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TSR Capital Bhd, together with an undisclosed joint venture partner, has secured a RM99 million contract to widen a section of the Kuala Lumpur-Karak Highway. The contract was awarded to TSR Capital’s wholly owned subsidiary, TSR Bina Sdn Bhd, by AFA Construction and Engineering Sdn Bhd (AFACE), a unit of AFA Prime Bhd, the highway’s concessionaire wholly owned by Tan Sri Dr Azmil Khalili Khalid. The project covers Package 1B of the broader highway widening programme, spanning KM19.2 to KM64.5, and involves earthworks and related construction activities. Work is scheduled to begin in the second quarter of 2026. TSR Capital said the project will contribute positively to its order book and overall financial performance. Executive Director Lim Dian Ping described the award as a key step in the group’s expansion in Malaysia’s infrastructure construction sector. “With our expertise in earthworks and civil engineering, TSR Capital is well-positioned to take advantage of growing highway and transportation projects nationwide,” he said. Lim added that the group is committed to completing the project safely, efficiently, and professionally, reinforcing its reputation as a reliable infrastructure contractor. Shares in TSR Capital closed at 23 sen on Monday, valuing the company at RM40.12 million. The stock has remained largely flat over the past year.

Carlsberg A/S has started preparations for a potential initial public offering (IPO) of its India business, which could raise up to US$700 million (RM2.73 billion), according to sources familiar with the matter. The brewer has appointed Kotak Mahindra Capital Co and the Indian units of JPMorgan Chase & Co and Citigroup Inc as advisers for the proposed listing. A draft prospectus could be filed as early as May, the sources said, though details of the transaction, including timing, size, and structure, are still being finalised. The offering is expected to be a secondary share sale by Carlsberg’s parent company and could take place later this year. If completed, the IPO would place Carlsberg alongside several multinational companies that have recently listed Indian operations to tap into the country’s growing investor market. Hyundai Motor Co, LG Electronics Inc, and Carraro India Ltd have all listed in the last two years, and Pernod Ricard SA is reportedly considering a similar move. Carlsberg India is the country’s second-largest brewer, holding roughly a 22% share of the beer market. The unit generated around 90 billion rupees (RM3.87 billion) in revenue for the fiscal year ending March 2025. “Carlsberg is exploring options to increase shareholder value, which may include an IPO of our Indian business, but no final decision has been made,” said Kenni Leth, head of external communications at Carlsberg.

Citigroup announced on Monday that it has signed agreements to sell a 24% stake in Banamex to a group of institutional investors and family offices for approximately US$2.5 billion (RM9.74 billion). The investor group includes General Atlantic, Afore Sura (a unit of Colombia’s Sura), Brazil’s BTG Pactual, Chubb, and funds managed by Blackstone, Liberty Strategic Capital and the Qatar Investment Authority. Once the transaction is completed — expected later this year — Citi’s ownership in Banamex will be reduced to 49%. Each investor will be allowed to acquire up to a 4.9% stake. The sale follows an earlier transaction in December, when Citi sold a 25% stake in Banamex to Mexican businessman Fernando Chico Pardo, who currently chairs the bank’s board. Pardo is involved in the latest agreement with the new minority investors. Citi said it does not expect to carry out further share sales in 2026, giving the current investor group time to enhance the bank’s value. The bank also confirmed that it still plans to proceed with Banamex’s proposed initial public offering (IPO). According to Citi’s head of International, Ernesto Cantu, the timing and structure of the IPO will depend on market conditions, financial factors and regulatory approvals.

Panama has officially cancelled key port concessions held by a subsidiary of Hong Kong-based CK Hutchison, paving the way for Maersk and Mediterranean Shipping Company (MSC) to temporarily take over operations. The decision was published in the government’s official gazette on Monday, finalising a Supreme Court ruling that annulled the contracts for the Balboa and Cristobal terminals near the Panama Canal. The ports had been operated by Panama Ports Company, a CK Hutchison unit, for nearly 30 years. Following the ruling, the Panama Maritime Authority (AMP) took control of the two ports to ensure operations continue without disruption. The government has approved temporary concessions of up to 18 months. Under the arrangement, APM Terminals Panama, a Maersk subsidiary, will operate the Balboa terminal, while TIL Panama, part of MSC, will manage Cristobal. CK Hutchison did not immediately comment. Previously, the company said it had notified Panama of a dispute under an investment-protection treaty and warned of possible legal action if any takeover proceeds without its agreement. It has also indicated it may seek international arbitration to challenge the court’s decision. The move could complicate CK Hutchison’s proposed US$23 billion global port sale to a consortium led by BlackRock and MSC, which includes the Panamanian terminals. The ruling comes amid heightened US-China tensions over strategic trade routes. US President Donald Trump has called for reducing Chinese influence around the Panama Canal, a key waterway that handles about 5% of global maritime trade. Panamanian President Jose Raul Mulino said the temporary contracts are a legal mechanism to maintain port operations while the government works on a new competitive concession framework. He stressed that the move does not amount to expropriation and assured that port operations and jobs will not be affected during the transition. Maersk has not yet issued a statement.

Maxis Bhd is understood to have held high-level discussions with shareholders of U Mobile Sdn Bhd about a potential acquisition, but negotiations have reportedly stalled due to disagreements over valuation. Sources familiar with the matter said U Mobile’s shareholders are seeking RM14 billion, which Maxis considers too high. It is unclear whether the proposed offer involved cash, shares, or a combination of both. Neither Maxis nor U Mobile responded to queries. A source close to Usaha Tegas Sdn Bhd — the investment vehicle of the late billionaire Ananda Krishnan, which controls 62.24% of Maxis — confirmed that talks had taken place but have been stalled for about four months. “The issue is pricing. The asking price is too high,” the source said, adding that the valuation appears unjustified given current industry conditions. The source pointed to Digital Nasional Bhd’s (DNB) financial struggles as an example. For the financial year ended December 2024, DNB posted an after-tax loss of RM1.21 billion on revenue of RM341.17 million. As at end-2024, it had total assets of RM4.67 billion and liabilities of RM6.42 billion, with accumulated losses of RM3.16 billion. Market speculation about a Maxis-U Mobile deal has been circulating since mid-2024. Reports previously indicated that U Mobile had rejected earlier offers and was considering an initial public offering (IPO). U Mobile was appointed in November 2024 to deploy Malaysia’s second 5G network, with the official award issued in March 2025. This strategic role is seen as strengthening its bargaining position. According to one source, Maxis had reportedly increased its offer to RM12 billion from an earlier RM10 billion, but shareholders, including Tan Sri Vincent Tan, declined the proposal. Tan’s valuation expectations are said to be supported by IPO plans that could value U Mobile between RM11 billion and RM12 billion. Some bankers said they were aware of market talk about a potential merger but had not received formal instructions from Maxis. The telco has denied issuing any request for proposal to banks regarding the matter. As at end-2024, U Mobile had total assets of RM5.98 billion and liabilities of RM8.02 billion. It recorded a net loss of RM722 million for FY2024 on revenue of RM3.73 billion, bringing accumulated losses to RM4.67 billion. Maxis, in comparison, reported a net profit of RM1.56 billion on revenue of RM10.63 billion for its financial year ended December 2025. It had RM458 million in cash and deposits, total borrowings of RM8.98 billion, and reserves of RM3.54 billion. Maxis shares closed at RM3.83 last Thursday, giving the company a market capitalisation of RM30 billion. Whether discussions between the two parties will resume remains uncertain.