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IOI Wins Triple Honours For Driving Digital Transformation
IOI Corporation Berhad (“IOI”) has been recognised as one of Southeast Asia’s (SEA) top exemplars in digital transformation after winning the Autonomous Suite Award, Finance Transformation Award and the prestigious Outstanding Achiever Award at the third SAP Customer Excellence Awards for SEA 2026, held on 4 August 2026 in Singapore. On top of winning in both Finance Transformation and Business Autonomous Suite categories, IOI was also named an Outstanding Achiever. (File pic by IOI Corporation). The recognition places IOI among an elite group of organisations at the forefront of enterprise transformation in the region. IOI was one of only three Malaysian organisations honoured and among just four companies across SEA to receive the coveted Outstanding Achiever distinction, SAP’s highest recognition for organisations that have demonstrated exceptional business transformation and enterprise-wide impact through its solutions. The awards recognises IOI’s successful implementation of the ONE IOI Integrated Platform, a landmark digital transformation initiative which has unifed the Group’s upstream and downstream operations onto a single SAP-powered platform. By bringing together more than 1,200 users across 107 business units, it has replaced fragmented legacy systems with real-time, integrated operations, strengthening decision-making, streamlining processes and establishing a future-ready digital backbone across IOI’s global value chain. Commenting on the achievement, Dato’ Lee Yeow Chor, Group Managing Director and Chief Executive of IOI Corporation Berhad said: “We are honoured to be recognised by SAP for our digital transformation journey. The ONE IOI Integrated Platform represents a fundamental shift in how we operate as one integrated organisation. Beyond improving efficiency and governance, it has strengthened our ability to make timely, data-driven decisions and created a scalable foundation for future innovation.” “This achievement reflects the collective commitment and collaboration of our employees across the Group. As we continue our transformation journey, we will leverage this digital transformation to harness emerging technologies, including artificial intelligence and advanced analytics, to drive long-term value creation, operational excellence and sustainable growth.” The transformation has delivered measurable business outcomes, including a 60% reduction in manual data entries, a twofold improvement in decision-making speed, a 30% improvement in financial forecast accuracy and working capital visibility, and a 30% reduction in unhedged exposure. Beyond operational efficiencies, the platform also strengthens governance, regulatory compliance and organisational resilience while laying the foundation for Artificial Intelligence-driven innovation and sustainable growth. Held at Sands Expo & Convention Centre, the awards celebrated organisations with bold ambitions in driving transformative business outcomes through SAP solutions, recognising up to five winners across six entry categories. Themed ‘Intelligence to impact’, this year’s awards attracted more than 800 submissions and brought together over 2,000 customers, partners and industry leaders from across the region.
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- August 23, 2026Business
The Anxious Uncle of the Fourth Shoplot
A fire was moving from one shop to the next. Three business owners had insurance. The owner of the fourth shop did not. I have worked in insurance for more than 25 years. In that time, I have seen fires, floods, water damage and all kinds of unexpected incidents affect businesses. But there is one incident in Penang that I still remember very clearly. At the time, part of my job involved visiting customers after an incident and helping them through the claims process. One day, a fire broke out in a row of shoplots. It started in one shop, then spread to the second, and then the third. By the time I arrived, there were business owners standing outside watching what was happening to their premises. The damage was serious and naturally, they were worried. But despite everything happening in front of them, some remained relatively calm because they knew they were insured. The fire was devastating, but they knew they had financial protection and support to help them recover. There would be claims to submit, damage to assess and businesses to rebuild, but they weren't facing all of it alone. Then I noticed an older gentleman nearby. He was different. He looked increasingly anxious as he watched the fire move along the row, so I went over and asked him what was wrong. He pointed towards the shops and told me: “The fourth shop is mine. But I didn't buy insurance.” Suddenly, I understood. He wasn't watching somebody else's fire. He was watching it get closer to everything he had spent years building, and there was absolutely nothing he could do about it. The fire stopped at the third shop Fortunately, the fire brigade managed to bring the blaze under control before it reached his premises. His shop suffered some water damage, but nothing too serious was lost. He was lucky. And after the incident, he bought insurance. Perhaps for the first time, insurance was no longer an abstract expense to him. It wasn't simply money paid for a document that he hoped he would never use. He had just stood outside his shop and experienced what that document could mean. Your neighbour's risk can become yours Business owners understandably spend a great deal of time managing the things they can control. You maintain your premises, look after your equipment, train your employees and take precautions. But your business doesn't exist in isolation. You may be extremely careful about fire safety, but you cannot completely control what happens in the shop next door. A fire originating elsewhere can spread. Smoke and heat can damage your property. Firefighting efforts can result in water damage. An incident you had absolutely no part in causing can suddenly become your problem. That is something the uncle in the fourth shoplot understood very vividly that day. A piece of paper, until the day it isn't Over the years, I've sometimes heard people describe insurance as paying money for a piece of paper. In a sense, I understand why. When nothing happens, that policy sits quietly in a drawer or inbox. You may pay your premium year after year and never make a claim, and ideally, you never will. But when something serious does happen, that piece of paper represents something very different. It represents financial protection when your business suddenly faces a loss it may not have been prepared to absorb on its own. It can mean the difference between asking “How do we get the business running again?” and “Can we afford to get the business running again?” That is why I have always believed insurance should be arranged while everything is going well, not when you can already see the fire coming down the row. The uncle of the fourth shoplot was fortunate. Not every business owner gets a fourth shoplot. Eileen Lee is Regional Head (Northern) at Berjaya Sompo Insurance Berhad and has more than 25 years of experience in the insurance industry. This story is based on an incident she encountered during her career assisting customers and handling insurance matters. Protecting the business you've built SOMPO BIZ provides insurance solutions designed for the risks businesses face, helping business owners protect their premises, operations and livelihoods against unexpected events. To learn more about SOMPO BIZ and the business insurance solutions available from Berjaya Sompo, click Learn More below or speak to a Berjaya Sompo representative. Insurance coverage is subject to the terms, conditions, exclusions and limits of the applicable policy. Image Disclaimer: Visuals used in this article were created using AI and are intended solely for illustration.
- August 23, 2026Business
The Risks They Never Saw Coming, and Why Both Lost Money Anyway
After more than two decades in marine insurance, some of the cases I remember most are not the ones involving shipwrecks, storms or spectacular cargo losses. They are the ones where everything appeared to go according to plan until it didn't. By Esther Lee, Senior Marine Underwriter When people think about marine cargo risks, the dangers seem obvious enough. Cargo can be damaged by rough seas, stolen in transit, dropped during loading, or arrive waterlogged after a storm. These are tangible risks that most traders instinctively understand. What they often do not realise is that some of the most expensive losses can arise when the cargo itself is perfectly fine. Over the years, I have encountered many claims involving damaged goods. Yet two cases have remained lodged in my memory precisely because they challenged what the customers thought they knew about risk. In both situations, the cargo owner believed he was protected. In both situations, he was wrong. And in both situations, the lesson arrived only after the vessel had already sailed. The Container That Arrived, But Could Not Be Collected The first case involved a customer importing a container of furniture from overseas. There was nothing particularly remarkable about the shipment. The vessel completed its voyage, the cargo arrived at port, and the furniture was intact. From the customer's perspective, the transaction had unfolded exactly as expected. Then he received news he never anticipated. He could not collect his cargo. The cargo is fine, but cannot be collected. The reason was a maritime principle known as General Average , a term that was entirely unfamiliar to him. More importantly, he had not purchased marine cargo insurance. Like many first-time importers, he struggled to understand the problem. His furniture had not been damaged. His container had not been lost. The goods were sitting safely at the port. Why, then, was he being asked to provide money before they could be released? The answer lies in a practice that has existed in maritime trade for centuries. When a vessel encounters a serious emergency, extraordinary steps may sometimes be taken to save the ship, its crew and the cargo on board. Cargo may be sacrificed, emergency salvage operations may be arranged, or substantial expenses may be incurred to preserve the voyage. If those actions succeed in saving the vessel and the remaining cargo, the resulting losses and expenses may be shared among all parties who benefited from that salvation. Something happened at sea that affected everyone on board, not just the damaged cargo. In other words, your own cargo does not need to be damaged for you to become financially involved. This was the part that the customer found most surprising. He viewed the situation through a common-sense lens. His furniture survived. Someone else's cargo might have suffered a loss, but why should that involve him? Yet General Average operates on the principle that everyone whose property was saved contributes towards the extraordinary sacrifice or expense that made that outcome possible. Until the necessary financial security is provided, cargo may not be released. For businesses with marine insurance, this process is often much less painful. Subject to policy terms and conditions, insurers can typically assist with the provision of the required security. In this case, however, there was no insurer standing behind the customer. The burden fell entirely on him. The real problem begins after arrival. Meanwhile, another clock was ticking. Containers left sitting at ports do not simply wait free of charge. Storage fees, detention charges and other costs can accumulate with surprising speed. What began as an unfamiliar maritime concept soon became a very real financial problem. What struck me most was not that the customer had acted recklessly. He had not. He simply had no idea that such a risk existed. Like many traders, he understood the danger of damage or theft. He never imagined that cargo could arrive safely and still be inaccessible. When Transferring Risk Doesn't Remove It Years later, I encountered a very different case that led to an unexpectedly similar outcome. This customer was an exporter of coconut products. His shipments were sold on FOB (Free on Board) terms, one of the most commonly used arrangements in international trade. From his perspective, the transaction was straightforward. He delivered the goods, loaded them onto the vessel, and fulfilled his contractual obligations. Under the agreed terms, the risk passed to the buyer once the goods were on board. The buyer was responsible for arranging insurance. The shipment has been handed over properly. The exporter believed his exposure ended at the port. Technically, he was correct. Commercially, the situation became far more complicated. The buyer failed to purchase the insurance that they were supposed to arrange. Somewhere during the transit process, something happened to the cargo. The details eventually mattered less than the consequence: the buyer refused to pay. Suddenly, the exporter found himself in an uncomfortable position. He could point to the sales contract. He could argue that the risk had transferred. He could potentially pursue legal action. The paperwork may be in order, but trouble has surfaced. But business relationships rarely exist in the neat, orderly world imagined by contracts. A lawsuit might eventually secure a favourable judgment, but it could also consume considerable time and money while damaging an important commercial relationship. Even when a company wins the legal argument, it does not necessarily emerge as the practical winner. In the end, the exporter suffered the loss. What made the case particularly interesting was that there had been a solution available to him, one he had never considered because he did not realise it existed. The solution was Seller's Interest Insurance, a form of contingency cover designed to protect a seller's financial interest when something goes wrong after the contractual risk has passed to the buyer. The seller did everything according to terms, but still ends up exposed. The phrase "risk has passed" sounds reassuringly definitive. In reality, it often depends on the actions of other parties. The contract may require the buyer to arrange insurance. The buyer may fully understand that obligation. Everything may appear properly documented and agreed. But people do not always do what they are supposed to do. When that happens, a seller can discover that transferring risk on paper does not always eliminate exposure in practice. The Costliest Risks Are Often Invisible These two cases were separated by years and involved entirely different circumstances. One concerned an importer whose cargo survived the voyage but remained trapped behind financial obligations he never anticipated. The other involved an exporter who had successfully transferred risk under his sales contract yet still ended up bearing the loss. At first glance, they seem unrelated. What links them is a common blind spot. Neither customer was caught out by an obvious danger. They were not surprised by a storm, a collision or a theft. Instead, they were affected by risks that sat quietly in the background, unnoticed until the moment they became expensive. Perhaps that is why I still remember them. In marine insurance, most people focus on what might happen to the cargo. The more interesting question is sometimes what might happen around the cargo. The answer can reveal exposures that are far less visible, but no less real. And by the time those exposures become apparent, the shipment is often already halfway across the ocean. Esther Lee is a Senior Marine Underwriter at Berjaya Sompo with more than 20 years of experience in marine insurance. About Berjaya Sompo Marine Insurance As global supply chains become increasingly complex, businesses face risks that are not always visible at the point of sale or shipment. Berjaya Sompo's Marine Cargo Insurance offers protection for a broad range of cargo exposures, helping importers, exporters and traders manage the unexpected with greater confidence. To learn more about Berjaya Sompo's Marine Insurance solutions, click Learn More below. The marine insurance principles discussed in this article, including General Average and Seller's Interest Insurance, reflect real-world marine insurance practices. Certain narrative elements, reconstructed conversations and storytelling techniques have been incorporated to enhance readability and illustrate key concepts. Insurance coverage is always subject to the specific policy terms, conditions, exclusions and circumstances of each case.
- August 23, 2026Business
CATL Achieves 2025 Core Operation Carbon Neutrality Target, Sets Path to 2035 Value-Chain Goal
CATL today announced it had achieved its 2025 target of carbon neutrality across core operations as scheduled, with all 20 battery plants certified as carbon neutral, and unveiled its action roadmap toward full value-chain carbon neutrality by 2035. This signals that decarbonization has evolved from a corporate social responsibility to a core growth driver for CATL. At a launch event held in Ningde on Monday, the company also called on global partners to accelerate decarbonization across the battery value chain. It announced procurement guidelines that require suppliers to provide carbon footprint data from 2027, and offers favorable terms to suppliers with better carbon emission performance. "Before contributing to global carbon rules and standards, CATL must first prove what is possible through our own industrial practice," said Robin Zeng, Chairman and CEO of CATL. "As the world ramps up efforts toward net-zero, zero-carbon batteries will not be a choice but a necessity in the near future. We are ready to share our technologies and experience with partners across the industry, helping to shape global carbon standards and advance industry-wide decarbonization." （Robin Zeng, Chairman and CEO of CATL, delivers a speech at the event） 2025 Carbon Neutrality Target for Core Operations Delivered as Planned Since the commissioning of our first battery factory in 2012, CATL has been exploring and validating every aspect of zero-carbon manufacturing. This has become an integral part of CATL. Jiang Li, Vice President, Board Secretary and Head of Corporate Sustainable Development Management Committee of CATL, said, "Carbon neutrality cannot be built on estimates alone. It requires reliable data, clear boundaries and systematic execution." （Jiang Li, Vice President, Board Secretary and Head of Corporate Sustainable Development Management Committee of CATL, introduces the six key zero-carbon initiatives at the event） To build this data foundation, CATL independently developed the CATL Carbon Chain Management System (CCMS) in 2022 to monitor and calculate carbon emissions at its plants and production lines. To date, CATL CCMS has covered carbon data across battery production operations and core upstream suppliers, generating more than 1,000 product and raw material models. Based on this data system, CATL embeds decarbonization efforts across process and equipment optimization, battery design, green energy consumption, raw‑material sourcing and recycling. In 2025, zero-carbon electricity accounted for 100% of electricity consumption in its core operations, with more than 18 billion kWh of zero-carbon power consumed cumulatively since 2023. Energy consumption per unit of product at its battery manufacturing bases decreased by 28% compared with 2022, below the industry average. Its carbon emission intensity decreased by approximately 77% compared with 2022. From 2023 to 2025, CATL delivered a cumulative carbon reduction of over 10 million tons of CO₂ equivalent, comparable to Brunei's total national carbon emissions in 2025. The milestone not only marks CATL's first fulfilled carbon neutrality commitment, but also sets a new benchmark for carbon neutrality practices in the lithium-ion battery industry. Advancing Toward Full Value-Chain Carbon Neutrality by 2035 More than 80% of carbon emissions across CATL's product lifecycle stem from its supply chain, with total value-chain emissions exceeding five times those generated in core operations. Bryan Huang, Head of Procurement Center at CATL, said:" CATL will advance value-chain decarbonization across key areas including material innovation, material manufacturing, green logistics, and battery recycling. This requires collaboration across the entire battery value chain." （Bryan Huang, Head of Procurement Center at CATL, delivers a speech at the event） In terms of data management, baseline carbon data has been established for more than 100 core Tier 1 suppliers, and CATL aims to progressively achieve 100% data coverage across key upstream links. For emissions reductions, CATL will pursue decarbonization in four pillars: material and process innovation, manufacturing, green logistics and battery recycling. Material innovation: CATL is focusing on green material innovation and low-carbon process upgrades. For example, for anodes, the company is promoting the adoption of low‑carbon materials such as raw petroleum coke with lower moisture and volatile content. Material manufacturing: Given the energy-intensive nature of upstream raw material production, CATL has launched a green power coverage plan, targeting 100% green electricity usage across the value chain by 2035. Green logistics: Leveraging its advanced battery technology and battery swapping network, CATL is promoting 100% zero-carbon logistics solutions across the industry chain. Battery Recycling: CATL will continue to accelerate the development of a global battery recycling network through Brunp Recycling. To support supplier decarbonization, CATL will issue its Green Procurement Guidelines requiring new suppliers to provide product carbon footprint data and incorporating renewable electricity usage and energy efficiency into annual supplier reviews. Under comparable conditions, suppliers with stronger low-carbon performance may be prioritized in order allocation and supported through long-term agreements. CATL will also launch its Zero-Carbon Supply Chain Empowerment Initiative, launching in-depth joint decarbonization initiatives with an initial cohort of 30 core suppliers. （CATL Launches Its Value-Chain Carbon Neutrality Action） The economics of zero-carbon opens substantial new growth opportunities. CATL is making strong efforts in zero-carbon mobility, zero-carbon power, and the electrification of industries, with several application scenarios already implemented. Together with global partners, CATL aims to expand the zero-carbon economy, accelerate the global clean energy transition, and help create a more sustainable future.
- August 23, 2026Business
CATL Aviation Battery Passes Thermal Runaway Test for Adjacent Cells
Recently, the aviation power battery system developed by CATL for passenger eVTOLs successfully passed the verification test of no thermal runaway propagation for adjacent cells. It is the world's first aviation power battery system using prismatic cells with an energy density of 350 Wh/kg to pass such a test, underscoring a new benchmark in safety performance. During the test, adjacent cells at various locations, including the middle and corners of the pack, were simultaneously triggered, with no thermal propagation occurring. This technological breakthrough and verification will provide safer power assurance for the development of the low-altitude economy, serving as another testament to CATL's continuous exploration of the safety boundaries of power batteries. The entire production, inspection, and testing of the cells and battery system was completed under the witness of designated representatives from the Civil Aviation Administration of China (CAAC). This lays a solid foundation for eVTOLs to meet civil aviation safety standards. The aviation battery system is now ready for mass production. It will be first used on AutoFlight's passenger eVTOLs. From new energy vehicles to passenger aviation, CATL will join hands with partners, universities, and research institutions to continuously tackle technical challenges, strengthening the safety foundation for aircraft manufacturers and users alike.
- August 23, 2026Business
CATL and Quinbrook Build on Supernode Partnership Following Stage 2 and Stage 3 Major Milestones
Quinbrook's Supernode battery energy storage project has completed Stage 2 commercial operation and reached financial close on A$469 million financing for Stage 3, marking a further milestone in the phased development of Australia's largest operational BESS campus. With planned capacity expected to exceed 3 GWh, Supernode is supported by CATL as its core energy storage system supplier for all three stages, providing advanced storage solutions and lifecycle support to enable reliable long-term operation. Located at Brendale, north of Brisbane, Supernode is adjacent to the South Pine substation, a key hub in the Queensland power system and the regional reference node for marginal loss factors (MLFs). This location provides a favourable MLF position and approximately 4,000MW of available connection capacity for phased expansion. The project's development coincides with Queensland's accelerating energy transition and the infrastructure investment cycle. Stage 3 has reached financial close on A$469 million in debt financing, bringing total project financing across Supernode Stages 1, 2 and 3 to approximately A$1.2 billion. Across its first three stages, Supernode is set to reach 780MW / 3,074MWh. Capacity across the three stages has been contracted under long-term offtake arrangements. The long-term value of such assets depends on the continued availability, operational efficiency, safety and reliability of their energy storage systems. CATL has provided EnerC Plus systems for Stages 1 and 2 and will supply TENER S systems for Stage 3, establishing a consistent technology platform across the campus. In close collaboration with Quinbrook, CATL has supported project-specific design optimisation to enable high-density deployment within the constraints of available industrial land. EnerC Plus supports back-to-back installation, reducing the required site footprint by approximately 20% compared with EnerC. Its integrated liquid-cooling system maintains an internal container temperature differential within 5°C and is designed to deliver reliable operation over a 20-year lifecycle. CATL's contribution extends beyond equipment supply. Under a Long-Term Service Agreement (LTSA), CATL will further support the full lifecycle of the energy storage asset through condition monitoring, performance tracking, fault response and preventive maintenance to help ensure reliable long-term operation. CATL's proven product performance, scalable delivery capabilities and lifecycle service model provide greater confidence in the long-term reliability and performance of the energy storage asset. Tim Hornemand, Managing Director and Regional Lead, Australia, at Quinbrook, said: "Achieving commercial operations for Stage 2 means we've successfully delivered both Origin-contracted stages on schedule, an outcome we're incredibly proud of given the complexity of commissioning utility-scale battery storage projects in Australia. With Stage 3 now fully financed, we've reached another important milestone in Supernode's continuing development. The ongoing support of our banking partners also reflects confidence in the Supernode project, our delivery track record and the long-term outlook for battery storage in Australia." Tan Libin, CCO and Co-President of Sales & Marketing at CATL, said: "Energy storage is evolving from a standalone technology deployment into a strategic energy asset. The next stage of industry development will depend not only on technological advancement, but also on the ability to create long-term value through collaboration, innovation and scalable deployment. At CATL, we are committed to working with partners to unlock the full potential of energy storage assets and support the transition toward a more flexible and resilient energy system." CATL and Quinbrook are also working together on EnerQB, an eight-hour battery storage solution being considered for future stages of the Supernode development. The initiative builds on CATL's role as energy storage system supplier across Supernode's first three stages. CATL will continue to work with partners worldwide to deliver reliable technologies, scalable solutions and lifecycle support.
- August 23, 2026Business
AWC and Fairmont Hotels & Resorts Unveil Fairmont Bangkok Sukhumvit, Thailand’s First Fairmont Hotel and New Luxury Lifestyle and MICE Destination
Asset World Corp Public Company Limited (AWC), Thailand's leading integrated lifestyle real estate group, and Fairmont Hotels & Resorts, part of the world-leading hospitality group Accor , today celebrated the opening of Fairmont Bangkok Sukhumvit , marking the debut of Fairmont Hotels & Resorts in Thailand. Located in the heart of Sukhumvit, the 416-room hotel introduces a new luxury lifestyle and MICE destination designed to bring together international travelers, business visitors and Bangkok residents through hospitality, dining, wellness and world-class events. Fairmont Bangkok Sukhumvit introduces its collection of dining, entertainment and lifestyle experiences being introduced progressively throughout the year. This phased opening will culminate in the introduction of new rooftop dining experiences in December 2026, completing the hotel's distinctive luxury lifestyle offering. The opening ceremony was honored by representatives from Accor and Fairmont Hotels & Resorts , members of the diplomatic corps, and distinguished leaders from across the public and private sectors. The event was hosted by Mrs. Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited (AWC) . Inspired by Thailand's rich floral heritage, Fairmont Bangkok Sukhumvit's signature “ Blooming Stage ” concept is brought to life through interiors, art and design curated by renowned Thai design practice PIA , with architecture by A49 . Floral influences are woven throughout the hotel, including a striking lobby chandelier inspired by Thailand's national flower, the golden Ratchaphruek blossom. Signature uniforms by leading Thai fashion house ASAVA further celebrate contemporary Thai creativity, bringing together Fairmont's international luxury hospitality with the distinctive character of Thailand. At the heart of the hotel's luxury Meetings, Incentives, Conferences and Exhibitions (MICE) offering is more than 2,000 square meters of flexible event space across three dedicated floors, designed for international conferences, executive meetings, weddings, gala dinners and special celebrations. The Signature Grand Ballroom features an impressive 12-meter-high ceiling and dedicated arrival forecourt, complemented by a second ballroom, seven breakout rooms, Couture Hall and versatile meeting spaces for events of different scales. Extending beyond traditional hotel lounges and pre-function spaces, the hotel introduces a first-of-its-kind co-living concept with flexible recreational and social spaces where guests can gather, work, relax and connect throughout the day — from playing board games and video games to enjoying movies or simply spending time together. For meeting and event attendees, these spaces extend the experience beyond the formal agenda, providing a welcoming place to come together before and between sessions, fostering a stronger sense of community and further strengthening Fairmont Bangkok Sukhumvit as a luxury MICE destination. Dining and entertainment form another key part of the Fairmont Bangkok Sukhumvit experience, with seven distinctive venues being introduced progressively throughout 2026. These include Harper's, a North American-French brasserie; AELA Social Bar ; CAYA Pool Club ; and Wiggle Room , an immersive supper club scheduled to open in mid-September. In the coming months, the collection will expand across levels 32 and 33 and onto the rooftop, with more exciting dining concepts, including an Italian restaurant with Japanese influences and a contemporary Thai rooftop dining experience, both offering panoramic views across Bangkok. Wellness is integrated throughout the guest experience, led by the Fairmont Spa , spanning more than 1,000 square meters and inspired by the jasmine flower, a symbol of Thai hospitality and purity. The wellness offering also includes Fairmont Studio for yoga, cardio and strength training, alongside dedicated family facilities and experiences designed for guests of different generations. In line with AWC's mission of " Building Better Future ," Fairmont Bangkok Sukhumvit has been designed to LEED Gold standards , incorporating biophilic design, water recycling, smart energy systems, superior indoor air quality, EV charging and a heat-reduction façade. These features reflect AWC's commitment to creating quality destinations that generate long-term value for communities, the environment and future generations. Mrs. Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited (AWC), stated: “Welcoming Fairmont to Thailand for the first time is a very special milestone for AWC and our long-standing partnership with Accor. We are grateful to the distinguished guests who have joined us to celebrate this special occasion, including leaders from the public and private sectors, members of the diplomatic corps, and our valued partners. I would also like to express our sincere appreciation to Accor, Fairmont Hotels & Resorts, and all the teams whose dedication and collaboration have made this milestone possible. Together, we are creating a new destination in the heart of Sukhumvit that brings people together through luxury hospitality, dining, wellness and meaningful celebrations, while introducing a distinctive setting for world-class meetings and events in Bangkok. Fairmont Bangkok Sukhumvit brings together Fairmont’s legacy of luxury hospitality with the creativity and character of Thailand. We hope it will become a place where travelers, businesses and the local community can connect, celebrate and experience Bangkok in a new way, while supporting the city’s position as one of the world’s leading destinations. As part of AWC’s Sustainable Growth-led Strategy and our mission of ‘Building Better Future,’ we will continue working with leading global partners to create quality destinations that strengthen Thailand’s tourism and create long-term value.” Mr. Jerome Lobier, General Manager of Fairmont Bangkok Sukhumvit, stated “Thailand, with its world-renowned hospitality, rich culture and warmth, is a wonderful setting for Fairmont, and Bangkok showcases an incredible energy, creativity and spirit that make this city truly special. We are very fortunate to have AWC as our partner, with its strong understanding of Thailand and shared passion for creating destinations that connect people from all over the world. At Fairmont Bangkok Sukhumvit, we want guests to experience the best of both Fairmont and Bangkok - from exceptional dining and wellbeing to life’s special celebrations. With our distinctive luxury MICE offering, we also look forward to welcoming businesses and guests from around the world for important meetings, events and celebrations, further strengthening Bangkok’s appeal as a leading destination for both business and leisure. Above all, we hope this hotel will be a place where international travelers and the local community feel genuinely welcome, and where every visit is made special by the warmth and heartfelt service of our team.” Fairmont Bangkok Sukhumvit is now welcoming guests and event inquiries. For more information or reservations, please visit fairmont.com or all.accor.com.
- August 23, 2026Business
AWC Delivers Continued Strong Growth in Q2/2026 with THB 5,502 Million in Total Revenue and THB 1,468 Million in Net Profit
Mrs. Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited (AWC), announced the Company’s Q2/2026 performance, reflecting quality growth across its Hospitality and Commercial business portfolios under the Sustainable Growth-led Strategy. The performance was supported by the continued development of quality assets in key destinations across Thailand, alongside the creation of lifestyle, tourism, and living experiences that respond to demand from high-quality customers around the world. The Company recorded total revenue of THB 5,502 million, increasing 5.6% YoY, and net profit of THB 1,468 million, up 4.6% YoY, while EBITDA reached THB 2,850 million, increasing 4.6% YoY. Growth was supported by stronger performance across both core businesses. The Hospitality business benefited from the recovery of hotels in Bangkok, together with strong performance from luxury resorts and hotels in key tourism destinations outside Bangkok, alongside effective cost management. Meanwhile, the Commercial business delivered strong performance across both retail and office properties. “Our performance this quarter reflects our business plan focused on driving continued growth through the Sustainable Growth-led Strategy, with a focus on building a strong and sustainable Hospitality and Commercial portfolio. AWC continues to launch and develop quality projects to drive growth across revenue and profitability while managing our financial structure efficiently to support our future operating objectives. At the same time, we remain focused on creating lifestyle destinations and strengthening collaboration with global partners to create distinctive experiences that contribute to Thailand’s position as a world-class destination for quality tourism and lifestyle, while delivering sustainable value for our shareholders, business partners, and stakeholders.” Hospitality Business Delivers Strong Recovery, Supported by Quality Tourism and Continued Growth of Luxury Resorts and Hotels in Key Tourism Destinations, Reinforcing the Strength of AWC’s Balanced Portfolio ‘EA’ Rooftop at The Empire Meliá Pattaya Hotel, Thailand The tourism industry is expected to improve further in the second half of the year, supported by government tourism stimulus measures. AWC continues to drive growth through collaboration with global partners to expand its base of high-quality customers. In Q2/2026, the Hospitality business generated revenue of THB 2,761 million, increasing 5.7% YoY, supported by the recovery of hotels in Bangkok alongside continued growth from luxury resorts and hotels in key tourism destinations. Revenue per available room (RevPAR) recorded strong year-on-year growth across several destinations. Pattaya achieved RevPAR growth of 169%, driven by the continued growth of two new hotels that opened in 2025. Chiang Mai maintained strong momentum with RevPAR growth of 31%, while Koh Samui continued to attract high-quality travelers, with RevPAR increasing 10%. This growth was driven not only by the expansion of the business portfolio but also by the performance of operating assets. Revenue from assets under normal operations increased 7.4% YoY, while EBITDA from the Hospitality business reached THB 742 million, increasing 9.7% YoY and growing faster than revenue. As a result, EBITDA margin improved from 25.9% to 26.9%, reflecting continued effectiveness in cost management and the profitability of the hotel portfolio. Revenue from AWC’s Food & Beverage portfolio reached THB 900 million in the quarter, increasing 7.3% YoY. ‘EA’ Rooftop at The Empire generated revenue of THB 116 million, increasing 32.3%, reflecting the success of AWC’s development of dining destinations. Commercial Business Delivers Strong Growth Driven by the Performance of Asiatique The Riverfront Destination, Including Jurassic World: The Experience, SkyFlyers: Wings of Garudapterus, and Better World Better Future The World’s First Sustainable Cross-River Cable Car Asiatique The Riverfront Destination AWC continues to drive the growth of its Commercial business through the “ AWC’s Lifestyle Destination ” strategy, transforming commercial properties into lifestyle destinations that attract visitors, increase dwell time and spending within the projects, and create revenue opportunities for tenants and business partners. As a result, the Commercial business generated revenue of THB 2,517 million, increasing 13.4% YoY, with EBITDA of THB 2,137 million, increasing 13.2% from the same period last year. Fairmont Bangkok Sukhumvit In the second half of 2026, AWC will continue to drive growth across its Hospitality and Commercial businesses through the launch of new projects and collaboration with global partners to create diverse destinations and experiences while attracting high-quality travelers from around the world. The Company is preparing to open Fairmont Bangkok Sukhumvit , the first Fairmont-branded hotel in Thailand, and Moxy Pattaya The Aquatique , in collaboration with Marriott International. At the same time, AWC continues to develop world-class experiences through collaborations with Universal Destinations & Experiences , including “Kung Fu Panda” in the heart of Yaowarat and “DreamWorks Water Park” along Pattaya Beach. In collaboration with EMM Williams Productions, AWC is also preparing to launch “Avatar: Guardians of EYWA, THE MAGIC WALK™” at Asiatique The Riverfront Destination in 2027. AWC is also advancing future-focused destinations along the Chao Phraya River, including the World’s First Sustainable Cross-River Cable Car and MONA Bangkok , developed in collaboration with Museum of Old and New Art (MONA), the renowned contemporary art and cultural museum from Australia. In addition, AWC Riverside Journey , a luxury destination connecting 11 AWC Lifestyle Destinations along the Chao Phraya River, will bring together distinctive tourism, lifestyle, cultural, and leisure experiences to further strengthen Thailand’s position as a world-class tourism and lifestyle destination and support the sustainable growth of Thailand’s tourism industry. AWC Riverside Journey Driving Sustainable Growth to Create Long-Term Value AWC drives its business under the mission of “Building Better Future” through the 3BETTERs framework - Better Planet, Better People, and Better Prosperity - integrating sustainability into its business operations, asset development, and destination creation to create shared value for stakeholders alongside the sustainable growth of the business. This approach continues to receive international recognition. AWC has been included in the Fortune Southeast Asia 500, ranked among the Top 1% for the fourth consecutive year, included in the Dow Jones Best-in-Class Index (DJ BIC) for Emerging Markets for the fourth consecutive year, and included in the S&P Global Sustainability Yearbook 2026 for the fifth consecutive year. AWC also achieved a 100% score in the 2026 AGM Checklist for the fifth consecutive year, reflecting the Company’s sustainability and corporate governance standards, as well as its commitment to creating long-term value for stakeholders and supporting the sustainable growth of the business. AWC Expands Its Growth Platform, Studying the Establishment of a Real Estate Investment Trust (REIT) to Connect Quality Assets with Long-Term Investment Opportunities Building on the strength of AWC’s real estate portfolio and its expertise in creating and developing destinations, the Company is studying and preparing for the establishment of a Real Estate Investment Trust (REIT) as another important platform to support AWC’s growth. The proposed platform would connect AWC’s capabilities in developing and creating value for assets with investment opportunities in operating assets that have recurring income-generating potential. Under this approach, AWC will continue to create, develop, and expand its portfolio of projects and destinations in strategic locations across Thailand, drawing on its expertise in real estate development and asset management, as well as collaboration with global partners, to continuously create value for its assets. Meanwhile, the REIT currently under study and preparation would provide a platform for operating assets with income-generating potential, while creating opportunities for domestic and international investors to access a portfolio of hotel and commercial real estate assets in Thailand. The connection between the two platforms would support a continuous growth cycle. Value created from the assets can strengthen AWC’s capacity to develop new projects and destinations, while the REIT would have the opportunity to grow through assets developed by AWC in the future. This approach would help enhance AWC’s financial flexibility and capital structure efficiency while expanding investment choices in the capital market and creating long-term value for shareholders and investors. The Company’s Board of Directors has approved the establishment of Asset World Corp REIT Co., Ltd . to serve as the REIT manager and has approved in principle the Company’s study and preparation for the establishment of the REIT, in order to prepare the operating and governance structure for the proposed platform. The Company is currently considering the assets that may be transferred to the REIT. If the establishment of the REIT proceeds as planned, the initial value of assets to be transferred to the REIT is expected to be within a limit of THB 50 billion, representing a transaction size of no more than 25% of the Company’s total assets based on its Q2/2026 financial statements. Details remain subject to the results of the study, the specific assets involved, market conditions, and approvals from the relevant authorities and authorized parties.
- August 23, 2026Business
AWC Expands “AWC Riverside Journey” with THB 2.9 Billion New Luxury Destination in One of the Most Prime Locations Along the Chao Phraya River
Asset World Corp Public Company Limited (AWC), Thailand’s leading integrated lifestyle real estate group, is adding a new luxury hospitality destination to strengthen its presence along the Chao Phraya River through the “ AWC Riverside Journey ,” connecting destinations and experiences across one of Bangkok’s most important cultural and tourism landscapes. From historic neighborhoods and iconic landmarks to contemporary lifestyle and cultural experiences, the journey reflects the distinctive character of the Chao Phraya while creating new reasons for residents and visitors to experience Bangkok through the river. “AWC Riverside Journey” – A Curated Journey Through Bangkok’s Heritage, Culture and Contemporary Lifestyle The latest addition to this journey is a riverside property currently known as River Garden, located in one of the most prime locations along the Chao Phraya River. AWC plans to transform the property into a new ultra-luxury hotel, with plans for the hotel to operate under the world-renowned Plaza Athénée brand. With a total investment of approximately THB 2.9 billion, the 18-storey hotel will comprise 146 rooms and over 20,000 sq.m. of gross floor area and is scheduled to open in 2028, bringing together luxury hospitality, wellness, dining and lifestyle experiences. More than a collection of destinations, the “AWC Riverside Journey” celebrates the Chao Phraya as a living part of Bangkok — a river that has long connected communities, commerce and culture. Across 11 AWC lifestyle destinations , the journey brings together Bangkok’s history, art, culture, communities and local way of life with contemporary experiences. A shared “ Co-living ” lobby concept will create another layer of connection across AWC properties, offering welcoming spaces where guests can meet, relax and enjoy distinctive river views and experiences along the Chao Phraya. As the “AWC Riverside Journey” continues to grow, AWC will build on this heritage with new destinations that celebrate the Chao Phraya’s past while carrying its spirit forward for generations to come. A Journey Through the Heart of Bangkok Today, the “AWC Riverside Journey” brings together many unique experiences along the Chao Phraya River, with more destinations and experiences to come. Each contributes something different to the journey — from hospitality and dining to lifestyle, culture, creativity and community — creating a richer way to discover Bangkok through the river that has always been part of its story. The Ritz-Carlton Bangkok, The Riverside, opening in 2028 Along the Chao Phraya River, the “AWC Riverside Journey” connects AWC destinations including Asiatique The Riverfront Destination , The Hotel Plaza Athénée Bangkok and The Ritz-Carlton Bangkok, The Riverside , with some of Bangkok’s most iconic riverside neighborhoods and cultural areas, from Song Wat and Yaowaraj to Woeng Nakorn Kasem . The journey also connects with landmarks that have long defined the character of the city, including the Grand Palace , Wat Arun , Wat Pho , the Flower Market and Chinatown - allowing people to experience Bangkok’s history, culture, communities and contemporary city life from one point to the next. The Song Wad Lanes The Song Wad Scape Together, these destinations create more than individual places to visit. They form a curated journey along the Chao Phraya River , inviting people to experience different sides of Bangkok — its heritage and contemporary lifestyle, its established communities and emerging creative districts, and the distinctive character of the river from one neighborhood to the next. At its heart, the “AWC Riverside Journey” is about celebrating the Chao Phraya’s past while carrying its spirit forward through new experiences that remain connected to the people, places and communities that make the river unique. Woeng NakornKasem Yaowaraj Looking ahead, AWC will continue to add new dimensions to the journey through MONA Bangkok , a new destination for art, creativity and culture, together with the planned World’s First Sustainable Cross-River Cable Car , creating new ways to move across, connect with and experience the Chao Phraya River. MONA Bangkok and Blue Dome at Asiatique Destination World’s First Sustainable Cross-River Cable Car The future luxury hospitality destination at this new hotel will become another part of this evolving journey. With its direct waterfront location, it will bring together hospitality, wellness, dining and lifestyle experiences while opening another way for people to connect with the river and its surrounding communities. Mrs. Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited (AWC), stated: “For generations, the Chao Phraya River always represents the heart of Bangkok, bringing the unique lively experience, connecting communities, history, culture and people together. AWC Riverside Journey is inspired by this heritage, to be part of showcasing the wonderful value of Bangkok and Thailand to the world. The “AWC Riverside Journey” connects 11 AWC Lifestyle Destinations along the Chao Phraya River, bringing together Bangkok’s history, art, culture, communities and local way of living, creating unique experiences for all AWC Properties. Together, they offer new ways to experience Bangkok through the iconic journey of Chao Phraya River while strengthening Thailand as Global sustainable tourism destination.”
- August 23, 2026Business
Munich Re Group to Acquire Cyber Insurtech At-Bay
Munich Re Group today announced that it has agreed to acquire At-Bay, Inc., a U.S.-based insurtech company that provides cyber insurance and proactive cybersecurity solutions for small and medium-sized enterprises (SME). The acquisition is a strategic move to strengthen Munich Re’s and HSB’s position as a leader in the cyber market by combining insurance with proactive risk mitigation and a state-of-the-art technology platform. It also positions the company for greater access to a cyber market that is rapidly evolving from standalone coverage—which Munich Re already provides—towards integrated, continuously managed risk mitigation platforms. The definitive agreement was concluded at an enterprise value of $575 million. The closing of the transaction is subject to customary conditions, including the required regulatory approvals, and is expected in the first quarter of 2027. The At-Bay business will be overseen by HSB, the technology-forward and cyber-focused arm of the Munich Re Specialty portfolio of insurance solutions. A main strategic partner since At-Bay’s founding in 2017, HSB has supported At-Bay’s development into a top-10 U.S. cyber insurer with gross written premiums totalling USD 278m1. At-Bay currently employs approximately 280 employees in the U.S. and Israel. At-Bay primarily serves the SME market in the U.S., focusing on organizations that face increasing cyber risk but often lack the resources and expertise of large enterprises to manage cybersecurity effectively. Through their unified security platform, At-Bay continuously identifies, monitors, and reduces insured cyber risk across the full policy lifecycle while also driving data insights to improve underwriting practices and security innovation. Jeffrey O’Shaughnessy, president and chief executive officer of HSB Group: “HSB and At-Bay are a logical match, each with a history and vision of risk prevention, mitigation and market-leading cyber risk solutions. The combination of At-Bay’s market-leading cyber capabilities and HSB’s intense cyber and underwriting expertise will significantly enhance our cyber offering and accelerate our speed to innovate in a market moving towards vertically integrated insurer-security platforms. Together, we will be able to offer our customers across all of HSB’s business models with holistic cyber protection by connecting insurance, security and claims into one continuous risk management ecosystem.” Rotem Iram, CEO and co-founder of At-Bay, welcomed the agreement with Munich Re: “Joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for the 90% of businesses being left behind,” said Iram. “At-Bay is a market leader in InsurSec combining cyber insurance and cyber security into a complete and integrated cyber risk solution. With Munich Re, we gain the scale and reach to better address the evolving needs of every small business.” 1As at 31.12.2025, based on US GAAP; plus cyber fee service revenues of USD 23m.
- August 23, 2026Business
IJM Resells Treasury Shares as Part of its RM3 billion Value Realisation Initiative
IJM Corporation Berhad (“IJM” or “the Group”) has completed the resale of its entire 142.4 million treasury shares, representing approximately 3.9% of its issued share capital, through open-market transactions on Bursa Malaysia today. The shares were transacted between the price range of RM2.72 to RM2.74 per share, resulting in net proceeds of approximately RM385 million. The resale of the treasury shares forms part of IJM’s RM3 billion value realisation initiative over three years, which includes the proposed listing of IJM Construction Sdn Bhd, monetisation of the Group’s mature Malaysian toll concessions and the progressive exit from its India investments. Dato’ Lee Chun Fai, Group CEO & Managing Director of IJM, said: “We made a clear commitment to unlock value across the Group. This is another tangible step in delivering shareholder value that we set out to do. We will continue to execute the remaining initiatives in a disciplined manner and keep shareholders updated on our progress.” No new shares were issued; the resold shares return to circulation with the usual voting and dividend rights. Following the resale, IJM’s issued share capital will comprise 3,647,566,120 ordinary shares. About IJM Corporation Berhad IJM Corporation Berhad (“IJM”), formed in 1983, today ranks as one of Malaysia’s leading conglomerates with an international footprint forged by its four core businesses: construction, property development, industry (quarrying and the manufacture of building materials) and infrastructure concessions. IJM holds leading positions across all its business divisions. Its growth is the direct result of strong leadership, dedicated employees, financial prudence and commitment to good governance and quality. The Group presently has a market capitalisation of around RM9.56 billion and as of June 2025, the Group employed around 3,600 employees and had total assets of RM22.3 billion. For more information, visit www.ijm.com
- August 23, 2026Business
FTREIT delivers strong 9-month performance with revenue of THB 3,372 million, plans around THB 2,800 million asset expansion
Frasers Property Industrial REIT Management (Thailand) Company Limited (“FIRM”), the REIT Manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT (“FTREIT”) reported a 9-month FY2026 (October 2025 – June 2026) total revenue of THB 3,372.8 million, an increase of 6.7% or THB 210.9 million year-on-year (Y-o-Y). 9MFY2026 net profit on investment was THB 2,293.6 million, an increase of 8.9% or THB 187.4 million Y-o-Y. For 3QFY2026 (April – June 2026), total revenue rose by 4.8% or THB 51.1 million Y-o-Y to THB 1,122.5 million. 3QFY2026 net profit on investment was THB 759.1 million, an increase of 5.6% or THB 40.6 million Y-o-Y. Dividend payment from third quarter operations was announced at THB 0.1955 per trust unit, which will be paid on 4 September 2026. The accumulated dividend for the first three quarters of FY2026 is THB 0.5850 per trust unit. Mr. Bhumpharn Arunthammakul, Managing Director of Frasers Property Industrial REIT Management (Thailand) Company Limited (FIRM), the REIT manager of FTREIT, stated, “There has been strong growth in demand for FTREIT's leasable spaces. In the first nine months of FY2026, the portfolio’s average occupancy rate reached a high of 92.5%, up 2.6% Y-o-Y. This is due in part to business demand for leased factories and warehouses over large self-built facilities; in the current volatile economic climate, companies can more easily manage initial investment costs and maintain management flexibility.” Despite geopolitical headwinds from the Middle East conflict, Thailand's economy in the first nine months remained resilient. Strong inbound investment momentum continued, due to ongoing production base relocations, especially in digital, electronics and electrical appliances as well as the automotive and parts industries. This trend is mirrored in the substantial growth of Thailand Board of Investment (BOI) investment promotion applications, reflecting foreign investors' confidence in Thailand as a regional supply chain hub, which in turn drives growth in the domestic manufacturing and logistics sectors. Furthermore, FTREIT plans to invest not over THB 2,784.40 million (excluding the expenses in relation to the investment in the additional assets) in Frasers Property Thailand’s assets across strategic industrial and logistics hubs. A unitholders' meeting will be held on 26 August 2026 to seek approval for this proposed transaction.
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