BMCC Newsletter Issue #418 - (19 August 2024) |
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This week's highlights: - Malaysian Madani Economy exhibits promising returns
- Shining a spotlight on the Malaysia Leader of Arup
- Look out for our two events in Johor happening THIS WEEK
- Our Board of Directors say farewell to The British High Commissioner to Malaysia
- A recap of our CEO's recent visit to our Penang members
- BMCC participates in MITI events on Budget 2025 and ASEAN
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Malaysia's Economic Outlook Brightens for Q2 2024 Growth Driven by Madani Economy |
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This positive outlook is largely attributed to the implementation of the Madani Economy framework, which has bolstered market confidence and economic sentiment.
The Madani Economy Framework The Madani Economy framework, announced by Prime Minister Datuk Seri Anwar Ibrahim, sets ambitious medium-term targets to be achieved within the next decade. These include positioning Malaysia among the world’s top 30 economies, improving its Global Competitiveness Index ranking, and enhancing labour participation and income. The framework also aims for fiscal sustainability, targeting a fiscal deficit of 3% or lower.
GDP and Inflation Growth Malaysia’s GDP grew by 5.9% in Q2 2024, up from 4.2% in Q1 2024. This growth is supported by strong household spending, stable prices, and a core inflation of 1.8%. The improved economic sentiment is further reinforced by a 3.3% unemployment rate and increased export and import activities.
Investment Surge and Manufacturing Growth The manufacturing sector, in particular, saw a substantial increase in investments, particularly with RM43 billion recorded in Q1 2024—a 174.9% increase compared to the previous year. This surge in investment is expected to create more fiscal space for the government to support productive sectors, further boosting market confidence.
Structural Reforms and Economic Confidence The Madani Economy framework, alongside initiatives like the New Industrial Master Plan (NIMP) 2030 and the National Energy Transition Roadmap (NETR), has provided a strong foundation for Malaysia’s economic growth.
Structural reforms under Budget 2024, including the introduction of a capital gains tax and enhanced tax compliance measures, are anticipated to support fiscal consolidation and stability. These measures have contributed to a rise in Malaysia’s Business Confidence Index, which reached 94.30 points in Q1 2024.
Positive Market Indicators The FTSE Bursa Malaysia KLCI (FBM KLCI) has also shown positive performance, with substantial net purchases of equities and bonds by foreign investors in July 2024. Increased foreign ownership in Malaysian Government Securities and Government Investment Issues reflects growing investor confidence.
As investments rise, particularly in high technology sectors, there is expected to be a corresponding increase in demand for skilled employees, further accelerating GDP growth.
The BMCC is ecstatic in recognising that this growth proves that Malaysia has the potential to be a leading destination for investment. We stand at the ready to further support the Malaysian Government in economically developing our nation.
For Bank Negara Malaysia's release of the Economic and Financial Developments in Malaysia in Q2 2024, click here. For the slides of their report, click here. |
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| Meet Lau CL, Malaysia Leader of Arup |
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We're proud to shine the spotlight on Lau CL, Malaysia Leader of Arup!
This year, Arup celebrated their 60th anniversary in Malaysia – their sustainable development and engineering firm has been shaping the Malaysian landscape since 1964. |
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Their business has evolved and expanded from a building engineering focus to infrastructure across the energy, water, resources and transport sectors, as well as advisory services, planning and digital solutions.
"For us, it’s all about creating a more sustainable built environment for Malaysia—one project at a time."
Read our full interview with Lau CL here! |
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Mark your calendars for exciting events we have from August through December!
Looking to be Involved in our Events? BMCC Members interested in enhancing their brand visibility or seeking opportunities for speaking engagements and exhibition space are encouraged to reach out. Contact us at events@bmcc.org.my to learn more about our events, explore partnership opportunities and maximise your organisation’s presence. |
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| 22 August | BMCC Networking in Johor |
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Join us in this networking event to connect and grow your network with business professionals from the region. This is a great opportunity to forge new relationships and explore possibilities outside KL. Don't miss out!
Date: 22 August 2024 Time: 6 pm to 8 pm Venue: The Master's Lodge, Marlborough College Malaysia Target Audience: Senior representatives of BMCC member companies, stakeholders, and partners
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| 23 August | BMCC Excellence Showcase: Site Visit to IOI Palm Wood |
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Experience sustainability in motion.
Join us at IOI Palm Wood's manufacturing plant, where you can explore the future of sustainable manufacturing and innovative products.
Organised by BMCC's Sustainability Network, this site tour and networking event offers a unique opportunity to gain firsthand insights into cutting-edge manufacturing that repurposes and sustainably transforms waste biomass into high-performance engineered materials.
Let's witness how IOI Palm Wood is making a positive impact on communities and the environment
Date: 23 August 2024 Time: 10 am to 1.30 pm Venue: IOI Palm Wood Sdn Bhd, Segamat, Johor Target Audience: Business leaders, sustainability leaders, and senior representatives of BMCC member companies |
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| 29 August | BMCC Connect: Members Mix & Mingle |
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We're excited to welcome our new members! This evening, you'll have the chance to receive updates on the latest Chamber happenings, voice your ideas and feedback, and create new connections with fellow members.
Don't miss this opportunity to make the most of your membership!
Date: 29 August 2024 Time: 5.30 pm to 8.00 pm Venue: BMCC Office @ Menara IQ Target Audience: Senior representatives of BMCC member companies, stakeholders, and partners |
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| 5 September | Breakfast Briefing with MIDA |
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Join our BMCC Breakfast Briefing with MIDA and discover how your company or organisation can benefit from MIDA’s initiatives.
This is a great opportunity to explore Malaysia’s economic prospects and MIDA’s programmes, including Green Technology, Regional Establishment, the Johor-Singapore Special Economic Zone and services like Talent Facilitation and Digital Transformation. Be sure to attend!
Date: 5 September 2024 Time: 9 am to 12 pm Venue: BMCC Office @ Menara IQ Target Audience: C-suite, senior management, and senior representatives of BMCC member companies
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| 3 October | Bridging Borders: Exploring Malaysia's Private Healthcare |
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Healthcare is a universal concern that impacts everyone.
Join us for an enlightening inter-chamber healthcare session, hosted by BeLuxCham, where we delve into the dynamic landscape of Malaysia's private healthcare sector.
Date: 3 October 2024 Time: 9.30 am to 12.00 pm Venue: Auditorium, Prince Court (L1) |
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| 5 October | The Great British Brunch at Shangri-La Kuala Lumpur |
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Enjoy a classic British Brunch experience with delicious food, reconnect with old friends, and make new acquaintances.
Your ticket price of RM150 includes: British fry-up, Roast lamb, Smoked salmon, One (1) glass of champagne
Date: 5 October 2024 Time: 10.30 am to 12.30 pm Venue: Shangri-La Kuala Lumpur Target Audience: Business leaders, senior representatives, and staff of BMCC member companies and schools
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| 1 - 30 November | ESG Horizons |
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| 14 November | Economic Outlook & Post-Budget 2025 with EY |
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This November, participate in BMCC ESG Horizons, our month-long initiative to support and spotlight the commitments and achievements of our members in their pursuit of Environmental, Social, and Governance (ESG) objectives.
Themed ‘Engage, Empower, Elevate‘, this year, we seek to holistically and realistically make ESG practices more accessible.
Join us as an ESG Horizon Partner!
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Join us for a high-level briefing on the National Budget 2025 and gain insights into Malaysia’s economic outlook.
Our expert speakers from both private and public sectors will cover fiscal measures, investment strategies, sustainability initiatives, and digital economy advancements. Network with professionals from diverse backgrounds and stay informed about what’s ahead for Malaysia!
Date: 14 November 2024 Time: 10 am to 12 pm Venue: TBA Target Audience: Business leaders and senior representatives of member companies under the BMCC and other organising Chambers |
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| 29 November | BMCC Networking Session in Penang |
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| 6 December | Annual Corporate Christmas Luncheon at Four Seasons Kuala Lumpur |
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Join us in this networking event to connect and grow your network with business professionals from the region. This is a great opportunity to forge new relationships and explore possibilities outside KL. Don’t miss out!
Date: 29 November 2024 Time: 6 pm to 8 pm Venue: TBA Target Audience: Senior representatives of BMCC member companies, stakeholders, and partners |
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Join us for an afternoon of festive networking, where BMCC members can embrace the holiday spirit and build valuable connections.
Enjoy the joy of the season while expanding your professional network.
Date: 6 December 2024 Time: 12 pm to 2.30 pm Venue: Grand Ballroom, Four Seasons Hotel, Kuala Lumpur |
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For more info on our events, head on over to our website with the button below. |
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| A Farewell from our Board of Directors to the British High Commissioner to Malaysia |
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We extend our sincerest appreciation and congratulations to Her Excellency Ailsa Terry CMG, who has been appointed the UK Prime Minister's Private Secretary for Foreign Affairs. She will be advising Prime Minister Sir Keir Starmer on foreign policy issues, and working closely with the UK's Foreign Commonwealth & Development Office in London.
H.E Ailsa kindly hosted to a dinner with BMCC's Board of Directors as farewell. It is with heavy hearts that we watch her step down as British High Commissioner to Malaysia, especially when her support as a patron to the Chamber has been valuable and facilitated so many opportunities to us. |
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It was a great honour to have Her Excellency as our patron and to work alongside her in strengthening trade relations between the UK and Malaysia in the past year. We will miss her very much.
We wish her all the best and hope that she will continue to be a great Champion for Malaysia. |
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| MITI Dialogue Session with Industry on Budget 2025 |
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The BMCC recently attended a Dialogue Session with the Ministry of Investment, Trade, and Industry to discuss the National Budget 2025, themed 'Ekonomi Madani Memperkasa Rakyat,' and focused on enhancing Malaysia's global competitiveness and inclusivity. |
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The session focused on two primary agendas. The first was on 'raising the ceiling', which involved positioning Malaysia as a prime investment destination by leveraging its strengths primarily focusing on Islamic financing and investments. This strategic move aims to attract a diverse range of investors and enhance the nation's global standing.
The agenda of 'raising the floor' centred on promoting inclusivity and equitable opportunities for all citizens. This includes ensuring access to healthcare, education, and social security, fostering a spirit of unity, and maintaining good governance. These efforts are essential in creating a stable and prosperous environment. |
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In support of these goals, the BMCC provided policy input, which was submitted to MITI for consideration in the National Budget. The policy recommendations align with the goals of BMCC members across various committees and networks, particularly focusing on improving market access and developing local talents. |
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During the session, key stakeholders raised significant concerns about Malaysia's economic landscape. - Assessing Governance: They highlighted the need to increase the minimum wage and address extended working hours. The rising cost of doing business, which has become unsustainable, requires careful management, particularly regarding the impact of foreign workers on local employment opportunities.
- Improving Infrastructure: There is a strong focus on enhancing infrastructure, particularly in digital and green technologies, to strengthen Malaysia's global competitiveness and reduce its carbon footprint.
- Upskill Talent: Developing the workforce through vocational training and youth programmes was also emphasised as essential for maintaining a skilled and competitive labour force.
- Digital Development: Opportunities in digital infrastructure are seen as vital for positioning Malaysia as a leading digital nation, with investments in 5G technology to expand digital access and capabilities.
Addressing these diverse concerns and opportunities will be crucial in empowering the people and building a robust, inclusive, and competitive economy.
The BMCC is prepared to assist our members and stakeholders in presenting issues and concerns for MITI's consideration. To get in touch, please contact Yoong@bmcc.org.my |
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| Vision of 2045: Age of ASEAN |
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The BMCC was honoured to attend and participate in the event titled Vision 2045: Age of ASEAN. The event provided valuable insights into the pivotal role that Malaysia can play as ASEAN Chair in 2025 and the emerging opportunities for ASEAN towards 2045. |
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The event featured remarks by Yang Berhormat Senator Tengku Datuk Seri Utama Zafrul bin Tenguk Abdul Aziz and Yang Berhormat Tuan Liew Chin Tong, Minister and Deputy Minister of MITI respectively; His Excellency Satvinder Singh, Deputy Secretary-General of ASEAN for Economic Community; and Nurlin Mohd Salleh and Munal Rathore of Boston Consulting Group (BCG).
Meaningful ideas were shared and developed on how Malaysia can help drive regional growth and ensure that countries in ASEAN can continue to thrive. These were conducted through an introduction to key themes and sub-topics for the age of ASEAN 2045, a brainstorming session on key actions required by Corporate Malaysia and the Government, and a plenary discussion facilitated by the participating parties.
We're thankful to have been a part of what we hope to be the first steps of positive change in building ASEAN's future. |
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| BMCC Visit to Our Members in Penang |
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Our CEO, Jennifer Lopez, and Executive Assistant, Azizul Hakim Sapi'ee, recently visited our members and stakeholders in Penang. It was a great opportunity to catch up on progress updates, share relevant developments within the Chamber, and plan future collaborations.
We thank our members and stakeholders for taking the time to meet with us. |
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Frédéric Rebetez, Managing Director & Site Leader from Smith+Nephew |
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Shaun Lee Ching Weun, Senior Director for Global Order Management & Billing, & Site Leader, Malaysia; and Poobalan Shamugam, Academic, Government, & Corporate Digital Sales from Clarivate |
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| BMCC Visit to Kuala Lumpur Convention Centre |
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We had the honour of visiting Kuala Lumpur Convention Centre for an engaging session to share ideas and discuss future collaborations.
We thank the KLCC Convention Centre team — John Burke, General Manager; Tiffany Chung CEM, Director of Sales and Marketing; and Julian Loh, Head of Marketing & Communications — for their time and look forward to growing our partnership! |
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| Secure Your Spot in BMCC's Membership Directory! |
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We're calling all members to seize this opportunity to be featured in our inaugural Membership Directory - the ultimate resource for connecting with British and Malaysian organisations.
This directory will offer: - A comprehensive listing of businesses and services by sectors
- In-depth articles on industry insights and best practices
- Exclusive interviews with top executives and thought leaders
- Premium advertising space to offer prime visibility and enhanced brand recognition
- Access to 24 MILLION professionals across the British Chamber Network
For information, such as member benefits, advertising rates, and more, click the button below! |
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| BMCC is Calling for Public Comments, Feedback, and Proposals for Budget 2025 |
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We are collating our members' feedback to be shared with the Ministry of Finance (MOF) Malaysia to guide the national budget formulation. |
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Members are encouraged to share their responses and opinions on Budget 2025 to Yoong@bmcc.org.my by 29 August.
Information we need from our members: - Key issues you want BMCC to highlight
- Background/ context for clarity into the issue
- Possible recommendations/ proposals to address the issue at hand
- Estimated impact of the issue in value (RM)
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| Life At Work Awards 2024 (LAWA) by Talent Corporation Malaysia (TalentCorp) is now Open for Submissions! |
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| MGTC | Join Training Sessions on Green Practices for the Industry |
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The Malaysian Green Technology and Climate Change Corporation (MGTC) will be hosting a series of training sessions on Green Practices for the Industry, aimed at enhancing the competitiveness of local manufacturers, producers, suppliers, distributors, and service providers to meet the demands of both local and international markets in alignment with the National Green Technology Policy.
BMCC Members are invited to the following training sessions. Brochures for each sector in the links provided:
Venue: Malaysian Green Technology and Climate Change Corporation (MGTC) Office Tentative Programme: Here
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| Marlborough College Malaysia | Save the Dates for These Admissions Events! |
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Experience the extraordinary at Marlborough College Malaysia, a global top 100 school, with these exciting admissions events.
Singapore Information Evening Venue: The British Club, Singapore Date: 3 September 2024 Time: 5.30 pm
Admissions Open Morning Venue: Marlborough College Malaysia Date: 7 September 2024 Time: 8.30 am
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| Melboune Capital Group | Learn How to Invest in UK Property |
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Curious to know if it is the right time to invest in the U.K. property market from abroad? If you missed Melbourne Capital Group's previous webinar, do not miss this opportunity. This time, they are hosting a presentation onsite at their Melbourne Capital Group office in Kuala Lumpur, offering a unique chance to engage directly with our team and network with fellow investors. Daniel Earl, partner at API Global, will be sharing how they work together to bring you a hassle-free investment solution in the top growth zones across the U.K. Date: Thursday, 5 September 2024. Time: 6.30 pm Malaysia Time. Location: Melbourne Capital Group, UOA Corporate Tower, Lobby B, Avenue 10, Bangsar South, Kuala Lumpur Seats are limited. |
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| Universiti Malaya | The UM Research Carnival is Back! |
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Universiti Malaya is delighted to announce the return of the UM Research Carnival!
Date: 15 to 17 December 2024 Time: 9 am to 5 pm Venue: Dewan Tunku Canselor (DTC), UM
Objectives - To showcase UM Research outputs and activities
- To provide a platform for researchers to network and engage with industry, society, government, and policymakers
- To stimulate multidisciplinary interactions among researchers & stakeholders
- To encourage impact-driven and societal-focused research
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For sponsorship opportunities and participation, kindly refer to the attachment here.
For more details or to discuss further, don't hesitate to get in touch with them at +6 (03) 7967 7350. |
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| Banyan Tree Kuala Lumpur | Indulge in a Mid-Autumn's Golden Dream |
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Banyan Tree Kuala Lumpur and Pavilion Hotel Kuala Lumpur proudly unveil Malaysia's first mooncake packaging with Augmented Reality (AR) features in celebration of the upcoming Mid-Autumn Festival.
Teaming up with renowned Malaysian artist Jaee Tee, known for her semi-abstract art that fuses tradition with contemporary elements, and blending Western influences while honouring her Chinese heritage. Her distinctive style brings a refreshing twist to this cherished tradition.
This exclusive promotion lasts until 17 September and provides an ideal opportunity to share with colleagues, friends, or loved ones. Please note that delivery service is available for our mooncake collection and is subject to charges based on the delivery address and quantity. Fees will be determined by our delivery partner.
Find out more about their offers here!
Order online here. To place bulk orders or confirm your collection date and time, reach out to Jade Pavilion via WhatsApp at +60 10 397 7833. |
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| EQ Hotel | Enhance Your Mid-Autumn Festival with Celestial Treasure Mooncakes |
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From 15 June to 22 September, share the joy of the Mid-autumn festival with EQ's specially crafted mooncakes.
Deemed by those in the know as some of the best hotel mooncakes in Kuala Lumpur, selections for this season bring together traditional flavours and innovative new combinations designed to delight.
There is an early bird offer of 10% for orders placed between 1 to 31 August 2024. There are also bulk buying privileges, customisation and delivery services available with a minimum purchase. For orders and inquiries, please reach out to dineateqkl@kul.equatorial.com.
Access their catalogue here! |
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| Hilton Kuala Lumpur Offers Dining Perks for BMCC Members! |
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Hilton Kuala Lumpur is extending a 20% discount off the total bill to BMCC Members!
The offer is applicable at their premium outlets including Vasco’s (Buffet / All Day Dining), Graze (Italian Cuisine), Chambers Grill (Steak House), and Chynna (Chinese Cuisine) including their beautiful creations for the Mid-Autumn Festival. |
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Members can enjoy the discount at participating outlets from 1 July - 31 December 2024.
Terms & conditions for the offer are: 1. 20% discount on total bill (excluding alcoholic beverages) applicable with a minimum spend of RM150.00 nett in a single receipt. 2. This discount cannot be combined with any other offer, promotion, or discount, including Hilton Honors benefits 3. Prior reservation is required as the offer is subject to black-out dates. Members must present the EDM/Newsletter received with the offer messaging prior to dining in. 4. Applicable for dine-in only.
Find out more and book here! |
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| Hilton Kuala Lumpur | Get Premium Mooncakes this Mid-Autumn Festival with an Exclusive Discount! |
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Share stories, laughter, and savour heartfelt reunions. This Mid-Autumn, celebrate tradition with those who matter most with Hilton Kuala Lumpur's premium handcrafted mooncakes designed by local artist Jaemy.C.
Hilton Kuala Lumpur is extending a 20% discount off the total bill to BMCC members, which is applicable to their beautiful creations for the Mid-Autumn Festival.
This premium series is available from 1 July to 17 September 2024.
Click here for more information! |
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| The RuMa Hotel | Experience Mooncake Festival Joy with these Mid-Autumn Treats |
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Enjoy this exclusive mid-autumn mooncake selection!
The RuMa Hotel and Residences proudly presents a luxurious mooncake gift box packaging featuring four exquisite flavours!
Promotion Period: Pre-order from 19 July 2024. Pick-up starts from 24 August 2024. Enjoy a 10% off throughout the sales period.
Price: MYR218 nett per box. |
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- Nyonya Sambal Hae Bee - Savoury white lotus paste with dried shrimp, belacan, chilli, and kaffir lime.
- Honey Longan - Sweet white lotus paste with dried honey longan from Chiang Mai.
- Ondeh - Rich pandan lotus paste with gula Melaka and Hawaiian desiccated coconut.
- Callebaut 811 - Decadent Belgian chocolate lotus paste with Ferrero Rocher.
Celebrate the mid-autumn festival with The RuMa Hotel's mooncake gift box, the perfect way to share the joy of this festive season!
Advanced order recommended and subject to availability. For enquiries and purchases, please WhatsApp +6012 527 7847 or email IRD@theruma.com.
Terms and conditions apply. |
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Stay up to date with the Chamber’s latest news and activities through this newsletter or follow us on our social media platforms. |
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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) No 02-B, Menara IQ, Lingkaran TRX, Tun Razak Exchange, 55188 Kuala Lumpur Copyright © BMCC 2024 |
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