Energy & Technology

Sunway Construction Group Bhd (SunCon) has secured RM664.4 million in additional change orders for two data centre projects in Johor, lifting the total contract value to RM865.6 million. In a Bursa Malaysia filing, SunCon said its wholly owned subsidiary, Sunway Construction Sdn Bhd (SCSB), accepted the change orders on June 17 from a US-based multinational technology company for project service requests initially awarded on April 21. Construction works began on April 21, 2026, with one project slated for completion in the fourth quarter of 2027 and the other in the second quarter of 2028. SunCon noted that the projects are exposed to typical construction risks, including fluctuations in material prices, but said these are expected to be managed through SCSB’s expertise and experience. The contracts are anticipated to contribute positively to the group’s earnings from 2026 onwards. Including the latest orders, SunCon has secured RM4.2 billion worth of new jobs year-to-date, bringing its outstanding order book to RM8.8 billion. For the first quarter ended March 31, 2026, SunCon posted a 56.4% increase in net profit to RM118.41 million from RM75.72 million a year earlier, supported by stronger contributions across its business segments. However, quarterly revenue declined 27% to RM1.02 billion from RM1.4 billion, mainly due to lower construction contributions following accelerated progress on the Rapid Transit System Link project and several data centre projects in the previous year. SunCon shares last traded at RM7.43, valuing the company at RM9.89 billion.

Malaysian Resources Corp Bhd (MRCB) is making its debut in the digital infrastructure sector through a strategic collaboration with Perintis Akal Sdn Bhd (PASB) to develop an AI-ready data centre in Bukit Jalil with an estimated gross development cost of RM2.1 billion. The project will be undertaken by Bukit Jalil Sentral Property Sdn Bhd (BJSP), a wholly owned subsidiary of MRCB Land Sdn Bhd, which in turn is wholly owned by MRCB. BJSP, which owns the 37,320 sq m leasehold site, will serve as the master developer of the facility. Under the proposed arrangement, PASB, a unit of Pemandu Partners International PLT, will act as the long-term tenant and operator under a proposed 10-year lease agreement. MRCB said definitive agreements are expected to be finalised by the third quarter of 2026, while the facility is targeted for completion by the fourth quarter of 2027. Spanning approximately 500,000 sq ft, the data centre will have a capacity of 65MW IT load and will be built in accordance with Uptime Institute Tier III standards. The facility will feature high-density power and cooling systems designed to support advanced GPU-based workloads and next-generation AI accelerator platforms. PASB will partner with Inspur Communication Malaysia Sdn Bhd, a subsidiary of China’s Inspur Group, for the construction, commissioning, maintenance and operation of the facility. MRCB Group Managing Director Datuk Imran Salim said the project is expected to generate a stable stream of recurring income through the 10-year lease structure while enhancing the value of its Bukit Jalil land assets. He added that MRCB has already received multiple expressions of interest for the facility’s 65MW capacity, signalling potential opportunities for further data centre developments on its remaining Bukit Jalil land bank.

There is a misconception that successful technology companies sell hardware, software, or digital solutions. In reality, the most valuable technology businesses sell something far more important: confidence. Confidence that systems will work when they are needed, that critical data will remain secure, and that investments made today will still create value tomorrow. For more than two decades, Ipenet Solutions Sdn Bhd has quietly built its reputation around this principle. Established in 2005, the Malaysian technology solutions provider has grown into a trusted partner delivering end-to-end capabilities across networking, cybersecurity, systems and storage, cloud computing, managed services, automation, audio-visual technologies, and client solutions. Serving industries that range from manufacturing and education to healthcare, hospitality, retail, financial services, and telecommunications, the company has focused less on selling products and more on solving business problems. The distinction is significant. Technology itself changes rapidly, but business challenges remain remarkably consistent. Organisations want to operate more efficiently, protect their operations, connect their people, and prepare for future growth without unnecessary complexity or risk. The ability to translate sophisticated technologies into practical business outcomes has become one of the company’s defining strengths. Long before digital transformation became a boardroom priority, Ipenet Solutions recognised that many organisations faced a common dilemma. The market offered an abundance of technology solutions, yet many businesses lacked a trusted advisor capable of integrating those technologies into a coherent operational strategy. Purchasing equipment was straightforward; ensuring that it worked together to deliver measurable value was considerably more difficult. That gap has only widened as technology has evolved. Today’s business leaders must navigate cloud migration, cybersecurity threats, artificial intelligence, automation, and increasingly interconnected digital ecosystems. The conversation is no longer about installing infrastructure but about building resilience, scalability, and long-term competitiveness. Chief Executive Officer (CEO) and Founder of Ipenet Solutions – Fran Teh. Rather than attempting to participate in every emerging trend, Ipenet Solutions has adopted a disciplined strategy centred on areas where it can create meaningful impact. Cybersecurity, AI-powered solutions, cloud technologies, managed services, and modern workplace enablement represent strategic priorities that align with evolving customer needs. By concentrating resources and expertise in these areas, the company seeks to deliver sustainable value rather than short-lived market relevance. Its philosophy towards growth reflects the same measured approach. Expansion, while important, is not viewed simply through the lens of size or revenue. Growth means becoming increasingly valuable to customers, strengthening technical capabilities, and building recurring service relationships that create long-term partnerships rather than transactional engagements. Equally important is recognising what growth should not become. Rapid expansion that compromises service quality, technical standards, or customer experience ultimately weakens the very foundation on which sustainable businesses are built. Maintaining operational excellence therefore remains central to every stage of the company’s development. Scaling an organisation inevitably introduces new challenges. As teams expand and projects become more complex, maintaining consistency in service delivery, leadership, and execution requires stronger governance and clearer accountability. For Ipenet Solutions, organisational maturity has involved investing not only in technology but also in specialist talent, leadership development, and internal processes that support agility without sacrificing discipline. Much of the company’s competitive advantage exists behind the scenes. Customers may see successful implementations, but less visible are the countless hours devoted to solution design, technical validation, partner collaboration, project management, and post-deployment support. These capabilities ensure that technology investments translate into reliable operational outcomes rather than isolated technical achievements. The same long-term perspective also shapes the company’s understanding of sustainability. Responsible business is viewed not simply as environmental stewardship but as the ability to create enduring value through resilient infrastructure, scalable digital solutions, and disciplined investment decisions. By helping organisations modernise efficiently while maintaining operational reliability, Ipenet Solutions contributes to a more sustainable digital future for its customers and the broader economy. Looking ahead, the company’s ambition is clear. As businesses continue to embrace digital transformation, Ipenet Solutions aims to strengthen its role as a strategic technology partner by deepening capabilities in artificial intelligence, cybersecurity, cloud solutions, and managed services. The objective is not merely to expand its market presence, but to become increasingly indispensable to organisations seeking to navigate an increasingly complex digital landscape. In the end, technology will continue to evolve. What will endure is the need for partners who can transform innovation into business confidence—and that is where Ipenet Solutions intends to create its greatest value.  

Dagang NeXchange Bhd (DNeX) is expanding its presence in the upstream oil and gas sector with a 20% equity stake in a joint venture formed with Terengganu Inc’s energy arm, TI Petroleum Sdn Bhd. In a statement, the group said its subsidiary, Ping Petroleum Ltd, will hold the stake in the joint-venture company, TI Exploration & Production Sdn Bhd (TI EP). The financial details of the investment were not disclosed. TI Petroleum is the energy arm of Terengganu Inc Sdn Bhd, while TI EP is a joint venture established by TI Petroleum and Ping Petroleum to pursue oil and gas exploration and production activities. DNeX said the acquisition supports its strategy to grow its energy business and strengthen its portfolio in regional upstream opportunities. The partnership also provides Ping Petroleum, which is already active in Terengganu through the redevelopment of the Abu Cluster, with a platform to further expand its participation in Malaysia’s upstream sector alongside a partner with strong local regulatory and supply chain experience. The company added that the collaboration is expected to create synergies through Terengganu Inc’s role as a state investment holding company managing commercial and strategic assets on behalf of the state government. DNeX chairman Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said the partnership combines technical expertise with strategic positioning to unlock near-term opportunities while building a stronger foundation for long-term growth in Malaysia’s upstream energy sector. On the market front, DNeX shares rose 2.5 sen or 8.2% to close at 33 sen, giving the group a market capitalisation of approximately RM1.15 billion.

Dayang Enterprise Holdings Bhd has entered into a joint-venture (JV) and shareholders’ agreement through its wholly owned subsidiary, Dayang Enterprise Sdn Bhd (DESB), with Brunei-based Petrokon Utama Sdn Bhd for a proposed project collaboration in Brunei. In a filing with Bursa Malaysia, the group said the JV aims to strengthen its strategic presence in Brunei and enhance its participation in maintenance, turnaround and construction (MTC) activities through collaboration with an established local partner. It added that the partnership is expected to complement Dayang’s existing technical capabilities while supporting its long-term growth strategy in the regional oil and gas sector. Under the agreement, DESB and Petrokon Utama will establish a joint-venture company in Brunei, to be named Petrokon Dayang Corporation Sdn Bhd, or another name approved by the relevant authorities. Both parties will hold an equal stake of 50% each in the JV company, which will have an initial paid-up capital of BND100,000. DESB will be entitled to appoint up to two directors to the board of the JV company, with one of its nominees expected to serve as chairman. The JV agreement will come into effect upon fulfilment of conditions precedent, including the incorporation of the JV company and the award of the relevant project in Brunei. Dayang said the collaboration is not expected to have any material impact on its issued share capital, earnings, net assets, or gearing for the financial year ending Dec 31, 2026.

Cypark Resources Bhd has proposed a private placement exercise to raise up to RM52.7 million, with the proceeds primarily earmarked to support the group’s expanding renewable energy portfolio. In a filing with Bursa Malaysia, the company said it plans to issue up to 82.3 million new shares, representing 10% of its enlarged issued share capital, to third-party investors to be identified at a later date. The issue price will also be determined subsequently. Based on an illustrative issue price of 64 sen per share, the exercise is expected to generate approximately RM52.7 million. The price represents a 5.51% discount to Cypark’s five-day volume-weighted average share price of 67.7 sen up to May 31. Of the total proceeds, RM45 million will be allocated to fund the group’s renewable energy projects. While the funds have not been designated for any specific development at this stage, Cypark said the allocation will be based on actual project funding requirements as they arise. Among the company’s major ongoing projects are the development of a 595MWac hybrid hydro-floating solar plant with a battery energy storage system at Tasik Kenyir, Terengganu, with an estimated development cost of RM1.96 billion, Phase 2 of the SMART waste-to-energy plant at Ladang Tanah Merah, Negeri Sembilan, valued at RM700 million, and a 99.99MWac solar photovoltaic plant in Port Dickson, with an estimated cost of RM300 million. The remaining proceeds from the private placement will be used for working capital requirements amounting to RM7.1 million and to cover expenses related to the fundraising exercise. Cypark said the proposed placement offers an additional source of capital without incurring interest costs or repayment obligations. The exercise may also be implemented in several tranches, enabling the group to raise funds progressively while reducing the immediate dilution impact on existing shareholders. The fundraising plan comes as the company continues to navigate a challenging earnings environment. For the third quarter ended Jan 31, 2026, Cypark posted a net loss of RM17 million, compared with a net profit of RM8.76 million in the corresponding period a year earlier, mainly due to the absence of a reversal of provisions and settlement income. Revenue, however, rose nearly 9% to RM43.2 million from RM39.7 million. The company expects the private placement exercise to be completed by the fourth quarter of 2026, with TA Securities acting as the principal adviser and placement agent.

Brooke Holdings Sdn Bhd has secured a RM1 billion engineering, procurement and construction (EPC) contract from PTTEP Sarawak Oil Ltd for the development of the Sirung and Chenda fields (SK405B project) offshore Sarawak. The contract, awarded for the project’s central processing platform, marks the largest oil and gas contract ever secured by Brooke Holdings, formerly known as Brooke Dockyard and Engineering Works Corp. Brooke chairman Datuk Seri Wan Lizozman Wan Omar. PTTEP Sarawak, a subsidiary of Thailand’s national upstream energy company PTTEP, is the operator of the SK405B production sharing contract (PSC), holding a 49.5% stake. Its partners include PETRONAS Carigali Sdn Bhd (25%) and Mitsui Energy Development Co Ltd (25.5%). Located about 140km from the PETRONAS LNG Complex in Bintulu, the Sirung-Chenda project is PTTEP’s first greenfield development in Malaysia and is expected to support the company’s long-term growth plans. The agreement was formalised during a signing ceremony witnessed by Sarawak Premier Tan Sri Abang Johari Tun Openg on May 26. Brooke aims to complete the EPC works by February 2028, in line with PTTEP’s target for first oil production in 2028. PTTEP Malaysia asset country manager Vitoon Chaisomboonpan said the contract marks the beginning of the project’s execution phase following PTTEP’s final investment decision (FID) in February. The Sirung and Chenda fields are expected to have a combined production capacity of about 15,000 barrels per day, supported by a central processing platform and a wellhead platform. Brooke will fabricate the platform jacket at its Demak Laut yard and the 8,500-tonne topsides at its Sejingkat facility. Brooke chairman Datuk Seri Wan Lizozman Wan Omar described the project as technically complex and said it will test the company’s engineering and execution capabilities across multiple disciplines. The project is also expected to generate significant local economic benefits, including RM480 million in local procurement and employment opportunities for around 1,300 workers, including engineers, technicians, welders, and fresh graduates through training programmes. Sarawak Premier Abang Johari said the development reflects the state’s commitment to a low-carbon and environmentally responsible energy future, with the project incorporating zero routine flaring and remote-operated offshore technologies.

Velesto Energy Bhd has secured a new contract to provide its Naga 6 jack-up drilling rig and related services for an offshore drilling campaign in Thailand. In a statement on Thursday, the company said the contract was awarded by Northern Gulf Petroleum Pte Ltd and covers the drilling of four infill wells and three exploration wells. It also includes an option for up to two additional exploration wells. The drilling works are expected to begin in the third quarter of 2026. However, the contract value was not disclosed. Northern Gulf Petroleum is recognised as Thailand’s first privately owned exploration and production company, focusing on the acquisition, development, operation, and management of upstream oil and gas assets. Velesto president Megat Zariman Abdul Rahim said the award reinforces the group’s drilling business and highlights its continued ability to secure opportunities in key regional markets amid ongoing offshore development and exploration activities. According to Velesto, the Naga 6 rig is capable of drilling up to 30,000 feet deep and operates in water depths of up to 375 feet. At the midday trading break on Thursday, Velesto shares rose 1.6% to 31 sen, valuing the company at approximately RM2.56 billion.

Swift Energy Technology Bhd (KL:SET) has secured five contracts worth RM17.22 million, including a deal linked to PETRONAS Carigali Sdn Bhd’s Sepat Integrated Redevelopment Project offshore Terengganu. In a Bursa filing, the group said the contract for the supply of UPS distribution boards and switchboards/motor control centres for three Sepat wellhead platforms was awarded by Muhibbah Engineering (M) Sdn Bhd, a subsidiary of Muhibbah Engineering (M) Bhd (KL:MUHIBAH). The contract was awarded to its subsidiary Swift Energy Oil & Gas Sdn Bhd, with deliveries scheduled over the next three years. Separately, another subsidiary, Swift Energy Sdn Bhd, secured three purchase orders from Cummins Sales and Service Sdn Bhd, Azimuth Energy Sdn Bhd, and Expet Controls Sdn Bhd for the supply of neutral earthing resistors for projects in Malaysia, including a data centre project. Deliveries are expected by Q4 2026. In addition, Swift Solutions MSC Sdn Bhd received a purchase order from JJ-Lurgi Engineering Sdn Bhd for the supply of a low-voltage switchboard, variable speed drive and soft starter panel, with delivery also expected by the fourth quarter. The group said the contracts are expected to contribute positively to earnings and net assets for the financial years ending FY2026, FY2027 and FY2028. Earlier in January, Swift Energy had also secured purchase orders worth RM17.99 million involving hybrid power systems, generators, battery boxes and power-factor correction panels linked to PETRONAS-related projects in Sabah and Suriname. Shares of Swift Energy Technology closed unchanged at 16 sen, giving the group a market capitalisation of RM160.1 million.

Battery Energy Storage System (BESS) projects are being expanded nationwide as the government moves to strengthen electricity grid stability and support the growing adoption of renewable energy, particularly solar power. Deputy Prime Minister Datuk Seri Fadillah Yusof said tenders for BESS projects have been opened at several locations in Peninsular Malaysia, following the increasing implementation of renewable energy initiatives such as solar. Deputy Prime Minister Datuk Seri Fadillah Yusof said tenders for BESS projects have been opened at several locations across Peninsular Malaysia, following the increasing implementation of renewable energy initiatives such as large-scale solar projects. He said BESS plays an important role in maintaining grid stability, as solar power generation depends on sunlight and renewable energy sources that do not provide base load supply may affect the stability of the electricity system. “The government has opened tenders for BESS, particularly in Peninsular Malaysia, because as more solar projects are implemented, energy supply from solar and renewable energy sources that do not provide base load supply could threaten grid stability,” he told reporters after attending an Aidiladha qurban programme at Surau Darul Ihsan Kampung Sinjan on Friday. On May 18, Fadillah officiated the 100-megawatt (MW) Santong BESS project in Dungun, Terengganu, which is expected to benefit around 40,000 users on the east coast of Peninsular Malaysia. He added that BESS implementation is also being expanded to Sabah through Sabah Electricity Sdn Bhd, and in Sarawak through Sarawak Energy Bhd. According to Fadillah, battery storage systems allow electricity supply to be distributed more consistently based on usage demand and consumption patterns. “This helps ensure the grid remains stable and not threatened. That is why all Large Scale Solar (LSS) projects currently being tendered also involve the use of batteries,” he said.