Malaysian regulator to ask publicly-traded firms for El Nino plans, eyes deeper Middle East ties
LONDON: Malaysia's Securities Commission plans to ask companies to disclose how they are preparing for El Nino amid concerns the country's businesses may be ill prepared for the fallout from the weather phenomenon, chairman Mohammad Faiz Azmi told Reuters.
Malaysia's Securities Commission intends to inquire from public companies about their preparations for the upcoming El Nino weather event, expressed concerns that businesses may not be fully prepared for its potential impacts, according to its chairman Mohammad Faiz Azmi. Forecasters predict a possible super El Nino, which can lead to extended heat, drought, and negatively affect crop yields and water supplies, particularly affecting Malaysia's palm oil industry.
Azmi plans to send a letter to major companies asking for their El Nino plans and will follow up to assess their effectiveness. This initiative will evaluate whether companies' climate-risk disclosures lead to actual preparations, as many firms have not seriously considered coping with drought. Additionally, the commission is exploring closer ties with Middle Eastern regulators to strengthen Islamic finance connections and increase capital flows into Southeast Asia.
They are analyzing differences in stock classification for Sharia compliance. The commission signed an agreement with Hong Kong's Securities and Futures Commission in July, allowing dual listings under a single prospectus and submission documents. Sarawak Energy, a potential IPO candidate, could achieve a valuation of around US$10 billion.
The regulator's surveillance watchlist includes AirAsia, but the company denied any takeover plans. Mohammad Faiz said the government aims for Bursa Malaysia's capitalization to reach RM6.3 trillion (US$1.55 trillion) within five years.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
