Malaysian Space Agency and Space City Asia exchange Letters of Intent to advance Malaysia’s national space economy.
Space City Asia Berhad (“SCA”), the Precinct Developer for Space City Asia within Pahang Aerospace City, today announced a strategic capital raise of USD 20 million to fund the development of Space City Asia. The announcement was presented to YAB Dato’ Sri Diraja Haji Wan Rosdy bin Wan Ismail, Menteri Besar of Pahang, at the Pahang State Government Strategic Cooperation Document Exchange Ceremony during the Selangor International Business Summit (SIBS) 2026.
At the same ceremony, SCA and the Malaysian Space Agency (MYSA) exchanged Letters of Intent for cooperation in space science and technology. The exchange was carried out with YBhg. Dato’ Gs. Haji Azlikamil bin Napiah, Director General of MYSA.
USD 20 million to build Space City Asia
The announcement was made by Rajeeshwaran Moorthy, FRAeS, Acting Chief Executive Officer of Space City Asia Berhad, to the Menteri Besar of Pahang. He was joined by YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib, Pahang State Executive Councillor for Investment, Industry, Science, Technology and Innovation.
The capital is being raised through SCA’s parent company, KASDR Legacy Berhad, together with a group of family offices based in the United States. Their participation reflects growing international confidence in Pahang as a destination for aerospace and space investment.
The funds will support the initial phase of Space City Asia, including:
- precinct planning and enabling infrastructure;
- attracting anchor tenants and industry partners; and
- programmes to develop talent, research and the wider space-industry ecosystem in Pahang, in line with Malaysia’s national space objectives.
SCA records its deep appreciation to the Menteri Besar and the Pahang State Government, Pahang Aerospace City Development Berhad and Invest Pahang. Their vision and continued support are establishing Pahang as a regional hub for the aerospace and space industries.
SCA extends its special gratitude to Prof. Adjunct M. Nurazmi Abas, Chief Executive Officer of Pahang Aerospace City Development Berhad, whose vision in entrusting Space City Asia to SCA made this milestone possible.
Cooperation with the Malaysian Space Agency
The Letters of Intent between MYSA, under the Ministry of Science, Technology and Innovation (MOSTI), and SCA open a formal dialogue on cooperation in space science and technology. The focus is on joint research and development and on human capital development.
The cooperation supports Thrust 4 of the National Space Policy 2030, which sets the New Space Economy as a key national agenda. Areas for discussion include:
- joint research, development and innovation projects in space science, technology and applications;
- human capital development, including training, technical and vocational education, internships and industry attachments for Malaysian talent; and
- the participation of local industry and international partners in the space-industry ecosystem being developed at Space City Asia.
Space City Asia is being developed in collaboration with MYSA as a strategic implementation platform for the Space City Development initiative under the Malaysia Space Exploration 2030 (MSE2030) Strategy S2.2. Both parties are currently finalising a Memorandum of Agreement to advance Malaysia’s national space ecosystem agenda.
Building Malaysia’s space economy from Pahang
“Today is a defining moment for Space City Asia and for Pahang,” said Rajeeshwaran Moorthy, FRAeS, Acting Chief Executive Officer of Space City Asia Berhad and President and Group Chief Executive Officer of KASDR Legacy Berhad. “We are honoured to present this USD 20 million ongoing raise announcement to YAB Menteri Besar, and grateful for the Pahang State Government’s vision in making Pahang Aerospace City a reality.”
“Our Letter of Intent with the Malaysian Space Agency is equally important. It aligns Space City Asia with the national space agenda under MSE2030, so that the precinct we build serves Malaysia’s industry, research and talent. Capital, government and industry are now moving together, and that is how a national space economy is built.”
Space City Asia is a wholly owned subsidiary of KASDR Legacy Berhad, a Malaysian holding company that invests in strategic, nation-building sectors. The raise reflects KASDR Legacy’s long-term commitment to investing in Malaysia and to bringing international capital into the country’s space and aerospace industries.
