Zone code Country 1 Year (TECM1Y) 2 Years (TECM2Y) 3 Year (TECM3Y) Subscription Price Postal Delivery Charges Total Subscription Price Subscription Price Postal Delivery Charges Total Subscription Price Subscription Price Postal Delivery Charges Total Subscription Price Malaysia Klang Valley RM170.00 N/A RM170.00 RM300.00 N/A RM300.00 RM400.00 N/A RM400.00 Malaysia Others (Pulau Pinang, Kedah, Perak, Pahang, Melaka, Negeri Sembilan, Johor, Terengganu, Kelantan, Perlis & Putrajaya) RM170.00 RM138.00 RN308.00 RM300.00 RM276.00 RM576.00 RM400.00 RM414.00 RM814.00 Malaysia East Malaysia (Labuan, Sarawak & Sabah) RM170.00 RM193.00 RM363.00 RM300.00 RM386.00 RM686.00 RM400.00 RM579.00 RM979.00 Singapore Singapore RM170.00 RM392.00 RM562.00 RM300.00 RM784.00 RM1,084.00 RM400.00 RM1,176.00 RM1,576.00 Zone A Brunei, Cambodia, Indonesia, Laos, Mynmar, Phillippines, Thailand & Vietnam RM170.00 RM1,270.00 RM1,440.00 RM300.00 RM2,540.00 RM2,840.00 RM400.00 RM3,810.00 RM4,210.00 Zone B India, China, Taiwan, Hong Kong, Japan, Australia & New Zealand RM170.00 RM1,883.00 RM2,053.00 RM300.00 RM3,766.00 RM4,066.00 RM400.00 RM5,649.00 RM6,049.00 Zone C Europa, United Kingdom, Russia, Kuwait & Middle East, United States, North & South America & Africa RM170.00 RM2,517.00 RM2,687.00 RM300.00 RM5,034.00 RM5,334.00 RM400.00 RM7,551.00 RM7,951.00 Subscription rates (Inclusive of Print Delivery Charges & 6% GST) A new major shareholder and plans to invest in a rare earth mining operation have made ISR Capital the best-performing stock in the market this year. But before you jump in, turn to our Cover Story on Pages 16 and 17. A j h h ld d l i i h Connecting the dots at ISR Capital 6 Y YO OU UR RP PE ER RS SO ON NA AL LC CO OP PY Y/ /N NO OT TF FO OR RR RE ES SA AL LE E YOUR PERSONAL COPY/NOT FOR RESALE World’s best 100 hedge funds PERSONAL WEALTH Wala Wala’s journey OPTIONS Wong Poh Kam, social venture visionary ENTERPRISE MACC arrests Guan Eng over bungalow purchase Abu Dhabi plans merger of sovereign funds IPIC and Mubadala PAGE 2 FINANCIAL DAILY www.theedgemarkets.com MAKE BETTER DECISIONS Margma warns glove makers not to expand ‘whimsically’ Investors now face low-growth, low- yield environment — HSBC An opportune time to accumulate undervalued stocks HBA’s wish list to new housing minister Four cops acquitted of causing custodial death Vodafone weighs post-Brexit move of HQ For non-power sector as part of govt’s subsidy rationalisation programme. Yimie Yong has the story on Page 4. ANOTHER HIKE IN GAS PRICE # M A L A Y S I A B U S I N E S S & I N V E S T M E N T WE E K LY w . ts ts .c m JUNE 6 — JUN NE E 12 2 12, 20 2016 6 # # Guessing Azman’s plans for AMMB BYJOYCE GOH T an Sri Azman Hashim’s plan for AMMB Holdings Bhd, the banking group he founded decades ago, is the subject of much speculation.After all, the tycoon has made it public knowledge that he does not rule out the possibility of buying back the 23.8% stake in AMMB that Australia and New Zealand Banking Group Ltd (ANZ) cur- rently owns. Nonetheless, some veterans feel that who- ever buys ANZ’s stake in AMMB could just be a part of a bigger plan — perhaps a possible mega merger in the local banking industry. The 77-year-old tycoon’s recent remark came as a surprise, considering that he had sold part of his stake to the Australian share- holder in 2007, a move some viewed as taking a step back from the hectic corporate world. However, there are divided views on whether the regulators will allow Azman to buy back the substantial block, which would bump up his shareholding to 36.77% from an indirect stake of 12.97%. This would not only breach the 10% cap on an individ- ual’s shareholding in a bank but also trigger a mandatory general offer (MGO). N N NO O O O OW W WO O O ON N N N I IP PA AD D& & A AN ND DR RO OI ID D ISSN 1675-1205 SUBSCRIBER COPY /NOT FOR RESALE MORE INSIDE6 e board (of Icon) is quite actively engaged in looking at where the next leg is going to be” — Managing director Amir Hamzah Azizan Icon Offshore aims to consolidate OSV sector CORPORATE 18 e e enga Disruptive model of driverless cars D• EDGE 58 trade wise | Mikro MSC sets the stage for long-term growth10 FRANKLY SPEAKING 9 New board, old questions | Keep Malaysia competitive | Clarify new direction, please External headwinds and domestic issues are buffeting the country’s economy. e people and businesses are feeling the pain. If the 10-year economic cycle theory holds true, a downturn could be imminent. How severe will it be and can the government mitigate the impact? See our Cover Story on Pages 69 to 72. the economy HOW BAD CAN IT GET? 2015 5% 2014 6% 4.2% 1Q2016 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 WTK Holdings’ top brass allays concerns over family tussle CORPORATE 12 e e e e e e e e e e e e e l l l l l le Ic Ic Ic Ic c c c I Ic Ic c I I I o o o on n o o o e e e e e e e e e e e e e e e en n n n n ng l 6 M A L A Y S I A More charges in Kenmark fiasco Steel players seek safeguard for wire rods T A N N NO O O O OW W WO O O ON N N N I IP PA AD D& & A AN ND DR RO OI ID D Walking a tightrope on public finances 10 Banks are facing a harsher economic climate, increasing competition, stricter capital requirements and the need to up the technology game. Will this challenging landscape push them to merge to survive? Some banking heads share their views in our Cover Story on Pages 78 to 80. Stage set for bank M&A