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Property

OCR Group Unit To Sell Magna Prima Property In Shah Alam

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OCR Group Bhd has entered into an agreement with Magna Prima Bhd to sell 4.58 acres of a 20-acre development property in Section 15, Shah Alam, for RM45 million. The deal involves OCR Group’s wholly-owned unit, OCR Avenue Sdn Bhd, and Magna Prima’s subsidiaries Magna Ecocity Sdn Bhd and Twinicon (M) Sdn Bhd, according to Bursa Malaysia filings. Magna Ecocity is the registered proprietor of the property, while OCR Avenue holds the development rights and power of attorney, allowing it to sell a portion of the land. Under the agreement, Twinicon will acquire the 4.58-acre plot, enabling OCR Group to realise part of the property gains, reduce bank borrowings, and boost cash reserves for future developments. The land’s original cost was RM36.64 million, with a latest audited net book value of RM40.88 million. The sale is expected to yield a net gain of RM4.03 million. For Magna Prima, the acquisition aligns with its strategic expansion and investment plans, aimed at strengthening its asset portfolio and generating long-term value. The purchase will be funded through internally generated funds and bank borrowings. The transaction is expected to be completed within six months. Shares of OCR Group closed unchanged at 4.5 sen on Tuesday, giving the developer a market capitalisation of RM150.3 million, while Magna Prima also ended flat at 74.5 sen, valuing the company at RM299.1 million.

News

Heineken Shifts Production From Singapore To Malaysia And Vietnam

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Heineken is set to shift its production from Singapore to Malaysia and Vietnam as the Dutch brewer gradually scales down its large-scale operations in Singapore. According to an exchange filing by Heineken Malaysia Bhd, the transition will be phased, with full impact expected by the third quarter of 2027. The move is aimed at boosting exports from Malaysia, which currently account for less than 1% of total sales to Singapore and other markets. “Additionally, it allows the company to optimise supply chain capacity, achieve greater economies of scale, and enhance operational efficiency,” Heineken Malaysia said. The relocation coincides with Asia Pacific Breweries Singapore, Heineken’s wholly-owned subsidiary, shifting to an import-based supply model supported by the company’s breweries across the region. Singapore will remain the global home of Tiger Beer and the base for Heineken’s Asia-Pacific regional office. Over time, the Tuas brewery site will be redeveloped to support regional logistics and feature a pilot brewery for testing new products. To facilitate the transition, Heineken Malaysia, in collaboration with Heineken Vietnam, will produce and supply beer to Singapore and other Asia-Pacific export markets. The company emphasised that the gradual shift has been incorporated into its supply chain capacity planning. Heineken Malaysia, one of the Dutch brewer’s listed subsidiaries worldwide, employs over 500 people at its Petaling Jaya headquarters and brewery. Its portfolio includes brands such as Guinness, Edelweiss, Apple Fox, Kelkenny, Anglia Shandy, and Malta.

Energy & Technology

Eversendai’s Saudi Trojena Ski Village Contract Terminated

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Eversendai Corporation Bhd said it has received a termination notice from NEOM Company for its structural steel contract for the Trojena Ski Village project in Saudi Arabia, effective March 26, citing geopolitical developments in the Middle East. In a statement, the group said it is preparing the necessary documentation to substantiate project progress and will submit commercial claims, including compensation for the contract termination as well as related demobilisation costs. The company added that it expects fair compensation once its claims are fully assessed. The contract was awarded in March 2024 in collaboration with Al Bawani Co. Eversendai said the project had been carried out in accordance with contractual obligations up to the termination date. The development was originally scheduled for completion within 28½ months. The Trojena project was one of four major contracts secured by the group in 2024, with a combined value of RM5.4 billion. The other projects include the Wynn Al Marjan Island Integrated Resort development in the United Arab Emirates, as well as the Rupa IT Building and Rupa Crystal IT Building in India. Following the termination, Eversendai said its current order book stands at RM2.02 billion, excluding the remaining balance of the Trojena contract, while its tender book totals RM18.4 billion. The group also noted that it is close to finalising several new projects expected to further strengthen its order book. Despite the geopolitical developments, Eversendai said its operations in the Middle East remain stable and that it remains optimistic about securing new contracts to support its financial performance. Since securing major contracts in March 2024, the group’s financial performance has improved significantly. For the financial year ended Dec 31, 2025, Eversendai recorded a net profit of RM110 million on revenue of RM2.14 billion, compared with a net profit of RM14.1 million on revenue of RM1.24 billion a year earlier. The company’s share price rose from around 20 sen following the contract wins in March 2024 and briefly reached a high of 78.5 sen in May before easing. Over the past year, the stock has mostly traded between 40 sen and 50 sen. It closed at 35.5 sen on Tuesday (March 24), giving the group a market capitalisation of approximately RM277.45 million.

The Executives

Muazzam Named To Consumer Credit Commission Board

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Former Bank Islam Group Chief Executive Officer Mohd Muazzam Mohamed has been appointed to the board of the Consumer Credit Commission, strengthening the newly established regulator overseeing non-bank consumer credit providers in Malaysia. The Consumer Credit Commission, also known as the Suruhanjaya Kredit Pengguna, was set up to regulate and supervise consumer credit activities outside the traditional banking system. Its scope includes monitoring non-bank lenders and other credit providers to promote responsible lending practices and enhance consumer protection across the sector. Earlier, the commission named former Bank Negara Malaysia Assistant Governor Abu Hassan Alshari Yahaya as its first Executive Chairman, marking a key step in forming the leadership team for the new regulatory body. The appointments follow the enforcement of the Consumer Credit Act 2025, which came into effect on 1 March 2026. The implementation of the Act formally marks the start of the commission’s operations as Malaysia’s dedicated authority overseeing consumer credit providers beyond banks and financial institutions. The move is part of broader efforts to strengthen regulatory oversight and improve transparency within the country’s fast-growing consumer credit landscape. Muazzam stepped down as Group CEO of Bank Islam in December 2025 after serving nearly a decade with the Islamic banking group. During his tenure, he led various strategic initiatives, including strengthening the bank’s digital capabilities and expanding its presence in the Islamic financial services sector. He will be succeeded by YM Raja Datin Paduka Teh Maimunah Raja Abdul Aziz, who is set to assume the role of Group Chief Executive Officer effective 1 April 2026.

The Executives

NetApp Names Moti Uttam Malaysia Country Manager

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NetApp Malaysia has appointed Moti Uttam as its Country Manager, strengthening the company’s push to support organisations building data foundations for artificial intelligence (AI) and digital transformation. The appointment comes as Malaysia accelerates efforts to become an AI-driven economy, with businesses increasing investments in data infrastructure to boost productivity and innovation. In his new role, Moti will oversee NetApp’s operations in Malaysia, focusing on expanding customer and partner engagement, driving business growth, and increasing adoption of the company’s data management and AI solutions across key industries. “I am honoured to take on this role at such a pivotal time for Malaysia. The country’s bold ambitions are driving momentum towards an AI-driven economy, and data sits at the core of that transformation,” he said. He added that he plans to work closely with customers and partners to help Malaysian enterprises build intelligent data infrastructure, enabling them to deploy AI securely and at scale. Moti brings more than 25 years of experience in the technology sector, having previously held leadership roles at Hitachi Vantara and Dell EMC. He was most recently Chief Technology and Operations Officer at Tao Bin Malaysia, where he helped develop a cloud-based robotic retail platform powered by AI and IoT. NetApp Senior Director for ASEAN Angeline Lim said the appointment comes as Malaysia continues to advance its digital economy and expand national AI capabilities. She noted that Moti’s local market expertise and industry experience will help strengthen NetApp’s role in supporting organisations as they build data-driven capabilities aligned with national priorities.

Investment & Market Trends

Savvy Games To Buy Moonton From ByteDance

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Savvy Games Group has agreed to acquire Moonton, the mobile game studio owned by ByteDance Ltd, as the Saudi Arabian company expands its mobile gaming portfolio. The deal values Moonton at approximately US$6 billion, according to sources familiar with the matter. The transaction is expected to close soon, Moonton CEO Zhang Yunfan said in a memo reviewed. Management will remain in place, and employees will be offered incentive programs. Savvy CEO Brian Ward said the acquisition will strengthen the company’s mobile gaming division and esports presence. Savvy, a subsidiary of Saudi Arabia’s US$1 trillion Public Investment Fund (PIF), is a key part of the kingdom’s push to become a global gaming hub. Moonton is known for its multiplayer mobile games, particularly Mobile Legends: Bang Bang, which has been installed more than 1.5 billion times, with strong popularity across Southeast Asia. Saudi Arabia is also developing a gaming district in Qiddiya City near Riyadh, featuring amusement parks, golf courses, and esports arenas. Savvy previously acquired Scopely, maker of Monopoly GO, in 2023 and agreed to buy Niantic Inc’s Pokémon Go last year for US$3.5 billion. Mobile gaming now accounts for the majority of global gaming spending, outpacing console and PC games, with Asia expected to drive most of the growth, according to Newzoo’s Global Games Market Report 2025. ByteDance, which paid around US$4 billion for Moonton in 2021, is selling the studio to focus on generative AI. The company has recently scaled back its gaming operations, including winding down Nuverse, and cutting jobs as it competes with Chinese tech rivals in AI and digital platforms. A ByteDance spokesperson said, “We are proud of Moonton’s impressive growth into a leading mobile gaming player in Southeast Asia. This transaction marks a natural next step in its journey.”

Investment & Market Trends

VPBank Eyes US$1.2B ESG Deal

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Vietnam Prosperity JSC Bank (VPBank) is seeking a sustainability‑linked loan of around US$1.2 billion, people familiar with the matter said, in what could become one of Vietnam’s largest ESG‑tied financings. The Hanoi-based bank has appointed more than a dozen lenders to underwrite the three-year facility, the sources added, asking not to be identified due to the confidential nature of the discussions. Sumitomo Mitsui Banking Corp (SMBC) is serving as the sole coordinator of the deal. SMBC’s parent company, Sumitomo Mitsui Financial Group, holds roughly 15% of VPBank’s shares. The proposed loan highlights the continued appeal of ESG-linked financing in emerging markets, even as the growth of such instruments has moderated following a recent expansion. Neither VPBank nor SMBC responded to requests for comment. Last May, VPBank arranged a US$1 billion loan from global lenders to support women-led businesses, green initiatives, and other socially responsible projects. Other recent ESG-linked deals include COFCO International Ltd securing a US$435 million revolving credit facility from Standard Chartered Plc, tied to social and climate targets in agricultural supply chains, and the State Bank of India marketing a US$500 million syndicated social loan focused on women’s economic empowerment and gender equality. Sustainability-linked loans reached approximately US$139 billion in 2025 and are expected to grow to around US$160 billion in 2026, according to a February report by ING analysts.

Investment & Market Trends

Stonepeak-Backed Group Nears Yinson Buyout

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A group of shareholders is reportedly close to taking Yinson Holdings Bhd (KL:YINSON) private in a deal that could value the Malaysian energy infrastructure company at around RM8 billion. The Lim family, which founded Yinson in the 1980s and remains its largest shareholder, is said to be partnering with infrastructure-focused investment firm Stonepeak Partners and local pension funds that are existing Yinson shareholders in a joint bid. Sources familiar with the matter say talks are at an advanced stage, with a deal potentially being announced within the next few weeks. The buyout would likely be executed via a scheme of arrangement, or court-approved agreement, which could increase the likelihood of the transaction’s success. However, the discussions are ongoing, and there is no certainty that the deal will proceed. Representatives for the Lim family and Stonepeak declined to comment, while Yinson did not respond to requests for comment outside business hours. Bloomberg News reported in June that Stonepeak, based in New York, was collaborating with the Lim family on a potential Yinson buyout. As of the end of February, the Lim family held 27.7% of Yinson, while the Employees Provident Fund and Kumpulan Wang Persaraan (Diperbadankan) owned 17.1% and 7%, respectively. Founded as a transport and logistics company, Yinson has since expanded into energy infrastructure, renewables, and technology. Its shares have fallen roughly 3% this year, giving it a market value of RM6.7 billion as of March 19. Malaysia’s stock market was closed for the Eid holiday on March 20 and 23.

Energy & Technology

Fitipower Sets Up Malaysia Unit At Selangor IC Design Park

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The Selangor Information Technology and Digital Economy Corporation (Sidec) has announced the establishment of Fitipower Malaysia Sdn Bhd, marking a new milestone in efforts to strengthen the state’s semiconductor ecosystem. In a statement, Sidec said the company is a local subsidiary of Taiwan-based integrated circuit (IC) design firm Fitipower Integrated Technology Inc, which has begun operations at the Malaysia Semiconductor IC Design Park in Puchong. The facility, led by Sidec, is part of Selangor’s broader strategy to position itself as a regional hub for IC design and semiconductor innovation. Sidec said the establishment of Fitipower Malaysia highlights the growing momentum of the IC Design Park as a platform to attract global IC design companies, develop local talent, and drive Malaysia’s shift towards higher-value semiconductor activities. The new entity will focus on research and development (R&D) in semiconductor IC design, particularly in display driver ICs, power management technologies, and edge artificial intelligence system-on-chip solutions. By tapping into regional technological resources, the company aims to accelerate innovation, expand its global footprint, and deliver long-term value. Following the launch, Sidec also engaged with the state government and Fitipower representatives to explore further collaboration in talent development, industry partnerships, and technology innovation. Fitipower chairman Young Lin said Malaysia’s strong engineering talent, growing semiconductor ecosystem, and supportive policies make it an ideal location for the company’s overseas R&D expansion. Meanwhile, Selangor’s Investment, Trade and Mobility executive councillor Ng Sze Han said the move underscores the state’s commitment to advancing Malaysia’s semiconductor sector through innovation, talent development, and global collaboration.

Property

JLand, EdgeProp Partner To Boost Data-Driven Property In Johor

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Johor Corporation’s (JCorp) real estate and infrastructure arm, JLand Group Sdn Bhd (JLG), has partnered with property media and data platform EdgeProp to enhance data-driven capabilities and strengthen its market position across Johor’s evolving real estate sector. The collaboration was formalised through a memorandum of understanding (MoU) signed in Kuala Lumpur on Tuesday, according to a joint statement. (From left) Group Managing Director of Juand Group Datuk Akmal Ahmad; JLand Group Chief Innovation‹ Digital Otticer, Is Muhammad Izzat Abdul Aziz; EdgeProj Head of Business Development, Nimalen Parimalam; and Managing Director of EdgeProp, Alvin Ong. Under the agreement, EdgeProp will serve as JLG’s strategic knowledge partner, supporting its digital transformation through the EdgeProp EPIQ platform—an integrated property data and analytics solution that delivers market insights via a centralised digital mapping system. Through the partnership, JLG aims to combine EdgeProp’s data intelligence with its own development expertise and regional market knowledge to improve operational efficiency, sharpen market positioning, and support a more connected, data-driven property ecosystem in Johor. The MoU outlines three main areas of collaboration: improving internal workflows, strengthening market visibility and project positioning, and exploring the development of a regional digital platform. A key initiative includes integrating a unified data dashboard into JLG’s systems to streamline research, planning, and market analysis across its residential, commercial, and industrial portfolios. The partnership will also utilise EdgeProp’s cross-border media platform to boost JLG’s market presence through coordinated, data-driven marketing and content strategies. In addition, both parties will explore building a specialised regional digital platform powered by the EPIQ engine, enabling JLG to integrate its regional data with EdgeProp’s nationwide property database. JLG group managing director Datuk Akmal Ahmad said the collaboration marks a significant step in accelerating the company’s shift towards a data-driven development model. He noted that integrating advanced data analytics will enhance decision-making, from evaluating land bank opportunities to planning developments and responding more effectively to market trends. Meanwhile, EdgeProp managing director Alvin Ong said the partnership provides a strong data foundation to support JLG’s digital ambitions. He added that the collaboration will help drive growth initiatives, including developments linked to the Johor-Singapore Special Economic Zone.

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