Energy & Technology

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.

Uzma Bhd said its subsidiary, Setegap Ventures Petroleum Sdn Bhd, has secured a RM60 million contract from EnQuest Petroleum Production Malaysia Ltd. In a filing with Bursa Malaysia, the group said the two-year contract runs from Feb 19, 2026 to Feb 18, 2028, covering the provision of an integrated well intervention and project management team under the 2026/2027 EnQuest Well Intervention Programme (Package A8). The scope includes the supply, maintenance and support of tools, equipment, accessories and spare parts for well intervention services. Uzma said the contract will not impact its share capital or shareholding structure, but is expected to contribute positively to earnings and net assets per share from the financial year ending June 30, 2026, through to the contract’s completion.

Grab has unveiled 13 new AI-powered features at its GrabX 2026 showcase, positioning its platform as a smarter, everyday companion for users across Southeast Asia. Chief Product Officer Philipp Kandal said the new tools aim to help users make better decisions, reduce friction in mobility and digital services, and enable merchants and driver-partners to operate more efficiently. He added that the rollout reflects Grab’s push to make AI practical and accessible, acting as a “smart companion” that handles everyday tasks so users can focus on their daily lives. The features are grouped into three areas — everyday lifestyle, travel, and business tools — powered by Grab’s Intelligence Layer, built on insights from more than 20 billion rides and orders. In Malaysia, five features are being introduced, including Group Ride, which allows up to four users to share trips and split fares, and Grab More, which enables orders from multiple nearby merchants in a single delivery without extra fees. Other consumer features include GrabMaps for Consumers, offering journey planning, real-time transport comparisons, indoor navigation and personalised directions, as well as a Driver AI Assistant that provides real-time support on navigation and earnings. Grab said Cloud Printer will roll out in Malaysia this month to automate order processing between front counters and kitchens, helping to reduce errors. Looking ahead, Cash Loan — an AI-driven credit feature with flexible repayment plans — is expected by mid-2026, followed by Personalised Travel Experience and GrabStays in the third quarter. The travel feature will integrate flight details, reminders and airport navigation, while GrabStays will offer hotel bookings with same-day rates. Additional features include Discover by Grab, which provides AI-curated food recommendations, and GrabPay for Travel, enabling QR-based payments across Southeast Asia using existing bank cards without the need for top-ups. These are expected to roll out by end-2026. All features are supported by Grab’s AI infrastructure, which turns real-world data such as traffic and in-store activity into actionable insights to improve decision-making and automate tasks. The company also said its Early Access Programme has grown to 200,000 users, contributing around 4,000 feature improvements since launch. A new “shake and share” function has been introduced to allow users to submit instant feedback. Grab noted that rollout timelines will vary by market, depending on regulatory approvals and operational readiness.

Standard Chartered has launched its first Global Fusion Centre in Malaysia to support its global operations. Located at its Global Business Services (GBS) hub in Kuala Lumpur, the centre integrates people, technology and intelligence functions to enhance real-time response and operational coordination. The facility aims to strengthen resilience across the bank’s operations while reinforcing trust with clients, regulators and stakeholders. The centre sits within Standard Chartered’s GBS Malaysia unit, established in 2001 as the country’s first multi-disciplinary global business services centre by an international bank. Today, the unit supports operations in over 50 markets and is the group’s second-largest GBS hub after India, employing more than 4,400 staff—85% of whom are Malaysians. Gobind Singh Deo, Malaysia’s Digital Minister, said the initiative highlights the country’s strength in talent and its position as a trusted regional hub for digital services, technology and high-value operations. Meanwhile, Mak Joon Nien, CEO of Standard Chartered Malaysia, said the move supports Malaysia’s ambition to become a global technology hub, in line with national priorities such as strengthening digital infrastructure, cybersecurity and developing future-ready talent as the country works towards its AI goals by 2030.