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The Executives

Matrix Concepts Appoints Kelvin Lee As Group MD As FY2026 Revenue Hits Record High

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Matrix Concepts Holdings Berhad has appointed Kelvin Lee Chin Chuan as its new group managing director, effective June 1, 2026, as the property developer recorded a record-high revenue of RM1.36 billion for FY2026. Lee, who holds a Master’s degree in Civil Engineering from the University of Melbourne, previously served with the group from 2018 to 2021 before returning in April 2025 as group executive director. Since rejoining the company, he has played a key role in strengthening Matrix Concepts’ strategic direction and advancing a more integrated township development approach focused on connectivity, lifestyle, healthcare, education and long-term sustainability. Among the group’s recent initiatives is its collaboration with Golog Holdings Sdn Bhd for the China-Malaysia Air Silk Road Dual Hub Industrial Park Cooperation Project in MVV TechValley, aimed at enhancing Negeri Sembilan’s position as an emerging logistics and industrial hub. Lee said the company remains committed to its founding philosophy of creating communities that enrich lives, while adapting to changing expectations surrounding quality, liveability and integration. “Matrix Concepts was built on a simple philosophy — to create environments that enrich lives. That foundation remains unchanged,” he said. “What has evolved are the expectations surrounding quality, connectivity, and integration. Our focus is to continuously strengthen township ecosystems that bring together living, education, healthcare, and lifestyle components in a more holistic and structured way,” he added. For the fourth quarter ended March 31, 2026, Matrix Concepts posted a net profit of RM38.7 million compared with RM42.7 million a year earlier, while quarterly revenue rose slightly to RM308.9 million. For the full financial year, net profit increased 2.5% to RM219.3 million, while revenue climbed 18.1% to a record RM1.36 billion, supported by steady construction progress, new revenue streams and stronger industrial-related contributions. The board also declared a fourth interim single-tier dividend of 1.25 sen per ordinary share for FY2026, payable on July 9, 2026.

Energy & Technology

TNB Ramps Up RM43 Billion Grid Upgrade To Support Data Centre Growth

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Tenaga Nasional Bhd (TNB) is accelerating its RM43 billion grid modernisation programme to support Malaysia’s rapidly growing data centre industry and rising energy demand. Speaking at the Datacentre and Cloud Infrastructure Expo 2026, TNB chief grid officer Hasmarizal Hassan said the utility is strengthening its grid infrastructure to support the expansion of digital infrastructure across the country. He said future energy requirements from data centres have already been incorporated into national generation planning to ensure long-term system readiness and reliability. A key initiative highlighted was TNB’s Green Lane Pathway, which has reduced grid connection timelines for data centre projects from 36 months to as little as 12 months. As of March 2026, TNB has successfully delivered 33 projects under the framework, reflecting the company’s efforts to improve connection speed and position Malaysia as a regional data centre hub. “To manage large-scale demand growth, TNB is also adopting a cluster-based grid strategy, concentrating transmission infrastructure investments across identified growth corridors,” Hasmarizal said. He noted that Johor remains one of the key active clusters under the strategy, with plans for further expansion nationwide to support scalability while maintaining grid stability. According to TNB, the initiative is aimed at ensuring the national grid can continue supporting the increasing demand from data centres and other high-growth industries as Malaysia attracts more digital and technology investments. The company added that the government’s MADANI economic agenda continues to prioritise industries that create high-value jobs, encourage innovation and support long-term economic growth.

Investment & Market Trends

Eversendai Secures RM400 Million Contracts In Singapore And India

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Eversendai Corporation Bhd has secured four new projects worth a combined RM400 million across Singapore and India, further strengthening the group’s order book and regional presence. In a Bursa Malaysia filing, the global structural steel turnkey contractor said one of the projects was awarded by Kajima Overseas Asia Singapore Pte Ltd for the Toa Payoh Integrated Development in Singapore. The project includes the construction of a polyclinic, library, sports facilities, stadium, town park and basement levels. In India, Eversendai secured a major project in Amaravati, Andhra Pradesh, involving the construction of an integrated office building under the Secretariat Towers development. The group said the 40-storey tower is designed to house state-level government department offices and features advanced engineering elements such as column-free interiors, a central core and an external diagrid frame to improve structural efficiency and maximise usable space. The project will also utilise composite metal decking with steel framing to support faster construction and reduce structural load. In Mumbai, Eversendai was awarded a contract by Larsen & Toubro Ltd for structural steel long-span works for the Prestige Tower Y development. Its scope of work includes structural steel works, engineering, connection design and preparation of detailed shop drawings. The group also secured another project in Mumbai from The New Era Agencies Private Ltd for the construction of a high-rise residential building known as Dhuleva One 50 at Malabar Hill under a cost-plus contract arrangement. Eversendai said the latest contract wins reflect the group’s capability in delivering large-scale and high-value engineering and construction projects across multiple markets. The company added that it remains supported by a strong order book, active tender pipeline and continued demand for its engineering and construction expertise. Executive chairman Tan Sri A K Nathan said the continued support and confidence from clients, stakeholders and employees reaffirm the group’s operational resilience and market positioning. “While certain external market circumstances may be beyond our control, our focus on executing with excellence and our commitment to rebuilding stronger remain unwavering,” he said.

Energy & Technology

Viaim Secures 100 Million Yuan Funding Backed By Transsion

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Artificial intelligence-driven workplace hardware company viaim has secured a funding round worth about 100 million Chinese yuan, with Transsion Holdings joining as a strategic investor to support the development of AI-powered assistant hardware. The partnership will focus on creating a new generation of AI hardware equipped with autonomous perception, decision-making and execution capabilities. In a statement, viaim founder and chief executive officer Ma Xiao said the collaboration aims to accelerate the adoption of AI-enabled hardware in both workplace and consumer environments. viaim said the partnership combines its expertise in workplace AI and speech technology with Transsion’s global distribution network, manufacturing capabilities and local market experience. Transsion is widely known for its strong smartphone presence across Africa and other emerging markets, while viaim currently serves more than 1.5 million registered users across over 50 industries and 200 countries. The company’s product lineup includes OpenNote, RecDot and NoteKit, which offer AI-powered translation across more than 78 languages and 145 dialects. viaim added that it is expanding beyond recording and transcription devices into a broader office AI agent platform.

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.

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