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Analysts view Heineken NV’s decision to relocate large-scale production to established regional breweries in Malaysia and Vietnam as a positive move for Heineken Malaysia Bhd, opening a potential new revenue stream through exports to Singapore and the wider Asia-Pacific region. HLIB Research said the potential contribution from the new revenue would likely be meaningful for Heineken Malaysia, given that export sales currently account for less than 1% of its revenue. Heineken NV announced that its subsidiary, Asia-Pacific Breweries Singapore (APBS), will gradually scale down production at its Tuas brewery, home to the Tiger Beer brand, shifting output to facilities in Malaysia and Vietnam. Hong Leong Investment Bank (HLIB) Research said the additional export revenue could be significant, as Heineken Malaysia currently generates less than 1% of its sales from exports. “We expect Heineken Malaysia to mainly supply on a business-to-business basis, with branding, marketing, and consumer-facing operations handled by APBS in Singapore,” HLIB noted. “The shift should improve plant utilisation and operating leverage, which may expand margins.” HLIB also highlighted Malaysia’s geographic advantage, suggesting it will likely serve as the main supplier to Singapore over Vietnam. A brokerage analyst added that increased export exposure could diversify earnings and enhance the company’s valuation, reducing reliance on domestic regulatory policies. TA Research said the move is expected to provide incremental earnings support over the medium term. Since the Singapore production transition will occur gradually through 2027, the revenue contribution will build over time. Assuming Malaysia fulfills 60% of exports to Singapore, TA Research estimates a revenue boost of RM344.7 million in FY27 and RM360.4 million in FY28, translating into an expected net profit increase of 1.5% in FY27 and 6.2% in FY28. Both HLIB and TA Research have maintained their “buy” ratings, with target prices of RM28.07 and RM25.80 per share, respectively, pending further clarity on export allocation and its financial impact. This development positions Heineken Malaysia to benefit from improved export sales, higher operating efficiency, and a more diversified revenue mix.

Empire Premium Food Bhd, the operator of the Empire Sushi chain, aims to open 56 new outlets across Malaysia over the next three years, using over half of its RM152.5 million IPO proceeds. This will expand the company’s current network of 143 stores. At a press conference following the prospectus launch, executive director and CEO Nicole Lim said the new outlets will be strategically located in high-traffic areas such as shopping malls, airports, and transit hubs. “We are targeting prime locations nationwide where our teams can support operations, rather than focusing on any specific state,” she said. CFO Lim Chung Liang noted that the average cost per outlet accounts for renovation, inflation, and operational setup. Quick dine-in outlets are expected to cost RM900,000 to RM1 million each, while grab-and-go formats will cost RM550,000 to RM600,000 per unit, including inventory and capital expenditure. Empire Premium launched its prospectus ahead of its Main Market listing on Bursa Malaysia, scheduled for April 17, 2026. Of the 363 million shares offered, 293 million are allocated for institutional investors—including 137.5 million shares for bumiputra investors approved by Miti—and 70 million shares for the retail public, with 55 million shares reserved for Malaysians via balloting. A further 15 million shares are earmarked for directors, employees, and contributors to the group’s growth. Upon listing, Empire Premium will have an enlarged share capital of 1.1 billion shares, giving it a market capitalisation of RM770 million at the IPO price of 70 sen per share. The group has a dividend policy targeting at least 30% of profits after tax attributable to shareholders. The IPO is expected to raise RM152.6 million for the company, with an additional RM96.3 million earmarked for co-founders Jordan Tan and Nicole Lim, who received a combined RM64 million in dividends for FY2025-26. Applications for the IPO close at 5 pm on March 31, 2026.

Australia’s Macquarie Asset Management has emerged as the leading bidder to acquire Edotco Group Sdn Bhd, the telecommunications tower arm of Axiata Group Bhd, according to a report by the Wall Street Journal. The report, citing people familiar with the matter, said discussions are ongoing and no deal has been finalised. While recent developments in the Middle East have been taken into consideration, they are not expected to derail a potential transaction. If completed, the deal could value Edotco at between US$3.5 billion (RM13.94 billion) and US$4.0 billion, the report said. An Axiata spokesperson declined to comment on the matter but reiterated that the group has previously informed investors of its intention to explore value creation and potential monetisation options for Edotco. A spokesperson for Macquarie Group also declined to comment. The Edge had earlier reported in its Dec 1–7, 2025 issue that Macquarie was among three shortlisted bidders for Edotco. The other contenders include a consortium led by the Employees Provident Fund (EPF) and a group led by private equity firm CVC Capital Partners plc. Axiata currently holds a 63% stake in Edotco, which operates telecommunications towers across Bangladesh, Cambodia, Indonesia, Malaysia, Pakistan, the Philippines and Sri Lanka. Sovereign wealth fund Khazanah Nasional Bhd owns 32% of the company, while the remaining stake is held by Retirement Fund Inc (KWAP).