STRATEGIES TO SUSTAIN VALUE CREATION (cont’d) Investments into blockchain is financially intensive, especially for the establishment of nodes and services across the world. However, given its importance in sustaining strategic advantage and enterprise value creation, the Group remains committed to pursuing its strategic plans. Capital requirements for blockchain continued to be funded by internally generated funds and external borrowings. In late-2022, MYEG launched its RM 1 billion Sukuk Wakalah programme to solicit funds from the capital markets to drive its blockchain strategies and ESG oriented businesses. One of the key concerns of blockchain is that its energy intensive, consuming significant electricity consumption for effective implementation. However, MYEG’s new generation (“newgen”) blockchain solutions are significantly more energy efficient compared to first generation blockchain deployments. Kindly refer to the Group’s Sustainability Statement of this Annual Report for specific information. LEVERAGING ESG (MULTI-CAPITAL LENS) The increasing focus on ESG matters by entire industries and businesses worldwide provides new opportunities for MYEG. Specifically, MYEG’s foreign worker hostel business and its focus on blockchain are well aligned to the increasing requirements of many economic and business sectors. IMPROVING THE WELFARE OF FOREIGN WORKERS In the past 2-3 years, Malaysian businesses and economic sectors have come under intense scrutiny for human and labour rights violations in particular for living conditions of foreign workers. The implications have been severe with such companies receiving severe fines or being barred from exporting their products or conducting business. An artist’s illustration of MYEG’s future workers’ accommodation. 52
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