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Investment & Market Trends

CGS International Sees Upside For PCG If Petronas Takes Full Control Of PPC

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CGS International Securities said Petronas Chemicals Group Bhd (PCG) could see significant benefits if Petroliam Nasional Bhd (Petronas) eventually takes full control of Pengerang Petrochemical Co Sdn Bhd (PPC). In a research note, the brokerage said the move would be positive for PCG as PPC is expected to continue recording large losses. The view follows Petronas’ recent statement that full ownership of PRefChem would allow the group to improve operational alignment and flexibility across its value chain. CGS International said the statement suggests Petronas may eventually seek full integration of both Pengerang Refining Company Sdn Bhd (PRC) and PPC, collectively known as PRefChem. Recently, Petronas and Saudi Aramco announced that Aramco would dispose of its 50% equity interest in PRC and PPC to Petronas. Following the transaction, Petronas will fully own PRC, while Petronas and PCG will each hold a 50% stake in PPC. According to CGS International, if PCG were no longer exposed to PPC’s operations, the company could return to focusing on its more profitable ethane- and methane-based feedstock business, instead of being tied to the loss-making naphtha-based operations in Pengerang. The brokerage estimated that without its 50% stake in PPC, PCG’s core net profit forecast for the financial year ending Dec 31, 2026 could be 46% higher than current estimates, with further gains projected for FY2027 and FY2028. However, CGS International noted that there is currently no immediate impact on PCG as the group still retains its 50% stake in PPC and is expected to continue working closely with Petronas at the Pengerang complex. The brokerage also said PCG’s share price has recently faced pressure due to concerns over weaker petrochemical selling prices and feedstock prices, alongside ongoing plant turnaround losses at Kertih. Despite this, CGS International maintained an “Add” rating on PCG with a target price of RM6.58, citing expectations of a strong earnings recovery in the second quarter of 2026. It added that any eventual disposal of PCG’s stake in PPC to Petronas could further improve market sentiment towards the stock.

Events

KL Headline Season 2026 Strengthens KL As Live Music Hub

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Kuala Lumpur is set to strengthen its position as one of Asia’s growing destinations for live music with the launch of KL Headline Season 2026, an initiative aimed at bringing more international entertainment acts to the capital. Developed by Live Nation Malaysia in collaboration with PR Worldwide, Tourism Malaysia, and CelcomDigi, the initiative is expected to drive concert tourism and elevate Kuala Lumpur’s profile as a regional live entertainment hub. Under the programme, 25 international music performances are scheduled to take place across six major venues throughout 2026, with an estimated 500,000 fans from Malaysia and across the region expected to attend. The concert lineup will feature arena and theatre performances by global artistes including Lany, Laufey, Bryan Adams, DAY6, TREASURE, and Daniel Caesar. Large-scale stadium shows by Post Malone, The Weeknd, and BTS are also planned, reflecting Kuala Lumpur’s increasing ability to host major international productions. (From left) Communications Minister Datuk Fahmi Fadzil, Minister in the Prime Minister’s Department (Federal Territories) Hannah Yeoh, Live Nation Malaysia managing director, Para Rajagopal, CelcomDigi Brand and Marketing Services head Chan May Ling and Malaysia Tourism Promotion Board (Tourism Malaysia) chairman Datuk Manoharan Periasamy during the official launch of KL Headline Season 2026 at Kuala Lumpur Convention Centre. The initiative was launched at the Kuala Lumpur Convention Centre by Federal Territories Minister Hannah Yeoh and Communications Minister Datuk Fahmi Fadzil, alongside Live Nation Malaysia managing director Para Rajagopal. Para said concerts today have become strong tourism drivers, encouraging fans to travel, extend their stays, and engage more deeply with destinations. “Through KL Headline Season, the fan experience will go beyond the concert venue and become part of a wider lifestyle and cultural journey. “Visitors can experience the best of Malaysia, from its food and attractions to its vibrant city life. Each concert becomes more than a performance — it becomes a gateway to experiencing Kuala Lumpur,” he said. He added that beyond ticket sales, the initiative is expected to generate economic benefits for sectors such as hotels, airlines, retail, and food and beverage, while creating opportunities for local businesses and communities. Meanwhile, Hannah Yeoh said the initiative aligns with Visit Malaysia 2026, supporting Malaysia’s ambitions to become a leading destination for high-value tourism. “Major concerts and events attract international visitors and contribute to the broader tourism ecosystem. Kuala Lumpur is well-positioned to support this growth, and we welcome continued collaboration with industry partners to expand the country’s live events landscape,” she said. Para added that KL Headline Season 2026 aims to create a consistent calendar of live performances, helping establish Kuala Lumpur as a regular stop for major Asian concert tours. Among the artistes set to perform in Kuala Lumpur are TREASURE (May 30), Anson Seabra (May 30), Laufey (June 2), Kodaline (Aug 26), Post Malone (Sept 27), Lany (Nov 1), The Weeknd (Nov 4–5), and BTS (Dec 12–13). Tickets are available at www.livenation.my.

Property

IJM Land To Develop RM1.96 Bil Industrial Park In JS-SEZ

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The joint venture agreement was signed by IJM Land CEO Datuk Tony Ling Thou Lung (third from right), chief operating officer Datuk Chai Kian Soon (right), Socat chief operating officer Mohd Shahreza Maswan (third from left) and chief financial officer Syed Agil Syed Hashim (left) in the presence of Ministry of Finance Malaysia’s Government Investment Companies Division head of special investment, real estate & services section Mohd Hisyamuddin Awang Abu Bakar (centre), Socat board of director Datuk Seri Azmar Talib (second from right) and IJM Corporation Bhd group CEO and managing director Datuk Lee Chun Fai (second from left). IJM Land Bhd, a subsidiary of IJM Corp Bhd, has entered into a joint venture to develop a 307.17-acre industrial and commercial project in Sedenak, Johor, within the Johor-Singapore Special Economic Zone (JS-SEZ), with an estimated gross development value (GDV) of RM1.96 billion. In a statement, IJM said the project will be jointly developed over a six- to eight-year period with Southern Catalyst Sdn Bhd (Socat), a Ministry of Finance Inc (MOF Inc)-linked company and the master developer of the Southern Catalyst Innovation District in Sedenak. The broader Southern Catalyst Innovation District spans 2,940 acres. Strategically located near the Sedenak toll plaza with access to the North-South Expressway, the development will focus on sectors including advanced manufacturing, renewable energy, biopharmaceuticals, logistics, agri-technology, and food technology. The collaboration will be carried out through a joint venture company, IJM Land Sedenak Sdn Bhd, in which IJM Land will hold a 70 per cent stake, while Socat will own the remaining 30 per cent. IJM Land CEO Datuk Tony Ling Thou Lung said Johor’s industrial market continues to show strong growth momentum, supported by its proximity to Singapore, competitive cost advantages, and continued foreign direct investment inflows. He said the partnership aligns with IJM Land’s industrial expansion strategy and strengthens its participation in strategically located, master-planned developments within a high-growth corridor. Meanwhile, Socat chief operating officer Mohd Shahreza Maswan said the collaboration aims to create an integrated industrial ecosystem focused on agri-tech, green technology, advanced manufacturing, and logistics, while supporting food security, attracting global investments, and positioning the area as a regional hub for sustainable and innovation-driven growth. IJM Group also highlighted its experience in large-scale industrial developments, including the Malaysia-China Kuantan Industrial Park (MCKIP), which spans over 3,500 acres and has attracted more than RM30 billion in investments. The JS-SEZ, launched on Jan 7, 2025, is a joint initiative between Malaysia and Singapore to establish an integrated trade and investment hub. Covering over 357,000 hectares across six local council areas in Johor, the zone combines Singapore’s strengths in finance and research with Johor’s land availability and lower operating costs. The initiative aims to raise Johor’s gross domestic product (GDP) to RM260 billion by 2030 and create 20,000 high-skilled jobs, while supporting sectors such as logistics, manufacturing, finance, digital economy, tourism, healthcare, education, energy, and the green economy. At Monday’s market close, IJM Corp shares rose five sen, or 2.4 per cent, to RM2.12, giving the group a market capitalisation of RM7.73 billion.

The Executives

Azli M. Appointed President & Group CEO Of Gas Malaysia Berhad

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Gas Malaysia Berhad has announced the appointment of Azli M. as its new President and Group Chief Executive Officer, marking a new leadership chapter for the national gas infrastructure company. Azli brings extensive leadership experience across the energy, aviation, infrastructure, and corporate transformation sectors, with a career spanning both multinational corporations and government-linked organisations. His background includes senior roles such as Managing Director of Siemens Energy Malaysia, Chief Operating Officer of GEMalaysia, and leadership positions involving clean energy initiatives with Mubadala Energy in Abu Dhabi. He has also held key strategic and transformation roles at major organisations including Capital A (AirAsia), Malaysia Airports Holdings Berhad (MAHB), and AEON Group Malaysia, where he was involved in corporate growth, operational efficiency, and strategic development initiatives. In addition to his corporate experience, Azli has contributed to the broader business and innovation ecosystem through advisory and leadership roles with organisations such as OpenSpace Ventures, UN Global Compact (UNGC) Malaysia & Brunei, Malaysia Global Innovation & Creativity Centre (MaGIC), and the American Malaysian Chamber of Commerce (AMCHAM Malaysia). Gas Malaysia said Azli’s appointment comes at a time when the energy sector is undergoing significant transformation, driven by the need for sustainability, innovation, and long-term infrastructure resilience. His experience across global markets, GLCs, and innovation-driven ecosystems is expected to support Gas Malaysia’s continued growth and strategic direction in the evolving energy landscape. Azli’s appointment is seen as strengthening the company’s leadership as it advances its role in Malaysia’s energy sector and supports national infrastructure development goals. He takes over the role with immediate effect.

Energy & Technology

Toshiba Launches 1200V SiC MOSFET For AI Data Centres

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Toshiba Electronic Devices & Storage Corporation has started shipping test samples of the “TW007D120E”, a 1200-volt (V) trench-gate silicon carbide (SiC) MOSFET designed for power supply systems in next-generation artificial intelligence (AI) data centres. In a statement, Toshiba said the rapid growth of generative AI, along with increasing use of high-power AI servers and 800V high-voltage direct current (HVDC) architectures, is driving demand for more efficient power supply systems. The company said the newly developed TW007D120E is designed to reduce power consumption while improving the miniaturisation and efficiency of power systems for next-generation AI data centres. Built using Toshiba’s proprietary trench-gate structure, the device achieves industry-leading low on-resistance per unit area, helping to reduce conduction loss while also lowering switching loss. Compared with existing Toshiba products, the new device is expected to enable higher efficiency operation and reduced heat generation in data centre power systems, improving overall system performance. The product is packaged in a QDPAK package with top-side cooling, allowing higher power density and improved thermal performance in power stages. Toshiba plans to begin mass production of the TW007D120E in fiscal year 2026 and expand its product lineup, including development for automotive applications. The product is based on results from JPNP21029, a project subsidised by Japan’s New Energy and Industrial Technology Development Organization (NEDO).

ESG

US$80 Bil Set For Southeast Asia’s Green Economy Growth

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Southeast Asia’s green economy has grown to US$290 billion (US$1 = RM3.96) in 2026, but a widening investment gap of more than 35 per cent remains between announced and deployed green capital expenditure (Capex), particularly across the region’s power and electric vehicle (EV) value chains, according to a new report by Bain & Company and Standard Chartered. Titled “Southeast Asia’s Green Economy Report 2026: The New Calculus,” the report highlighted that investment decisions are no longer driven solely by climate ambitions. Instead, energy security, economic growth, and execution capabilities are now equally important in determining where capital flows. According to the report, sectors with strong alignment between commercial demand, supportive policy, and infrastructure readiness are attracting investments, while others continue to lag despite ambitious sustainability targets. “The transition is sorting leaders and laggards in ways that climate ambition alone can no longer bridge. Capital is flowing where commercial demand, energy security, and policy that delivers infrastructure come together, and stalling where any of the three is missing,” said Dale Hardcastle, Partner at Bain & Company. He noted that Southeast Asia has a 24 to 36-month window to close the gap, with an estimated US$80 billion in green Capex at stake. The report found that of approximately US$540 billion in green Capex announced across Southeast Asia’s power and EV sectors through 2030, only around US$315 billion is currently considered on a credible path to deployment. A key challenge remains the region’s power grid infrastructure, which has failed to keep pace with rising energy demand. Investment in transmission and distribution declined by three per cent between 2015 and 2025, even as energy demand increased by roughly five per cent annually. The report noted that rising electricity demand from data centres, EV adoption, and green industrial clusters could serve as a major catalyst for infrastructure expansion. Over the next three to four years, Southeast Asia is expected to absorb more than 100 terawatt-hours of additional energy demand, supported by over US$200 billion in committed Capex. In the EV sector, four Southeast Asian countries now rank among the world’s top 15 EV markets by new vehicle sales, yet approximately 70 per cent of four-wheel EV value creation still occurs outside the region. Southeast Asia currently contributes less than two per cent of global EV and battery production. The report warned that decisions made between 2026 and 2028 on EV platforms and supplier ecosystems will determine whether the region can capture more value within the supply chain. “Closing the power, grid, and EV green Capex deployment gap could unlock an additional US$80 billion by 2030, representing a 25 per cent increase from the baseline,” the report said. Meanwhile, Standard Chartered Malaysia interim chief executive officer, head of coverage, and chief financial officer Mushahid Syed said the region’s green economy presents significant opportunities, but success depends on the ability to align policy, infrastructure, and financing effectively. “As an international bank with a strong presence across most ASEAN markets, we are committed to mobilising US$300 billion in sustainable finance globally by 2030. “Our priority is to support clients through this transition by mobilising capital, structuring bankable solutions, and enabling cross-border opportunities that drive delivery,” he said.

Investment & Market Trends

Malaysia’s Business Sector To Stay Resilient, Says NCCIM

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The National Chamber of Commerce and Industry of Malaysia (NCCIM) expects Malaysian businesses to remain resilient despite growing global economic uncertainties. The chamber said 2026 is expected to be a year of consolidation, driven by challenges such as geopolitical tensions, rising production costs, and disruptions to global supply chains. NCCIM vice-president Datuk Dr AT Kumararajah said businesses are likely to adopt a more cautious approach, although government support measures are expected to help cushion the impact. He highlighted initiatives including a RM5 billion loan facility aimed at supporting small and medium enterprises (SMEs) and other sectors affected by the global energy crisis. Kumararajah said this during a media briefing on the National Economic Forum (NEF) 2026 held in Kuala Lumpur today. Also present at the briefing were NCCIM president Datuk Seri N Gobalakrishnan, Federation of Malaysian Manufacturing vice-president Michelle Hah Mei Kian, and NCCIM secretary-general Gnanasambanthan Supramanion. Carrying the theme, “A World in Transition: Securing Malaysia’s Economic Future in an Era of Disruption,” the NEF 2026 will be organised by NCCIM on July 2, 2026, and is expected to attract 500 delegates, including policymakers, business leaders, entrepreneurs, and think tanks. Meanwhile, Malaysian International Chamber of Commerce and Industry (MICCI) executive director Lee Han Ling said ongoing geopolitical developments, including the tariff war and conflicts in the Middle East, have created opportunities for Malaysia to position itself as a gateway to the ASEAN region. She said multinational companies are increasingly seeking to diversify and expand supply chains beyond a single country, contributing to continued foreign direct investment (FDI) inflows into Malaysia.

Investment & Market Trends

KWAP Becomes Major Shareholder In Aeon Co

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Retirement Fund Inc (KWAP), also known as Kumpulan Wang Persaraan Diperbadankan, has emerged as a substantial shareholder in Aeon Co (M) Bhd following a recent share acquisition. Retirement Fund Inc, better known as Kumpulan Wang Persaraan Diperbadankan (KWAP), has emerged as a substantial shareholder in Aeon Co (M) Bhd.  In a filing with Bursa Malaysia on Monday, the operator of the Japanese supermarket chain in Malaysia said KWAP acquired a total of 1.57 million shares on May 20. Following the acquisition, KWAP now holds 43.23 million shares, representing a 3.08 per cent direct stake, as well as 27.87 million shares, equivalent to a 1.99 per cent indirect stake, in Aeon Co. At Friday’s market close, Aeon Co shares slipped one sen to RM1.14, with 2.8 million shares traded.

Property

Hektar REIT Plans RM125mil International School Acquisition

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Hektar Real Estate Investment Trust (Hektar REIT) has proposed the acquisition of the leasehold interest in a 2.43-hectare site in Setapak, Kuala Lumpur, together with the KYS KL East International School (KYSKLEIS) located on the land, for a total purchase consideration of RM125 million. In a filing with Bursa Malaysia, MTrustee Bhd, acting on behalf of Hektar REIT, said it had entered into a conditional agreement with KYS College Sdn Bhd (KCSB) for the proposed acquisition and lease arrangement. The purchase consideration will be settled through a combination of RM106.55 million in cash and the issuance of Hektar REIT units to the vendor. According to Hektar REIT, KCSB currently holds a 30-year ground lease on the land, effective from March 1, 2016, to Feb 28, 2046, under a Master Lease Agreement (MLA) signed with Sime Darby Property (KL East) Sdn Bhd, the landowner. The proposed acquisition is subject to several conditions, including the extension of the MLA tenure to 99 years through a supplemental agreement with the lessor, as well as the completion of a secondary school building by KCSB within a stipulated timeframe. The 2.43-hectare parcel currently houses a pre-school building and a primary school building, and forms part of a larger 3.84-hectare freehold site owned by Sime Darby Property (KL East). Upon completion of the acquisition, Hektar REIT plans to grant a sub-lease of the land and buildings to KCSB, allowing the continued operation of KYS KL East International School. Hektar REIT said the proposed sale and leaseback arrangement would be supported by a long-term lease structure of up to 99 years, providing the REIT with fixed and contractually secured rental income from the sub-lessee. Barring unforeseen circumstances, the proposed acquisition and lease are expected to be completed in the first quarter of 2027. UOB Kay Hian (M) Sdn Bhd has been appointed as the principal adviser for the proposed transaction.

Investment & Market Trends

BPMB, Matrade Launch RM700mil BizConnect To Boost Exports

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Bank Pembangunan Malaysia Bhd (BPMB) has partnered with the Malaysia External Trade Development Corporation (MATRADE) to strengthen Malaysia’s export ecosystem and support broader economic transformation efforts through more than RM700 million in strategic initiatives under the BizConnect with Exporters Programme. Datuk Wira Dr. Mohammad Hardee Ibrahim, Group Chief Strategy Officer of BPMB Group, with export-oriented and export-ready companies at the flagship BizConnect session, a pilot initiative aimed at fostering collaboration, strengthening business networks and supporting business growth and internationalisation. In a statement, BPMB said BizConnect serves as a platform to enhance business capabilities, improve global competitiveness, and support Malaysian companies seeking expansion into regional and international markets. The initiative also reinforces BPMB Group’s role in driving measurable developmental impact, in line with Bank Negara Malaysia’s performance measurement framework, by supporting stronger business resilience, greater export participation, and sustainable economic growth. As part of its role in operationalising RM9 billion in strategic initiatives under Budget 2026, BPMB said more than RM700 million in export-focused financing, protection, and capacity-building solutions will be made available to accelerate export expansion, business internationalisation, and global competitiveness. Following a successful pilot session in Kuala Lumpur involving 30 companies, BizConnect is expected to engage nearly 100 export-oriented and export-ready businesses across Kuala Lumpur, Penang, and Johor Bahru. Participating businesses will receive end-to-end support, including access to tailored financing solutions, export advisory and market intelligence, strategic partnerships and ecosystem linkages, as well as capacity-building programmes aimed at strengthening international market readiness. BPMB said the programme offers businesses access to a comprehensive suite of solutions, including the “Jaguh Serantau” Programme, Business Exports Programme, Export Leap Scheme, and Malaysia Global Connect Go Export Cover. In addition, BizConnect facilitates strategic engagements between exporters, industry partners, and MATRADE, enabling businesses to explore financing opportunities, strengthen export readiness, establish cross-border partnerships, and identify pathways for sustainable global expansion. “By bridging access to capital, expertise, and strategic networks, BizConnect enhances the ability of Malaysian companies to compete more effectively in global markets while contributing towards broader national economic resilience,” BPMB said.

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