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Energy & Technology

Gas Malaysia Gets Approval For RM2–3 Bil Yan LNG Terminal Project

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Gas Malaysia Bhd has received a letter to proceed (LTP) from the Energy Commission for its proposed liquefied natural gas (LNG) regasification terminal (RGT) project in Yan, Kedah, with total development costs estimated between RM2 billion and RM3 billion. In a filing with Bursa Malaysia, the company said the RGT Yan project, to be located offshore west of Pulau Bunting, is planned as a floating storage and regasification unit (FSRU). The facility is expected to have a regasification capacity of up to six million tonnes per annum, enhancing the country’s gas supply infrastructure. Gas Malaysia noted that the LTP is subject to several conditions set by the Energy Commission, which must be fulfilled within a specified timeframe before the project can proceed to the next stage of development. Once completed and operational, the project is expected to strengthen Gas Malaysia’s position in the energy sector and contribute positively to the group’s long-term earnings, while supporting growing demand for natural gas in the region.

ESG

PAAB Launches Malaysia’s First Islamic Finance Framework With Blue Finance

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Pengurusan Aset Air Bhd (PAAB) has introduced Malaysia’s first sustainable Islamic finance framework incorporating blue finance elements, with Maybank Investment Bank Bhd (Maybank IB) acting as the sole sustainability structuring adviser. From left, PAAB Chief Executive Officer (CEO) Zulkiflee Omar and right Maybank Invesment Bank Berhad Chief Executive Officer (CEO) Michael Oh-Lau. Wholly owned by the Minister of Finance (Incorporated), PAAB plays a key role in supporting the government’s efforts under the Ministry of Energy Transition and Water Transformation (PETRA) to improve efficiency, service quality, and long-term sustainability in the water services sector. In a joint statement, PAAB and Maybank IB said the framework is the first in Malaysia to integrate blue finance within an Islamic finance structure. It enables PAAB to issue instruments such as Blue Sukuk in line with international guidelines, including those by the International Finance Corporation (2025) and the International Capital Market Association (2023). The framework is designed to support improvements in efficiency, resilience, and sustainability of Malaysia’s water sector, while contributing to the United Nations Sustainable Development Goals. RAM Sustainability has independently reviewed the framework and awarded it a “platinum” rating—the highest under its second-party opinion (SPO)—confirming strong alignment with global sustainable finance standards. PAAB is the first organisation to receive this top distinction, reflecting robust governance and giving confidence to investors. PAAB CEO Zulkiflee Omar said the framework strengthens PAAB’s role as the nation’s water asset custodian and supports sector transformation by embedding sustainability into its financing strategy. Meanwhile, Maybank IB CEO Michael Oh-Lau said the collaboration aligns with Maybank’s ROAR30 strategy, which aims to mobilise RM300 billion in sustainable finance by 2030, including RM100 billion for new economy sectors. He added that the bank has already mobilised RM176.12 billion between 2021 and 2025. He noted that the initiative will help address funding needs for water infrastructure while supporting efforts to reduce non-revenue water.

Investment & Market Trends

Sorento Capital Targets Main Market Transfer By Q3 2026

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Sorento Capital Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd, with completion targeted by the third quarter of 2026. The bathroom and kitchen sanitary ware company said the proposed transfer reflects its financial strength and ability to meet Bursa Malaysia’s profit track record requirements for a Main Market listing. The board believes the move will enhance the group’s credibility, prestige, and overall market positioning. Sorento added that the transfer is expected to improve visibility and attract a broader base of investors, particularly institutional funds, while better reflecting the group’s operational scale. The company said this could enhance the liquidity and marketability of its shares and strengthen stakeholder confidence. The proposed transfer will not affect Sorento Capital’s issued share capital, substantial shareholders’ holdings, or the group’s net assets, gearing, earnings, and earnings per share. Alliance Islamic Bank Bhd has been appointed as the principal adviser for the exercise.

News

Penang LRT Contract Delayed Amid Intense Lobbying

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MRT Corp has extended the deadline for deciding the systems package of the Penang Light Rail Transit (LRT) project, with tender bonds now required to remain valid until the end of June. The contract is estimated to be worth about RM3 billion. Sources said the delay follows intense lobbying from competing groups, pushing back the decision multiple times. Tenderers were initially told a decision could be expected in January, but none has been announced. MRT Corp’s board had reportedly submitted its recommendations to the Ministry of Finance earlier this year, though the final approval is still pending. The Penang LRT, stretching nearly 30km from Silicon Island to Penang Sentral, is the largest infrastructure project under the current administration, with total costs estimated between RM13 billion and RM16 billion. Gamuda-led SRS Consortium has already secured the RM7.9 billion civil works package, leaving the systems package and a cross-sea link still to be awarded. Seven companies initially bid for the systems contract, with four understood to remain in contention: Gamuda, MMC Group, YTL Group, and a Lion Pacific–WCT Holdings joint venture, which reportedly submitted the lowest bid. The package includes rolling stock, signalling systems, and track works. The final decision is expected once approvals are obtained, though industry sources say lobbying efforts could continue to influence the outcome.

News

Grab Buys Foodpanda Taiwan For US$600M

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Grab has agreed to acquire Delivery Hero SE’s foodpanda Taiwan delivery business for US$600 million in cash on a cash-free, debt-free basis, marking its entry into Taiwan. The deal is subject to regulatory approvals and customary conditions, with completion expected in the second half of 2026. Upon completion, Taiwan will become Grab’s ninth market and its first expansion outside Southeast Asia. Group CEO and co-founder Anthony Tan said the acquisition strengthens Grab’s regional delivery network, noting that the company’s experience in managing logistics in dense urban environments is well suited for Taiwan’s cities. He added that Grab sees significant opportunities to grow food and grocery delivery services in the market. Following the acquisition, Grab will operate across 21 cities in Taiwan. The foodpanda Taiwan business generated approximately US$1.8 billion in gross merchandise value in 2025 and was profitable on an adjusted EBITDA basis before group cost allocations. Delivery Hero CEO Niklas Östberg said the transaction reflects the strength and attractiveness of foodpanda’s Taiwan operations. Delivery Hero will continue running the business until completion, with transition support in place. Grab expects to complete the migration of users, merchants, and delivery partners to its platform by early 2027. Grab also plans to introduce AI-driven capabilities, including mapping, logistics optimisation, and merchant tools, to enhance operations. The acquisition is expected to support Grab’s financial outlook and contribute to its 2026 revenue guidance of US$4.04 billion to US$4.10 billion, along with longer-term adjusted EBITDA targets.

News

Kenanga Raises Stake In Digital Exchange KDX To 81.7%

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Kenanga Investment Bank Bhd has raised its stake in digital asset exchange Kinetic DAX Sdn Bhd (KDX) to 81.7%, up from 19%, through a fundraising and capitalisation exercise conducted by its unit, Kenanga Private Equity Sdn Bhd. The value of the investment was not disclosed, according to a statement on Thursday. Kenanga said the transaction strengthens KDX’s capital position, supporting platform growth, expanding offerings, and advancing strategic initiatives aligned with Kenanga’s broader digital strategy. The bank will also leverage its technology, marketing, and governance capabilities to accelerate KDX’s next phase of growth. Group managing director Datuk Chay Wai Leong described the move as a major milestone in Kenanga’s digital journey, enabling the integration of new capabilities and the evolution of a technology-driven investment ecosystem. Kenanga shares closed 0.5 sen lower at 86.5 sen, giving the company a market value of RM636.43 million.

Investment & Market Trends

Maybank Sells Major Stake In Alam Maritim Through Debt Settlement

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Malayan Banking Bhd has sold its entire 19.16% stake in Alam Maritim Resources Bhd, which it had acquired last September under a scheme of arrangement. The disposal, comprising 85.38 million shares, was completed on Thursday, according to a Bursa Malaysia filing. No sale price was disclosed. Of the stake, 5.57 million shares (1.25%) were held by Maybank, while 79.81 million shares (17.91%) were held by its unit, Maybank Islamic Bhd. The shares, issued at 27.83 sen each with warrants on a one-for-four basis, were originally acquired for RM23.76 million. Following the sale, Maybank is no longer a substantial shareholder in Alam Maritim. The company’s current substantial shareholders include Saujana Holdings Sdn Bhd (10.65%), Azmi Ahmad (9.44%), and Datuk Aloysius Albert Michael (7.63%). The stake was part of Alam Maritim’s regularisation plan to exit PN17 status, which also involved a share capital reduction, share consolidation, and a rights issue with warrants. The company had entered PN17 in 2022 after reporting a RM209.5 million net loss, negative cash flows, and current liabilities exceeding assets. For the financial year ended June 30, 2025, Alam Maritim posted a net profit of RM33.94 million on RM481.29 million in revenue. As of December 31, 2025, current assets were RM194.38 million, current liabilities RM100.21 million, with negative operating cash flow. Shares in Maybank closed 14 sen lower at RM11.60, valuing the bank at RM140.14 billion, while Alam Maritim rose one sen to 27 sen, giving a market capitalisation of RM120.31 million.

The Executives

Berjaya Property Appoints Johor Princess Tunku Aminah As Chairman

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Berjaya Property Bhd, formerly Berjaya Land Bhd, has appointed Johor princess Tunku Tun Aminah Sultan Ibrahim as its new non-independent non-executive chairman, filling a role that had been vacant for more than two years. The appointment takes effect immediately, according to a Bursa Malaysia filing on Thursday. She succeeds Tun Richard Malanjum, who retired on Dec 12, 2023. Tunku Aminah, 39, is the only daughter of Malaysia’s current King, Sultan Ibrahim Sultan Iskandar. Her appointment comes two days after she was named chairman of U Mobile Sdn Bhd, Malaysia’s 5G network provider. She has extensive experience leading private organisations across multiple industries and serves on the boards of numerous companies, including Berjaya Corporation Bhd, REDtone Digital Bhd, Berjaya Assets Bhd, Berjaya Group Bhd, Berjaya Capital Bhd, Berjaya Hartanah Bhd, Berjaya Japan Developments Bhd, Bukit Kiara Resort Bhd, U Mobile, and Berjaya Times Square Bhd. She also holds the KFC franchise in Stulang Laut, Johor Bahru. Tunku Aminah and Berjaya Group founder Tan Sri Vincent Tan co-founded Mawar Setia Sdn Bhd, which controls 50% of U Mobile following a deal with Singapore Technologies Telemedia (ST Media), a Temasek Holdings unit. She currently holds 702,000 shares in Berjaya Rail, a unit of Berjaya Property. Berjaya Property shares closed 0.5 sen, or 2%, higher at 26 sen on Thursday, giving the company a market value of RM1.3 billion.

Investment & Market Trends

Maybulk, Leader Steel To Give Special Payouts After RM688M Land Sale

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Maybulk Bhd, Eonmetall Group Bhd and Leader Steel Holdings Bhd are selling three adjacent industrial land parcels in Klang, Selangor, to WG Malaysia VIII Sdn Bhd for a combined RM687.89 million. The buyer, an IT consultancy, plans to use the sites for a large-scale IT development. Maybulk, via its 60%-owned unit MBC Logistics Hub Sdn Bhd, is selling a 58.03-acre plot for RM278.05 million; Eonmetall is selling 66.03 acres for RM273.28 million; and Leader Steel is disposing of 33 acres for RM136.56 million. All three parcels are located in Kapar. The sale prices are mostly in line with independent valuations by Savills (M) Sdn Bhd. Eonmetall’s price is more than double its market capitalisation, while Leader Steel’s is nearly twice its market value. The transactions, involving companies with a common major shareholder and director, Datuk Goh Cheng Huat, require approval from non-interested shareholders. Maybulk expects a net gain of RM30.55 million and plans a special dividend of 3.5 sen per share, with the remainder for debt repayment and acquisitions. Eonmetall anticipates a RM57.82 million gain to fund debt, working capital, and investments. Leader Steel projects an RM18.39 million gain and a 3-sen special dividend, with remaining proceeds for debt and growth initiatives. The sales are expected to be completed in the second half of 2026, pending approvals. Shares closed mixed on Thursday: Maybulk up 0.5 sen at 37 sen (RM333 million market cap), Eonmetall down 1 sen at 26 sen (RM103.79 million), and Leader Steel up 1.5 sen at 45 sen (RM72.42 million).

Property

Mieco Chipboard Sells Semenyih Land And Factory To Jin Ye Ye For RM57M

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Mieco Chipboard Bhd is selling 16.9 acres (68,532.58 sq m) of land, including an office, factory, and warehouse in Semenyih, Selangor, to hamper specialist Jin Ye Ye Sdn Bhd for RM57 million. The company said in a Bursa Malaysia filing on Thursday that the sale is a strategic move to strengthen its long-term viability amid challenging market conditions. Proceeds will mainly be used to redeem the property, with the remainder allocated for working capital, disposal-related expenses, and taxes. Mieco expects to record a net gain of RM11.27 million from the transaction, as the property’s audited net book value stood at RM40.23 million as of December 2024. Jin Ye Ye, jointly owned by Andy Tan Kim Soon and Alan Tan Kim Chai, is a provider of wholesale, retail, and trading services in confectioneries, processed foods, and beverages, describing itself as a hamper specialist. The sale, executed through Mieco’s unit Seng Yip Furniture Sdn Bhd, is governed by a conditional sale and purchase agreement and is expected to be completed in the second half of 2026. Mieco’s shares were untraded on Thursday, last closing at 65 sen on March 18, giving the company a market value of RM650 million.

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