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Energy & Technology

MidOcean Buys 20% Stake In PETRONAS’ Canadian Operations

MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by institutional investor EIG, has successfully completed the acquisition of a 20% stake in key Canadian entities owned by Petroliam Nasional Bhd (PETRONAS). The acquisition includes a 20% interest in the North Montney Upstream Joint Venture, which holds PETRONAS’ upstream oil and gas assets in Canada, as well as a 20% stake in the North Montney LNG Ltd Partnership, which represents PETRONAS’ 25% participating interest in the LNG Canada liquefaction project. This strategic investment allows MidOcean to gain a strong foothold across the entire LNG value chain, from upstream exploration and production to downstream liquefaction and export. The acquisition provides MidOcean with approximately 700,000 tonnes per annum of LNG, while also creating opportunities for future growth as demand for liquefied natural gas continues to expand globally. According to EIG, the transaction enhances MidOcean’s ability to secure critical energy resources while leveraging PETRONAS’ established operations and expertise in Canada’s North Montney region. The investment also reflects MidOcean’s long-term strategy of building an integrated position across the LNG sector, capturing value across both upstream and downstream operations. Financial advisory services for the deal were provided by RBC Capital Markets, while legal advisory was handled by Latham & Watkins. The acquisition reinforces EIG’s commitment to investing in high-quality energy assets worldwide. Headquartered in Washington, DC, EIG is a global institutional investor specializing in energy and energy-related infrastructure, with extensive experience in private investments across the energy sector. This acquisition positions MidOcean as a key participant in Canada’s LNG market and strengthens its ability to meet growing global energy demand, while also offering strategic long-term growth opportunities for its investors.

News

inDrive Gets Regulatory Approval To Keep Operating In Malaysia

The Land Public Transport Agency (APAD) has approved e-hailing platform inDrive to continue operating in Malaysia after completing its three-month licensing review. inDrive Malaysia driver operations manager Azlan Anwar. The approval comes after inDrive improved internal processes, document management, and regulatory compliance. APAD’s decision reflects confidence in the company’s adherence to local regulations, allowing it to continue supporting thousands of drivers across the country. inDrive Malaysia driver operations manager Azlan Anwar said the platform’s low commission structure helps drivers earn more and sustain their livelihoods. The company plans to expand its presence through improved onboarding, document verification, internal audits, and driver-support initiatives, including its inDrive Academy and accessibility-focused programs. The approval follows a regulatory warning issued in April over non-compliance with e-hailing vehicle permit requirements, after which inDrive implemented corrective measures. Since entering Malaysia in 2021, inDrive has introduced a peer-to-peer pricing model for ride bookings, a first in the country.

Investment & Market Trends

SunCon Wins RM570 Million Johor Data Centre Project From US Tech Firm

Sunway Construction Group Bhd (SunCon) announced that its subsidiary, Sunway Construction Sdn Bhd (SCSB), has secured a RM570 million contract to carry out core and shell works for a data centre in Johor. The contract, awarded by an undisclosed US-based technology company, will begin immediately and is expected to be completed by the fourth quarter of 2026. The client also has the option to award mechanical and engineering fit-out works to SCSB, pending final project agreement. This latest win adds to SunCon’s successful run, bringing the total value of new projects secured this year to RM4.6 billion and lifting the group’s outstanding order book to RM6.1 billion. Earlier in May, SunCon clinched two contracts worth RM1.16 billion for general contractor services on data centre projects for a US technology firm. Shares of SunCon closed 14 sen lower at RM5.66 on Thursday, giving it a market capitalisation of RM7.48 billion, after gaining over 22% year-to-date.

Investment & Market Trends

OCK Secures Selangor Deal To Ensure Steady Recurring Income

OCK Group Bhd has entered a strategic collaboration with Smartsel Sdn Bhd, a Selangor state government-owned digital infrastructure company, to develop 40 km of high-capacity underground optical fibre in Cyberjaya. The partnership, based on a revenue-sharing model, is expected to generate recurring income for the group. To date, four kilometres of the Cyberjaya Fibre Project have been completed within three weeks, with full completion targeted for June next year. Group Managing Director Datuk Sam Ooi Chin Khoon highlighted the importance of owning fibre as a long-term asset, noting that OCK already possesses towers and a solar farm. “This collaboration provides a timely opportunity to create another steady source of income,” he said. The fibre will be leased, providing OCK with long-term revenue under a 20- to 30-year contract with the state of Selangor. The project is funded by state and federal budgets and forms the foundation of the Selangor Dark Fibre Network. It will enable the government to provide strategic, inclusive, and secure digital infrastructure while reducing reliance on private-sector facilities. Selangor Mentri Besar Datuk Seri Amirudin Shari said the RM800 million initiative will be completed over three years and will strengthen the state’s digital backbone, particularly supporting data centres. Beyond Cyberjaya, OCK plans to expand fibreisation across 889 km of the state. The collaboration, formalised through a business alliance framework, also supports the Digital Selangor agenda and spans five pillars: telecommunications, in-building solutions, network operations, digital solutions, and green energy. “This partnership allows us to go beyond hardware and provide end-to-end digital infrastructure solutions,” said Ooi. “We aim to position OCK as a full digital infrastructure company, not just towers and solar, and this collaboration sets the stage for future projects in Selangor and beyond.”

News

CTOS Digital To Sell 26% Stake In Experian For RM80m

CTOS Digital Bhd is selling its entire 26% stake in Experian Information Services (Malaysia) Sdn Bhd to Experian (Malaysia) Sdn Bhd for RM80 million in cash. CTOS acquired the stake in 2019 for RM56.2 million. The disposal is expected to generate a one-off gain of about RM18 million, which could boost earnings per share by roughly 30% based on the group’s nine-month results ended Sept 30, 2025. The sale was completed through CTOS subsidiaries Enfo Sdn Bhd and CTOS Insights Sdn Bhd. Following the transaction, Experian Information Services will no longer be an associate of CTOS. CTOS said the move supports its strategy to streamline investments and focus capital on core businesses and future growth. Of the RM80 million proceeds, RM49 million will be used to repay borrowings, RM1.6 million for capital gains tax, and RM29.4 million for working capital and other corporate purposes. The debt repayment is expected to improve the group’s gearing ratio from 27% to about 20% upon completion.

Energy & Technology

Gadang JV Signs 25-Year PPA For Tawau Solar Project

Gadang Holdings Bhd, together with joint venture partner Hotrend Corporation Sdn Bhd, has signed a 25-year power purchase agreement (PPA) with Sabah Electricity Sdn Bhd for a 15MW large-scale solar project in Tawau, Sabah. The agreement was signed by Tenaga Aspirasi Sdn Bhd, the project company, which is 60% owned by Gadang’s wholly owned subsidiary, Regional Utilities Sdn Bhd, and 40% by Hotrend. Under the PPA, Tenaga Aspirasi will be responsible for designing, building, operating and maintaining the solar photovoltaic plant, which will be connected to Sabah Electricity’s Kubota main distribution substation. The PPA covers the sale and purchase of electricity generated by the plant for 25 years, starting from the commercial operation date, which is expected on 30 November 2026. The Tawau solar project was awarded to the Gadang-led JV in December last year by the Energy Commission of Sabah following a competitive bidding process for large-scale solar developments in the state. Gadang shares closed unchanged at 25.5 sen, giving the group a market capitalisation of RM204.22 million.

News

Muhibbah Engineering Wins Up To RM850m Contract From PETRONAS Carigali

Muhibbah Engineering (M) Bhd has secured a contract from PETRONAS Carigali Sdn Bhd to carry out minor engineering, procurement and construction (EPC) works for wellhead platforms under the Sepat Integrated Redevelopment Project offshore Terengganu. In a filing with Bursa Malaysia, the group said the offshore project, located northeast of Kuala Terengganu, is valued at between RM700 million and RM850 million. The contract is scheduled to commence in December 2025 and is expected to be completed by the first quarter of 2029. Muhibbah said the contract is expected to contribute positively to the group’s earnings and net assets over the duration of the project, with no impact on its share capital or shareholding structure. The award continues Muhibbah’s track record with PETRONAS Carigali. In November 2023, the group secured a RM318 million contract as consortium lead for the Gansar project offshore Terengganu, following an earlier RM322 million contract awarded in December 2022 for works related to the same project. Shares in Muhibbah closed half a sen higher, or up 1%, at 50.5 sen on Thursday, giving the group a market capitalisation of RM366.6 million. The stock has declined 36.1% year to date.

ESG

JobStreet By SEEK Partners With TARA Foundation To Boost Access To Education

Jobstreet by SEEK today announced the renewal of its collaboration with TARA Foundation, continuing its Corporate Social Responsibility (CSR) initiative to support underprivileged students across Malaysia. The partnership helps TARA Centres provide free after-school tuition and meals to children from low-income communities. Since the collaboration began in 2023, Jobstreet by SEEK has sponsored 50 complimentary job advertisements, enabling TARA Foundation to recruit staff and serve over 1,000 students nationwide. Under the renewed agreement, valid until 31 July 2026, Jobstreet by SEEK will continue providing complimentary job postings for tutors, administrators, and support staff across TARA Foundation’s 29 learning centres. The updated partnership also grants TARA Foundation access to Jobstreet by SEEK’s latest recruitment innovations, including AI-assisted job description writing, seekAi high-fit candidate prediction, analytics, and SEEK Pass for verified credentials. These tools streamline hiring processes, helping TARA Centres focus on delivering education and support to students. Supporting “Mission Zero Dropouts” TARA Foundation’s “Mission Zero Dropouts” programme addresses high school dropout rates among B40 students by offering structured academic support, nutritious meals, and a safe learning environment. Nearly 99% of school dropouts in Malaysia come from B40 families, highlighting the importance of organisations like TARA Foundation in providing academic and emotional support to help children stay in school. Krishna Raj, Human Resources Director at TARA Foundation, said:“Our centres rely on committed educators and administrators. Jobstreet by SEEK’s support has been invaluable in helping us recruit the right people to serve our growing number of centres.” Empowering Purpose-Driven Hiring Jobstreet by SEEK’s CSR efforts aim to bridge talent gaps while strengthening communities. By supporting TARA Foundation, the platform enhances access to meaningful roles, promotes skills development, and improves hiring efficiency. Early results show a faster, more diverse applicant pool with stronger alignment to job requirements, demonstrating tangible benefits of the collaboration. Nicholas Lam, Managing Director of Jobstreet by SEEK, added: “Supporting TARA Foundation aligns with our mission to help Malaysians find meaningful careers. We are honoured to ease their hiring process so they can focus on transforming lives for the next generation.”  Driving National Impact This renewed partnership reinforces Jobstreet by SEEK’s broader commitment to workforce development and community support. It exemplifies purpose-driven collaboration, enabling organisations—both corporate and non-profit—to access top talent efficiently while contributing to sustainable social impact.

News

Carlsberg Charity Raises Over RM600 Million For Education

Starting as a small fundraiser nearly 40 years ago, Carlsberg Malaysia’s Top Ten Charity Campaign (Top Ten) has grown into a nationwide initiative supported by Parent-Teacher Association (PTA) committees, donors, media partners, and the public, all united in strengthening vernacular education. Since 1987, Top Ten has raised a total of RM600 million, including RM14.8 million raised this year alone, cementing its role as Malaysia’s longest-running and most impactful Chinese education charity platform. “Vernacular schools are vital in shaping Malaysia’s multicultural education system, providing future leaders with quality education. Many schools rely on public donations to maintain and upgrade facilities—a cause Top Ten has championed for nearly four decades,” said Pearl Lai, Corporate Affairs & Sustainability Director of Carlsberg Malaysia. Top Ten has benefited over 700 schools across Peninsular Malaysia and Sabah, improving learning environments with upgraded facilities, AI-enabled smart classrooms, and more. Beyond education, the campaign fosters community unity, bringing together parents, artistes, and partners for the shared mission of securing children’s futures. Datuk Haw Chin Teck, Chairman of SJKC Chung Hwa Sungai Sendok in Johor, the top fundraising school this year, said, “The proceeds have allowed us to enhance facilities and create a better learning environment. Top Ten is more than fundraising; it brings communities together to support our children’s education.” Permanent Honorary Chairman Mr. Tan Cheng Teng highlighted Lahad Datu Middle School’s three-year involvement with Top Ten, raising RM6 million to redevelop a single-storey building with labs, offices, a dance studio, and a cooking room, greatly improving teaching and activity spaces. In recent years, Top Ten has extended support to higher education institutions such as UTAR Hospital. Yang Berbahagia Ir. Professor Dato’ Dr. Ewe Hong Tat, UTAR President, said, “Funds raised have improved teaching facilities, medical equipment, and patient care. We thank Carlsberg Malaysia for their continued support, which has enhanced learning and healthcare for future medical officers.” Pearl Lai, Director of Corporate Affairs and Sustainability of Carlsberg Malaysia, delivering her address at the Top Ten Charity Concert 2025. Championing Green FuturesTop Ten also promotes environmental responsibility through its Go Green initiative, engaging nine schools nationwide in sustainability projects. Students have produced over 228 litres of eco-enzymes and nearly 538 kg of eco-bricks, gaining practical environmental knowledge and fostering climate-conscious habits. “Education and sustainability go hand-in-hand. Through Top Ten, we are nurturing the next generation to build a greener, better, and brighter Malaysia,” said Lai. This milestone underscores Carlsberg Malaysia’s long-standing commitment to education, community support, and sustainability. Through its Together Towards ZERO and Beyond programme, the brewer continues to advance initiatives aligned with UN SDG 4 (Quality Education) and SDG 13 (Climate Action), creating lasting impact for communities and the environment.

News

U Mobile To Roll Out 5G In 70% Of IGB’s Malaysian Properties

U Mobile, Malaysia’s newest 5G network provider, has partnered with IGB Berhad in its largest in-building 5G deployment to date. The collaboration will bring next-generation 5G connectivity to 20 IGB properties nationwide, including iconic malls such as Mid Valley Megamall, The Gardens Mall in Kuala Lumpur, and The Mall, Mid Valley Southkey in Johor Bahru. From left to right: How Lih Ren, Chief Business Officer of U Mobile, Kenneth Chang, Deputy Chief Executive Officer of U Mobile, Tan Mei Sian, Deputy Group Chief Executive Officer of IGB Berhad, Tan Yee Seng, Head of Group Property Development of IGB Berhad The rollout covers more than 70% of IGB’s high-traffic locations across retail, commercial, and hospitality segments, enabling seamless indoor 5G access for tenants, visitors, and building management operations. Enhanced connectivity will support smart building solutions, improved security, AR/VR experiences, and personalised promotions. U Mobile will also provide 5G access to other telcos, ensuring all users enjoy high-speed indoor coverage. Kenneth Chang, Deputy CEO of U Mobile, said:“We are excited to expand our 5G network indoors, improving building operations and enhancing the digital experience for tenants and visitors. This partnership is just the start of more network deployments across Malaysia in the coming months.” Tan Mei Sian, Deputy Group CEO of IGB Berhad, added:“Deploying U Mobile’s 5G across our properties strengthens operational efficiency and future-proofs our assets while enhancing the connected experience for our tenants, visitors, and customers.” The 20 IGB properties receiving 5G coverage include: Retail: Mid Valley Megamall, The Gardens Mall, The Mall, Mid Valley Southkey Offices & Residences: Menara Southpoint, The Gardens North & South Towers, Menara IGB & Annexe, Centrepoint North & South, Boulevard Offices & Retail, G Tower, Menara Tan & Tan, Hampshire Place Office, North & South Towers Mid Valley Southkey Hotels: St Giles Gardens, St Giles Boulevard, Cititel Mid Valley, St Giles Southkey, St Giles Wembley The deployment is expected to improve operations, tenant satisfaction, and visitor experience while supporting Malaysia’s broader digital transformation agenda.

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