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Malaysia’s two biggest retail pharmacy chains — BIG Pharmacy Healthcare Sdn Bhd and Caring Pharmacy Group Bhd — are merging in an RM850 million deal that will form a combined group with over 400 outlets and annual revenue of RM2.3 billion. The merger gives the new entity a strong lead over competitors such as Alpro Pharmacy and Health Lane Family Pharmacy. Industry sources say the group may retain multiple brands, including BIG Pharmacy, Caring, Wellings and Georgetown. With an estimated 11% share of Malaysia’s 3,500-pharmacy market, the group is set to accelerate its expansion in a sector growing 8% to 9% annually, still dominated by small, family-owned outlets. The deal was confirmed last Friday after 7-Eleven Malaysia Holdings Bhd accepted BIG Pharmacy’s offer to acquire its 75% stake in Caring for RM637.5 million. BIG Pharmacy is also buying the remaining 25% from Motivasi Optima Sdn Bhd, which includes Caring founder and managing director Chong Yeow Siang. BIG Pharmacy’s proposal values Caring at RM850 million, based on a price-earnings multiple of 19.6 times Caring’s FY2022 net profit of RM43.4 million (excluding Indonesia). The chain is backed by private equity firm Creador. Creador eyes listing within three years Creador founder and CEO Brahmal Vasudevan said the combined pharmacy business is expected to be listed within three years, following the fund’s successful IPO track record with Mr DIY Group (M) Bhd and CTOS Digital Bhd. Caring was previously listed in 2014 before being taken private by 7-Eleven Malaysia in 2020 at RM2.60 per share, valuing it at RM566 million. Under the new agreement, BIG Pharmacy will acquire Caring’s Malaysian retail operations and intellectual property, including the CARiNG, Georgetown and Wellings brands. However, the Indonesian operations under PT Era Caring Indonesia will be excluded. 7-Eleven Malaysia said the sale will unlock value and allow it to refocus on its convenience store business. Further details will be revealed once the definitive agreements are signed. The disposal will require shareholder approval. BIG Pharmacy aims to elevate services nationwide BIG Pharmacy CEO Lee Meng Chuan said the acquisition aligns with the company’s goal to improve healthcare access, affordability and service standards for Malaysians. “By combining our expertise and resources, we aim to deliver an unparalleled healthcare experience and strengthen our community-focused mission,” he said. Founded in 2006 by Lee and his wife Lim Sin Yin, BIG Pharmacy has expanded from its first outlet in Damansara Uptown to more than 270 branches nationwide. The group’s net profit more than doubled to RM31 million in FY2022. Caring, founded in 1994 by five Universiti Sains Malaysia pharmacy graduates including Chong, opened its first store in Taman Muda, Cheras, before growing into one of the country’s top pharmacy brands.

Technology Depository Agency Berhad (TDA) has officially handed over 64 completed Light Rail Transit Line 3 (LRT3) Industrial Collaboration Programme (ICP) projects worth RM11.37 billion to Prasarana Malaysia Berhad. TDA, an agency under the Ministry of Finance, oversees and manages the implementation of ICP in government procurement. The LRT3 project, awarded to Setia Utama LRT3 Sdn Bhd, a wholly owned subsidiary of Malaysian Resources Corporation Berhad, required the company to implement 64 key ICP initiatives alongside the railway construction from 2019 to November 2025. The projects were delivered across five key sectors in line with Malaysia’s economic priorities; services, manufacturing, construction, agriculture, and green mobility. Covering Chief Executive Officer of TDA Mohammad Rafidi Mat Dahan said this marks the successful completion of one of Malaysia’s largest ICP initiatives. “It demonstrates how strategic government-linked projects can drive technology transfer, enhance local capabilities, and support sustainable economic growth. This achievement has enhanced skills, strengthened industries, and created long-term national value.” “It sets a new benchmark for future government-linked projects,” he added. The handover ceremony at Transport Expo Asia (TXA) 2025, held during the three-day event from 11–13 Nov 2025, was officiated by YBhg Datuk Hajah Norison Ramli, Under Secretary, Government Procurement Division. Of these, 47 projects enhanced Prasarana’s operational efficiency, digital systems, and workforce capabilities, while 17 community and industry focused initiatives empowered SMEs, universities, and local vendors through technology adoption and sustainability programmes. Building on these achievements, TDA has played a pivotal role in linking government, industry, and academia to ensure each ICP project delivers tangible outcomes in technology localisation, skills development, and market access, Mohammad Rafidi said. The LRT3 ICP Programme reinforces Malaysia’s position as a leader in strategic industrial collaboration, providing a sustainable model for innovation, localisation, and national economic growth.

Malaysia Debt Ventures Bhd (MDV) has approved a total of RM2.26 billion in green technology financing for more than 148 companies, according to Science, Technology and Innovation Minister Chang Lih Kang. The funding is part of ongoing government efforts to support sustainable and technology-driven projects across the country. The minister highlighted that MDV had previously launched a RM2 billion sukuk programme in 2022, designed to fund technology-based initiatives and contracts under its mandate. Proceeds from the sukuk are used to provide green technology financing, leveraging government-backed initiatives such as the Green Technology Financing Scheme (GTFS). In addition to financial support, the government is expanding fiscal incentives to encourage investment in renewable and sustainable technologies. These include the Green Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE), which will now cover hydrogen technology. There are also import duty and tax exemptions for renewable energy equipment, including hydrogen-related systems. Chang noted that a 100% Investment Tax Allowance is available for capital expenditure on hydrogen projects over a 10-year period, allowing full deduction from statutory income. Additional policy measures are being explored to lower hydrogen production costs. These include renewable energy tariff packages, relaxed grid access, the use of Renewable Energy Certificates (RECs), and the allocation of gazetted land to accelerate infrastructure development. On the establishment of a Hydrogen Investment Zone, Chang explained that it has the potential to drive Malaysia’s economic growth while positioning the country as a leading regional hydrogen hub and competitive investment centre in the Asia-Pacific. To implement these initiatives, MOSTI has set up a dedicated working group tasked with coordinating the national hydrogen economy agenda. This platform engages with other government agencies and ministries, including the Ministry of Finance and the Ministry of Investment, Trade and Industry, to ensure an integrated approach. The working group is also responsible for formulating a comprehensive incentive package, encompassing energy tariffs, fiscal incentives such as GITA and pioneer status, import tax exemptions, and infrastructure support, all aimed at accelerating the development of Malaysia’s hydrogen economy.

Capital A Bhd is moving into the final phase of its restructuring with the proposed distribution of 1.69 billion new shares in AirAsia X Bhd (KL:AAX) to its shareholders via a dividend-in-specie. The group said the exercise represents a major step in completing the disposal of its airline operations to AAX, which will unify all AirAsia-branded carriers under a single listed entity. In a statement on Thursday, Capital A said the distribution forms part of its broader strategy to transform the company into a travel and digital services group, allowing it to focus on non-airline businesses once the restructuring is completed. Under the entitlement terms, shareholders whose names appear in the record of depositors as at 5pm on Dec 3 will receive approximately 389 AAX shares for every 1,000 Capital A shares held. The ex-date has been set for Dec 2, and any fractional entitlements will not be distributed. Capital A described the move as a “significant milestone” within its comprehensive regularisation plan, which also includes a proposed capital reduction to offset accumulated losses. The entire restructuring is targeted for completion by December, after which the group intends to seek an uplift from its Practice Note 17 (PN17) classification. Chief financial officer Mun Hui Teh said finalising the entitlement date signals that Capital A is approaching the last stage of the airline business disposal. Once completed, AirAsia X will serve as the consolidated airline vehicle for all AirAsia carriers. He added that the realignment is designed to enhance shareholder value and set the stage for Capital A’s next chapter as a high-growth, multi-platform travel and digital solutions group, separate from the operational responsibilities of running an airline. Following the consolidation, AirAsia X will operate the combined airline portfolio, while Capital A will concentrate on accelerating the expansion of its non-airline verticals. These include its engineering subsidiary Asia Digital Engineering (ADE), logistics provider Teleport, travel platform AirAsia MOVE, the Santan F&B brand, and its brand licensing and intellectual property unit, AirAsia Next. Capital A emphasised that the restructuring will allow the group to build a more streamlined, asset-light business model positioned for long-term growth across multiple travel and digital segments.

Petronas has appointed Datuk Seri Dr Maimunah Mohd Sharif as its Property Adviser, effective 17 November 2025. In her new role, Maimunah will provide strategic guidance for the growth of Petronas’ property portfolio, focusing on developments such as the Sungai Besi land, Kota Madani, and other key projects. Maimunah brings over 40 years of experience in sustainable urban development. She holds a Bachelor of Science (Honours) in Town Planning from the University of Wales Institute of Science and Technology and a Master’s Degree in Urban Planning from Universiti Sains Malaysia. She previously served as the Mayor of Kuala Lumpur and was the first woman president of the Seberang Prai Municipal Council. Her distinguished career also includes leadership roles at the United Nations, where she became the first Asian woman appointed as Under-Secretary-General and Executive Director of the UN Human Settlements Programme (UN-Habitat), and she also served as Acting Director-General of the UN Office in Nairobi. Petronas expressed confidence that Maimunah’s expertise and global experience will significantly contribute to the company’s property development initiatives.