management and performance fees resulting from the ongoing expansion of KIG’s business and widening of its client base through multi-segmental products and services targeted individually at mass-retail, sophisticated investors, ultra-high-net-worth and corporate institutional investors. In 2023, KIG successfully launched the Kenanga Islamic Asia Pacific (ex-Japan) Total Return Fund. This strategic move expanded its suite of innovative investment solutions to address the escalating demand for regional exposure in the Asia Pacific (ex-Japan) market. The Fund provides investors with a distinctive avenue to capitalise on the region’s economic growth, driven by factors such as increased global integration and rising affluence. This solidified KIG’s position as a premier provider of Shariah-compliant investment solutions in the dynamic landscape of the Asia Pacific market. Continuing the Group’s ESG trajectory, KIG completed comprehensive screenings for its fixed-income stocks and sector-specific assessments for equities, with a heightened focus on sectors bearing elevated ESG risks. Since aligning with the Malaysian Code for Institutional Investors in 2017, KIG’s engagement approach has transitioned from basic awareness initiatives to fostering substantive, two-way discussions with investee companies. These engagements center on enhancing sustainability practices and formulating strategies beneficial to both entities and the broader economic and social spheres. KIG’s current strategic emphasis lies in the management of transition risks associated with the recalibration towards a green economy, reaffirming the Group’s unwavering commitment to responsible and sustainable investing. KIG continues to expand its network of licensed unit trust and private retirement scheme consultants which has grown to over 5,200 advisers in 2023, making them the second (2nd)- largest distribution force in the industry. Furthermore, its strategic presence across Malaysia is bolstered by its fourteen (14) regional offices with recent relocations to newer premises in Kota Damansara, Ipoh, Kluang and Kenanga Tower itself. For the seventh (7th) consecutive year, KIG was affirmed an investment manager rating of IMR-2 by Malaysian Rating Corporation Berhad, since being first rated in 2017. The rating considers KIG’s well-established investment processes and sound risk management practices. As at end-June 2023, most of KIG’s funds had performed better than benchmarks and were comparable to peers. It continues to be recognised for its consistent top performance. In 2024, the LSEG Lipper Fund Awards Malaysia 2024 awarded KIB under the following categories, Kenanga Malaysian Inc Fund for ‘best Equity Malaysia Diversified – Malaysia Pension Funds over 10 Years’, and Kenanga Diversified Fund for ‘best Mixed Asset MYR Flexible – Malaysia Pension Funds Awards over 10 Years’. The Hong Kong-based Asia Asset Management’s 2024 Best of the Best Awards awarded KIB the following awards; ‘Malaysia Best Equity Manager’, ‘Malaysia Best Impact Investing Manager’, ‘Best Impact Investing Manager in ASEAN’, ‘Malaysia Best House for Alternatives’, ‘Malaysia Most Improved Fund House’, ‘Malaysia Best Investor Education’, ‘Malaysia CEO of the Year’ and ‘Malaysia CIO of the Year’. Despite market volatilities over the past four (4) years, KIG’s steadfast commitment to sustainable performance, valuedriven product suite, and exceptional customer service has cultivated strong customer satisfaction and loyalty. Looking ahead, KIG aims to build on this success by expanding wealth protection solutions, including insurance and private trust. KIG will also enhance client service through nationwide branch expansion, digital channel improvements, and strengthening its agency force. With a robust multi-segment and multi-product framework, an ESG Blueprint, and an enduring commitment to sustainability, KIG is well-positioned to deliver lasting value to investors.
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