Energy & Technology

Express Powerr Solutions (M) Bhd is expanding its regional footprint with a 15-megawatt (MW) power generation project in Lombok, Indonesia. In a Bursa Malaysia filing on Wednesday, the company said it will provide generator rental services, including the procurement and leasing of high-speed diesel and biodiesel-fuelled containerised power generation units. The project is undertaken by a consortium comprising PT Triotama Toya Energi, PT Bintang Bangkit Bersama, and PT Sumber Artho Bersaudara. PT Triotama, which is responsible for supplying the project’s power generators, has signed a joint cooperation agreement (JCA) with Express Powerr’s Indonesian unit, PT Express Power Energy, for the rental services. Under the agreement, revenue will be shared on a 70:30 basis, with the larger portion allocated to PT Express Power. The contract value was not disclosed. Express Powerr said the collaboration marks a strategic step to expand its core generator rental business into the regional market, while leveraging PT Triotama’s established network for potential future opportunities. The project is expected to run for two years from its commercial operation date, with the possibility of extension subject to approval from the project owner, PT PLN Nusantara Power Services, and mutual agreement between the partners. Shares in Express Powerr closed unchanged at 14 sen, giving the group a market capitalisation of RM135.5 million. The stock is currently about 30% below its IPO price of 20 sen in September last year.

Uzma Bhd has secured three contracts from PETRONAS Carigali Sdn Bhd for the provision of coiled tubing unit (CTU) equipment and services, the company said in a Bursa Malaysia filing on Wednesday. The contracts were awarded to its subsidiary, Setegap Ventures Petroleum Sdn Bhd, and cover a broad range of well services, including intervention, completion, idle well reactivation, and production enhancement activities across Sarawak and Sabah. Uzma said the contracts have a five-year tenure, running from Feb 13, 2026, to Feb 12, 2031, although the contract value was not disclosed. In a separate statement, the group said it will deploy its CTU equipment and technical expertise to support well operations during both development and production phases, with a focus on optimising output, improving asset performance, and enhancing operational efficiency. Group CEO Datuk Kamarul Redzuan Muhamed said the contract wins highlight Uzma’s operational readiness and execution capabilities, noting that the group’s ability to mobilise ready assets and experienced teams at scale has been a key differentiator. Uzma added that its established asset base and skilled workforce enable fast deployment and consistent service delivery, particularly in high-demand and logistically challenging environments. The long-term nature of the contracts is expected to provide strong earnings visibility and further strengthen Uzma’s position as a reliable partner in Malaysia’s energy sector. Shares in Uzma closed one sen or 2.4% lower at 40 sen, valuing the group at RM238.1 million.

Dialog Group Bhd  has begun construction work on the Phase 3 expansion of its Pengerang Deepwater Terminals (PDT) in Johor, after meeting conditions under a long-term service agreement signed with BP Singapore Pte Ltd last November. In a Bursa Malaysia filing on Wednesday, Dialog said the expansion is expected to be completed by mid-2028 and will add 614,000 cubic metres of storage capacity for refined petroleum products and biofuels. This will bring total capacity to about one million cubic metres across 48 storage tanks. Dialog said the expansion is part of its long-term development strategy for Phase 3 PDT and will support its goal of generating higher recurring income for the group. The Phase 3 development was launched in 2018 and began operations in March 2021. The terminal is designed as an integrated hub offering storage tanks, deepwater marine facilities, shared pipelines, and port operations for oil traders, refiners, and petrochemical players. In a previous filing, Dialog said the agreement is a conditional long-term service deal involving Dialog Terminals Pengerang (5) Sdn Bhd and Dialog Terminals Sdn Bhd. Based on AskEdge data, Dialog currently trades at a price-to-earnings ratio of 22.9 times, the highest among its peers where applicable, though still at the lower end of its historical valuation range in recent years. Its price-to-net asset value of 2.2 times is also the highest among peers but below its recent historical average. Dialog shares closed one sen lower at RM2.27, valuing the group at RM12.8 billion, and have risen 78.3% over the past year.

ITMAX System Bhd said its 65%-owned subsidiary Southmax Sdn Bhd has secured a RM603.5 million variation order from the Johor Bahru City Council (MBJB) to expand artificial intelligence (AI)-enabled video surveillance systems in Johor Bahru. In a Bursa filing on Wednesday, ITMAX said Southmax received and accepted the variation order dated April 14. The order is linked to a main RM105.32 million contract awarded in 2023, which covers video surveillance services, including a smart command centre and AI-powered CCTV systems for MBJB. Under the latest variation order, Southmax will install additional AI-enabled CCTV cameras and implement advanced video analytics programming. The expanded scope will be delivered on a 20-year service subscription model, starting after the installation phase is completed. ITMAX said the contract is expected to contribute positively to earnings and net assets per share over the duration of the agreement. Shares of ITMAX closed 25 sen or 5.3% higher at RM4.94, giving the group a market capitalisation of RM5.12 billion.

Tenaga Nasional Bhd is reportedly in early discussions to participate in Petroliam Nasional Bhd (PETRONAS)’ planned regasification terminal (RGT) project in Lumut, Perak, according to sources. One option under consideration is for Tenaga — the largest natural gas offtaker in Peninsular Malaysia’s power sector — to take a significant stake in the project. Another possibility is a joint venture with PETRONAS Gas Bhd, PETRONAS’ gas infrastructure arm, which currently owns and operates key gas facilities in the country. The proposed Lumut RGT is expected to have a capacity of about 500 million standard cubic feet per day (mmscfd), with development targeted to begin by late 2028. However, details on Tenaga’s potential investment size or final participation remain unclear, and both parties have yet to officially comment. The project aligns with Tenaga’s strategy to secure access to critical gas infrastructure, particularly as demand for liquefied natural gas (LNG) rises. While Tenaga is a major gas consumer, it currently lacks direct exposure to regasification assets — a gap this potential investment could address. For PETRONAS, bringing Tenaga on board as a partner could help ensure stable long-term utilisation of the facility, given Tenaga’s significant role in electricity generation. Gas-fired plants accounted for nearly 15% of Peninsular Malaysia’s power supply in 2025, and the utility continues to expand its gas-based capacity pipeline. Industry estimates suggest the Lumut RGT could cost around RM3 billion. Early concepts include either a floating storage and regasification unit (FSRU) or a fully onshore terminal, although shallow waters in Lumut may pose engineering challenges that could affect project costs and feasibility. The development comes amid expectations that Malaysia’s LNG demand will outpace existing regasification capacity by as early as 2029. PETRONAS had secured government approval for the Lumut project in 2024 as part of efforts to strengthen the country’s gas supply infrastructure. In parallel, other RGT projects are also in the pipeline, including a proposed facility in Yan, Kedah by Gas Malaysia Bhd, highlighting growing demand for LNG infrastructure to support future energy needs.

Mitrajaya Holdings Bhd has secured an additional data centre-related construction contract in Kuala Lumpur from NEXTDC Sdn Bhd, the Malaysian unit of Australia-listed NEXTDC Ltd, valued at RM54 million. In a filing with Bursa Malaysia, the group said the contract involves early works for the “KL1 Stage 4 Data Centre ST4-GC01” project. The contract was accepted on March 2 and is scheduled for completion by October 2026. This latest award builds on Mitrajaya’s existing involvement in the KL1 data centre development. The group had previously secured the main works contract for the project in January 2025. Following several variation orders, including the latest in January 2026, the total contract value has since increased to RM844.66 million. NEXTDC first announced its plans for the KL1 data centre project in 2023, with an estimated investment of around RM3 billion in Malaysia over a period of five to 20 years. The project forms part of the company’s broader expansion into the region to meet growing demand for digital infrastructure and cloud services. Mitrajaya said the latest contract is expected to contribute positively to its earnings over the project period, while strengthening its position in the fast-growing data centre construction segment. On the market front, shares in Mitrajaya closed unchanged at 55 sen on Monday, giving the group a market capitalisation of RM404.88 million.

Sarawak’s engineering, procurement, construction and commissioning (EPCC) players are expected to benefit significantly from the state’s ambitious development plans, which include a proposed deep-sea port and a new airport near Kuching with a combined value of up to RM100 billion. Kenanga Research, following a recent visit to Sarawak, identified several companies positioned to gain from these projects, including Pansar Bhd, Ibraco Bhd and Insights Analytics Bhd, along with Cahya Mata Sarawak Bhd, the state’s sole cement producer. The research house noted that EPCC players are likely to form joint ventures with larger or Chinese EPCC firms to participate in these large-scale developments. Meanwhile, Cahya Mata is expected to benefit from increased cement demand, given the importance of proximity in managing logistics costs. The proposed deep-sea port is set to serve as a gas terminal for Petroleum Sarawak Bhd (Petros), and is expected to play a key role in developing a low-carbon gas hub in Kuching. The project will also support carbon capture and storage initiatives, while strengthening the state’s position as a maritime gateway for southern Sarawak. Kenanga Research also highlighted the potential restructuring of Sarawak Energy Bhd, driven by rising energy demand tied to these development plans. The restructuring could see regulated infrastructure assets separated from power generation assets, particularly those linked to hydropower. The power generation segment could potentially be listed, given its stable cash flows and long-term growth prospects supported by renewable energy, cross-border electricity exports to Singapore, and appeal to ESG-focused investors. Kenanga noted that positioning the business as a pure-play renewable independent power producer (IPP), supported by a 15GW capacity expansion roadmap by 2035 from the current 6GW, could enhance its valuation. The company has already issued requests for proposals for five additional dams. Sarawak Energy was privatised in 2009, with its last traded market capitalisation at RM3.9 billion, implying a historical price-to-earnings ratio of 20 times. By comparison, Malakoff Corp Bhd trades at about 23 times forward earnings, while regional peer Sembcorp Industries trades at around 12 times. Kenanga said a potential listing would provide investors with direct exposure to Sarawak’s long-term economic growth, as energy infrastructure is central to the state’s development strategy. Beyond energy, the research house pointed to opportunities in water infrastructure, where Pansar and Insights Analytics could benefit from EPCC and system-related jobs. For pipe replacement works, KKB Engineering Bhd and Ibraco were identified as key beneficiaries. Sarawak has allocated RM20 billion under its water master plan, of which RM7 billion has already been spent. Kenanga also stressed that the success of these long-term plans depends heavily on Petroleum Sarawak’s ability to secure gas aggregation rights, which are crucial to ensuring sufficient supply for attracting foreign investment into high-value industries. The viability of the deep-sea port is also closely tied to gas-related developments. At present, Petroliam Nasional Bhd (PETRONAS) exports the majority of Malaysia’s gas as liquefied natural gas. The ongoing legal dispute between Petros and PETRONAS over gas distribution rights has been brought before the Federal Court, and is expected to play a key role in shaping the future framework of federal-state resource control and collaboration.

Infomina Bhd has secured a two-year contract worth RM23.49 million to provide IT infrastructure operations, maintenance and support services to the Inland Revenue Board (IRB). In a filing with Bursa Malaysia, the group said the contract covers both hardware and software maintenance for the IRB’s data warehouse systems. This includes software licence renewals, technical support, hardware maintenance, as well as related professional services. The contract is set to run from April 1, 2026, to March 31, 2028, with any extension or renewal subject to the IRB’s discretion. This latest win follows a similar contract secured last month, when Infomina was awarded a three-year deal worth RM68.92 million by the Immigration Department. On the market front, Infomina shares slipped one sen, or 0.9%, to close at RM1.10 on Friday, giving the group a market capitalisation of RM661.4 million. According to AskEdge data, the stock is currently trading at a trailing price-to-earnings (P/E) ratio of 31.2 times. This is lower than peers such as Go Hub Capital Bhd (KL:GOHUB), which trades at 73.7 times, and ITMAX System Bhd at 51.1 times.

UUE Holdings Bhd has secured a RM16 million contract for electrical system works at a factory in Tanjung Langsat, Johor. In a filing with Bursa Malaysia on Friday, the group said the contract was awarded to its wholly owned subsidiary, Kum Fatt Engineering Sdn Bhd, which accepted the letter of award from Tianma Precision Sdn Bhd on April 10. The scope of works includes the supply, delivery, installation and commissioning of 33kV and low-voltage electrical systems at a factory located in the Tanjung Langsat Industrial Area, Mukim Sungai Tiram, Johor. The project is scheduled to commence on April 15 and is expected to be completed by Dec 15. UUE said the contract is anticipated to contribute positively to the group’s earnings per share and net assets over the duration of the project. Earlier, the group reported that its order book stood at RM508.5 million at the start of the year, providing earnings visibility over the next 12 to 36 months. Of this, approximately 62% comprises projects related to Tenaga Nasional Bhd. On the market front, UUE shares rose five sen, or 13.7%, to close at 41.5 sen on Friday, giving the group a market capitalisation of RM378.66 million. Over the past year, the stock has gained 9.2%.

Grab has launched a new cash loan service for consumers, starting in the Philippines, with plans to expand to Thailand and Malaysia by mid-2026. The offering targets Southeast Asia’s large underbanked population, particularly individuals without credit cards or formal credit histories. Previously, Grab’s financial services were limited to merchants and drivers using platform earnings data, leaving everyday users out. The new consumer loan aims to close this gap by introducing an alternative way to assess eligibility. Instead of relying on traditional credit metrics, Grab uses a “holistic combined score” generated from user activity. This includes factors such as ride frequency, average GrabFood spending, and how long a user has been on the platform. Only pre-approved users can apply. Eligible consumers complete an in-app identity verification and link a repayment method, such as an e-wallet or bank account, directly within the app. Interest rates start from 2.99% per month, depending on eligibility, along with a one-time processing fee of up to 2%. Users can view their personalised loan terms in the app before accepting. Repayments are deducted automatically, which Grab says helps keep operational costs low and loans more affordable. The service is designed to provide an alternative to informal lenders while helping users build a formal credit profile and improve financial flexibility.