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Energy & Technology

PetGas Plans RGT-3 Project In Lumut, Seeks Joint Venture Partner

Petronas Gas Bhd (PetGas) has received a notification letter from the Ministry of Economy dated April 30, 2026, to undertake the development of the Third Regasification Terminal in Lumut, Perak (RGT-3), which will be based on a floating storage and regasification unit (FSRU) concept. In a filing with Bursa Malaysia, the group said it is also exploring the possibility of jointly developing the project with a strategic partner, as part of efforts to optimise project execution and strengthen capabilities. PetGas noted that it had conducted detailed technical and commercial assessments on the development of new gas infrastructure, taking into account long-term gas supply and demand projections for Peninsular Malaysia. Following these evaluations, the company submitted a proposal to the Energy Commission for the RGT-3 project, targeting commercial operations by the second quarter of 2029. Under the proposed design, the RGT-3 will utilise an FSRU system, where liquefied natural gas (LNG) storage and regasification activities are carried out offshore. The regasified LNG will then be transported via a connecting pipeline from the offshore facility and its onshore berthing infrastructure into the Peninsular Gas Utilisation (PGU) system. This project will mark Malaysia’s first deployment of an FSRU-based regasification terminal. The facility is planned with an LNG storage capacity of 170,000 cubic metres and a regasification capacity of up to 500 million standard cubic feet per day (mmscfd). Once operational, the terminal is expected to support additional gas demand equivalent to approximately 3.5 gigawatts of power generation capacity in Peninsular Malaysia. PetGas added that the project will be regulated by the Energy Commission, with tariffs to be determined under the Incentive-Based Regulation (IBR) framework. The development of RGT-3 is in line with PetGas’ long-term strategy to expand and strengthen its gas and utilities infrastructure portfolio. The project is expected to enhance the capacity, resilience and flexibility of Malaysia’s gas supply network, ensuring it can meet evolving energy demand while supporting the country’s broader economic and industrial growth.

Energy & Technology

ADB Launches US$70bil Plan To Boost Asia’s Power And Digital Connectivity

The Asian Development Bank (ADB) plans to support US$70 billion in energy and digital infrastructure investments by 2035, aimed at strengthening regional connectivity across Asia and the Pacific through integrated power grids and enhanced digital networks. ADB president Masato Kanda said access to reliable energy and digital infrastructure will play a critical role in shaping the region’s future, with the initiatives designed to support economic growth, competitiveness and cross-border integration. “By linking power grids and digital networks across borders, we can reduce costs, expand opportunities, and deliver reliable energy and connectivity to hundreds of millions of people,” he said in a statement. The overall plan comprises two key components: a US$50 billion Pan-Asia Power Grid Initiative (PAGI) and a US$20 billion programme focused on digital and technology connectivity. Under PAGI, investments will be directed towards strengthening transmission infrastructure and grid integration, including the development of cross-border transmission lines, substations, energy storage systems and grid digitalisation. By 2035, ADB aims to facilitate the integration of around 20 gigawatts of renewable energy across borders, build approximately 22,000 circuit-kilometres of transmission lines, and improve access to electricity for 200 million people. The initiative is also expected to create about 840,000 jobs and reduce emissions in the regional power sector by 15%. ADB expects to fund roughly half of the US$50 billion power grid initiative from its own resources, with the remainder to be raised through co-financing arrangements, including private sector participation. In addition, up to US$10 million in technical assistance will be allocated to support regulatory alignment, adoption of common technical standards, feasibility studies and project preparation. On the digital front, the Asia-Pacific Digital Highway initiative aims to mobilise US$20 billion by 2035 to develop digital corridors, strengthen data infrastructure and support the growth of AI-ready economies. Investments will focus on improving connectivity through terrestrial and subsea fibre networks, satellite systems and regional data centres. ADB plans to contribute US$15 billion towards the digital initiative, with the remaining US$5 billion to be sourced through co-financing, including from private sector partners.

Investment & Market Trends

Malaysia Manufacturers Stay Strong In April Despite War Concerns

Malaysian manufacturers expanded operations in April, increasing hiring and inventory levels despite ongoing geopolitical tensions in the Middle East that have driven up costs and pushed selling prices to record highs. According to S&P Global, the seasonally adjusted manufacturing Purchasing Managers’ Index (PMI) rose to 51.6 in April from 50.7 in March. A reading above 50 indicates expansion in the sector, suggesting a modest improvement in overall manufacturing activity. However, S&P Global noted that part of the growth was driven by “safety-stock building”, as companies moved to secure inventory amid uncertainties linked to the conflict in the Middle East. “The sector’s outlook in the coming months will depend in part on how the situation in the Middle East develops,” said S&P Global economist Maryam Baluch, adding that manufacturers are already taking steps to cushion potential disruptions. Malaysia’s economy grew 5.3% year-on-year in the first quarter of 2026, slightly below expectations, as key sectors including manufacturing and services saw slower momentum following escalating geopolitical tensions earlier in the year. Despite this, the central bank maintains its full-year growth forecast of between 4% and 5%, supported by resilient domestic demand and continued investment activity. The latest PMI data also showed manufacturers increased hiring for a second consecutive month, with job creation at its strongest pace so far this year, although still described as moderate. At the same time, companies raised selling prices sharply in response to higher input costs, particularly for energy and raw materials. Input cost inflation reached a 45-month high, prompting firms to pass on these increases to customers at the fastest rate on record. Nonetheless, business sentiment remained cautious. Confidence among manufacturers weakened for the second straight month in April, falling to its lowest level in eight months, reflecting concerns over the prolonged impact of geopolitical uncertainties.

Energy & Technology

Jaycorp To Fully Acquire Green Energy Unit In RM15 Mil Deal

Jaycorp Bhd is proposing to acquire the remaining 40% stake in its subsidiary, Jaycorp Green Energy Sdn Bhd (JGE), for RM15 million in cash, as part of its strategy to expand its footprint in the renewable energy sector and diversify its earnings base. The acquisition involves the purchase of 2.33 million shares from Microban (M) Sdn Bhd, which will increase Jaycorp’s ownership in JGE from 60% to 100%. Upon completion, JGE will become a wholly owned subsidiary, allowing the group to fully consolidate its financial performance. In a Bursa Malaysia filing on Thursday, Jaycorp said the move would eliminate non-controlling interests, enabling shareholders to benefit fully from JGE’s future earnings. The acquisition will be funded entirely through internally generated funds, with no additional liabilities expected. Following the deal, the group also plans to formally diversify its core business to include renewable energy, covering the investment, development and operation of assets such as solar, biomass, biogas and waste-to-energy facilities. Currently, Jaycorp’s primary businesses span furniture manufacturing, packaging, wood processing, construction, and trading and property-related activities. JGE, meanwhile, is involved in renewable energy, biomass and environmentally friendly waste treatment, including producing industrial steam from palm oil waste for the oleochemical sector. Jaycorp noted that its renewable energy segment was the only division to record growth in both revenue and profitability for the financial year ended July 31, 2025, highlighting its potential as a more resilient earnings contributor. “The proposed diversification enables the group to position renewable energy as a core and growing pillar of the business, alongside its existing manufacturing operations, while providing greater strategic flexibility to pursue opportunities across the renewable energy value chain,” the group said. The proposals are expected to be completed by the fourth quarter of 2026, subject to shareholders’ approval and other regulatory requirements. Jaycorp shares closed unchanged at 22.5 sen on Thursday, giving the group a market capitalisation of RM61.8 million. The stock has declined about 25% year-to-date.

The Executives

Azizan Abdul Aziz Appointed Islamic Capital Market Director At Bursa Malaysia

Bursa Malaysia Bhd has appointed Azizan Abdul Aziz as director of its Islamic capital market (ICM), effective Friday, as part of its ongoing efforts to strengthen its position in the global Islamic finance space. In a statement, the exchange operator said Azizan will take on the additional responsibility alongside his current role as chief financial officer, reflecting a dual mandate that combines financial leadership with strategic oversight of the Islamic capital market segment. Bursa Malaysia chief executive officer Datuk Fad’l Mohamed said the appointment underscores the organisation’s continued commitment to advancing its Islamic capital market offering, which remains a key pillar of Malaysia’s broader capital market ecosystem. “Azizan’s experience, financial expertise and deep institutional knowledge position him well to guide our Islamic market priorities, while continuing to ensure strong financial stewardship in his capacity as CFO,” he said. Malaysia’s Islamic capital market has continued to show steady growth in recent years, expanding from RM2.2 trillion in 2020 to RM2.7 trillion as at end-2025. The segment is supported by strong contributions from both shariah-compliant equities and sukuk, which account for RM1.3 trillion and RM1.4 trillion respectively. The depth of the market is further reflected in the high proportion of shariah-compliant listings on Bursa Malaysia, with more than 80% of public-listed companies classified as shariah-compliant, reinforcing the country’s leadership in Islamic finance globally. In his new role, Azizan will be responsible for providing strategic direction and oversight across Bursa Malaysia’s Islamic capital market initiatives. This includes working closely with internal teams, regulators and market participants to further develop the ecosystem, enhance product offerings, and drive greater participation in shariah-compliant investments. He brings more than two decades of experience in finance, accounting, corporate finance and advisory, positioning him to play a key role in shaping the next phase of growth for Malaysia’s Islamic capital market.

Events

Is Beauty The New Cultural Currency?

In Malaysia’s fast-evolving digital and consumer landscape, beauty is no longer confined to aesthetics. It is increasingly operating as a form of cultural and social currency — influencing identity, visibility, and even economic opportunity. This was the central premise of Being, Human KL: Is Beauty the New Cultural Currency?, a curated conversation by Think Geek Media and Arcc Spaces, bringing together voices across aesthetics, media, community, and identity to examine how perceptions of beauty are shifting in a hyper-visible world. From Aesthetics to Influence Malaysia’s digital economy provides a compelling backdrop to this conversation. With over 89% internet penetration and social media usage among the highest in Southeast Asia, platforms like Instagram and TikTok have accelerated the commodification of visibility — where image, presence, and perception directly translate into influence and monetisation. Against this context, the discussion explored how beauty has evolved into a form of social capital — shaping not just how individuals are perceived, but how they participate in modern economic and cultural systems. Moderated and curated by Ethel Da Costa, Founder of Think Geek Media, on April 29, she shared: “We’re living in a time where beauty is no longer passive. It is constructed, performed, and constantly negotiated. What we’re seeing today is not just a shift in aesthetics, but a shift in how value itself is assigned — socially and culturally.” Confidence, Identity and the Visibility Economy For Eleen Yong (National Director Miss Universe Malaysia 2024, Principal, Elpis Models Academy), the conversation around beauty is inseparable from self-definition in a world driven by external validation. “Confidence today is often interpreted through visibility,” she shared. “But real confidence is rooted in self-awareness — understanding who you are beyond how the world responds to you. What works in Malaysia does not necessarily work in Milan.” Her perspective reflects a broader shift in consumer behaviour, where identity is increasingly shaped in public spaces — often blurring the line between authenticity and performance. The Pressure to Be Seen As a digital-native voice, Sanjna Suri (Miss Supranational Malaysia 2018, Actor) addressed the realities of navigating constant visibility. “The pressure isn’t just to be seen,” she noted. “It’s to be seen in a way that resonates — that feels aspirational, but still believable.” Her insight highlights a growing paradox within the creator economy: while platforms enable self-expression, they also create implicit standards shaped by algorithms and audience expectations. Aesthetic Medicine and Cultural Perception From a clinical perspective, Dr Hew Yin Keat (Founder, Medical Director, The M∙A∙C∙ Clinic) highlighted how these societal pressures are increasingly reflected in aesthetic practice. “When patients say they want to ‘look better,’ it often goes beyond physical features,” he explained. “It’s shaped by what they are exposed to daily — curated images, idealised standards, and constant comparison.” Malaysia’s aesthetic and wellness sector has seen steady growth in recent years, driven by rising disposable income and increasing acceptance of non-invasive procedures — underscoring how beauty intersects with both personal identity and consumer behaviour. Curating Cultural Conversations At its core, the session was less about defining beauty and more about interrogating the systems that give it value. As a cultural and communications platform operating across India, the UAE, and Malaysia, Think Geek Media continues to position itself as a curator of culturally relevant narratives — creating spaces where conversations around identity, behaviour, and modern life can unfold with depth. Through initiatives like EMPOWER, Ethel Da Costa is not just moderating discussions — she is shaping dialogue at the intersection of culture, media, and society. A Broader Cultural Shift What emerged from the session is a recognition that beauty today is neither fixed nor neutral. It is dynamic — shaped by platforms, industries, and evolving social norms. In this context, the idea of beauty as currency reflects a broader shift in how value is created and exchanged — not just economically, but culturally. As Malaysia continues to grow as a digital-first society, conversations like these signal an important transition: From consuming culture… to consciously questioning it. The Takeaway If visibility is the new power, then beauty — in all its evolving forms — becomes one of the currencies through which that power is negotiated. The question is no longer whether beauty matters, but how deeply it shapes the way we see ourselves — and how we perceive one another — in the process. Will this shift lead to the democratisation of beauty, creating more inclusive, self-aware, and humane communities? Or will it accelerate a more standardised, systemic commodification of human perception — where identity, worth, and connection become increasingly filtered through curated ideals? Perhaps the real question is not what beauty has become, but what we are becoming because of it.

News

Nestlé Sales Recover to Pre-Boycott Levels

Nestlé (Malaysia) Bhd has seen its sales return to pre-boycott levels, according to local research houses, supported by festive spending and disciplined cost management. Kenanga Research said the company’s revenue is now largely back to levels seen before the boycott impact, though part of the recovery has been driven by earlier price increases to offset higher commodity costs. The firm expects profit margins to stay below 2023 levels in the near term due to renewed cost pressures, but sees gradual improvement ahead as efficiencies and higher volumes kick in. Nestlé Malaysia reported first-quarter sales for the period ended March 31, 2026, of RM1.88 billion, up 6.3% year-on-year. Domestic sales rose 7.4%, while exports grew 2.5%. Chief executive officer Juan Aranols said performance was supported by consistent execution across channels and disciplined cost control. He noted that despite a volatile operating environment in 2026, the group remains confident in its fundamentals and ability to maintain continuity. He added that Nestlé’s broad portfolio, strong local manufacturing base, and extensive distribution network continue to support resilience in a challenging environment. The company recorded pre-tax profit of RM271.9 million and net profit of RM205.1 million for the quarter. The improved earnings were driven by stronger sales during festive periods such as Chinese New Year and Ramadan/Aidilfitri, cost discipline, operational efficiencies, and lower commodity prices for inputs like coffee and cocoa. Analysts offered mixed views on the outlook. RHB Research maintained an optimistic stance, citing improving consumer sentiment, supportive fiscal measures, and cost discipline as factors supporting a “sustained resurgence.” It said Nestlé’s scale and global network could help cushion geopolitical and supply chain risks. MBSB Research, however, was more cautious, saying the strong first-quarter performance may not be sustained throughout the year. It warned that rising freight, packaging, and commodity costs, along with geopolitical tensions, could pressure margins from the second quarter of 2026 onwards due to inventory lag effects. Despite this, it acknowledged that Nestlé’s strong market position and efficiency initiatives should help limit volatility. The firm kept a “neutral” rating with a target price of RM95.70, citing fair valuations. Hong Leong Investment Bank Research described the results as solid, with core profit after tax rising 9.4% year-on-year to RM188.3 million, representing 31% of full-year forecasts. It maintained a “buy” call with a higher target price of RM135, citing strong fundamentals and supply chain initiatives such as Farmer Connect. The differing target prices reflect varying views on Nestlé’s ability to manage macroeconomic risks, including geopolitical tensions and commodity volatility. However, analysts agree that demand for staple food products remains resilient, supported by stable employment and wage growth. Nestlé said its diversified portfolio, strong manufacturing footprint, and supply chain capabilities continue to support its outlook for another year of stable performance despite ongoing global uncertainty.

News

CelcomDigi, Maxis And YTL To Invest Additional RM202mil Each In DNB For Spectrum Purchase

CelcomDigi Bhd, Maxis Bhd and YTL Communications Sdn Bhd have each injected an additional RM202 million shareholder advance into Digital Nasional Bhd (DNB) to support its operations, including spectrum acquisition. YTL Communications is a 60%-owned unit of YTL Power International Bhd. According to bourse filings by CelcomDigi and Maxis on Wednesday, the latest injection was made at the request of the state-owned 5G wholesale network operator. With this latest injection, each of the three telcos’ total shareholder advances and additional shareholder advances to DNB now stands at RM551.9 million, representing a 22.94% interest based on DNB’s issued share capital and shareholder advances. Ministry of Finance Inc (MoF Inc), which currently holds RM500.1 million of DNB’s issued share capital and has provided RM250.2 million in shareholder advances, has a 31.18% interest. MoF Inc was excluded from participating in this round after exercising its put option on Dec 1, 2025, with CelcomDigi, Maxis and YTL having fully paid the option price. According to CelcomDigi’s filing, the additional funds will be used to pay upfront spectrum fees as part of the spectrum acceptance, as well as to meet working capital requirements. The additional shareholder advance carries no interest and is not repayable on demand. It will only be repaid when agreed by DNB and subject to compliance with applicable covenants, CelcomDigi said. The advance may also be treated as prepayments under the access agreement between a CelcomDigi-related corporation and DNB, subject to the terms of the shareholders’ agreement. DNB, a special-purpose vehicle under the Ministry of Finance, was initially established to deploy 5G infrastructure and serve as the sole provider of wholesale 5G services to telcos. However, the government later opted for a dual wholesale network model, under which U Mobile was appointed in November 2024 to deploy the second 5G network. Shares in CelcomDigi rose four sen or 1.4% to RM2.39 on Wednesday, giving it a market capitalisation of RM35.1 billion. Maxis shares fell four sen or 1.1% to RM3.50, valuing the group at RM27.4 billion.

The Executives

PIAM Reappoints Ng Kok Kheng As Chairman For 2026–2028 Term

Persatuan Insurans Am Malaysia (PIAM) has re-elected Ng Kok Kheng as its chairman for the 2026–2028 term, effective April 29, 2026. In a statement, PIAM said Ng will continue to lead the board of directors as the association represents the general insurance industry amid an evolving operating landscape. The focus moving forward includes capturing growth opportunities while addressing emerging risks and technological changes driven by regulatory reforms, as well as rising global economic and climate volatility. Commenting on his re-election, Ng said PIAM and its 23 member companies remain committed to strengthening the industry’s role in supporting Malaysia’s economy and consumers. “In line with our vision to be the trusted voice of the general insurance industry, PIAM and its 23 members remain committed to fostering a sustainable ecosystem and ensuring Malaysians continue to benefit from a robust and resilient sector that provides comprehensive solutions for individuals, businesses, and communities,” he said. Ng, who is an independent director, brings more than 30 years of experience in the insurance industry. Meanwhile, PIAM also announced the re-election of Antony Lee, Chief Executive Officer of AIG Malaysia Insurance Bhd, as its deputy chairman for the same term. The association said the leadership continuity is expected to support ongoing industry initiatives, including efforts to enhance market resilience, strengthen consumer protection, and promote sustainable growth within Malaysia’s general insurance sector.

The Executives

Amir Hamdan To Step Down As Prasarana President And CEO

Prasarana Malaysia Bhd CEO Amir Hamdan to step down after almost eight years. Public transport operator Prasarana Malaysia Bhd has confirmed that Group President and Chief Executive Officer Amir Hamdan will be ending his tenure after serving the organisation for nearly eight years. In a statement today, Prasarana said Amir’s decision to step down is for personal reasons and in line with his future plans. The company said further updates on leadership continuity and succession arrangements will be announced through its official communication channels in due course. “Prasarana would like to express its highest appreciation for his contributions and leadership throughout his tenure, and wishes him the best in his future endeavour,” it said. Throughout his time with the group, Amir played a key role in driving transformation initiatives and strengthening Prasarana’s operational performance, with a focus on improving public transport services and overall service delivery for commuters.

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