Investment & Market Trends

The Malaysian film industry has secured investment commitments totaling RM486 million through the Film in Malaysia Incentive (FiMI) at MIPCOM 2025, the world’s largest content market held in Cannes last October, Communications Minister Datuk Fahmi Fadzil announced. The investments are projected to create up to 1,500 jobs for local industry players and generate an estimated economic impact of RM1.66 billion. “I have directed the Malaysian National Film Development Corporation (FINAS) CEO and chairman to prepare next year’s strategic plan so promotional and investment-attraction initiatives can be executed more comprehensively,” he said. The minister noted that the government has allocated RM110 million for FiMI in 2026. The incentive provides a 30% rebate for productions filmed in Malaysia, with an additional 5% rebate for projects incorporating local cultural elements. “FiMI is highly competitive. While many Southeast Asian countries offer attractive filming locations, Malaysia continues to compete strongly in the region,” Fahmi added. He also clarified that the government has no plans to require filming permits or production certifications for influencers or podcasters, nor does it intend to introduce licensing rules for OTT streaming platforms at this time. The Communications Ministry is currently updating the National Film Policy following amendments to the FINAS Act 1981. The revisions aim to strengthen industry governance, development, and enforcement without limiting creative freedom. “The amendment broadens regulatory scope to include new technologies, such as digital platforms, while subsidiary regulations will clarify protections for industry workers, covering welfare, standard contracts, job security, payment terms, and production safety,” Fahmi said. “These changes ensure that regulations under the Act support FINAS’ role as the national film industry leader and as a catalyst for the development of local creative content,” he added.

The National Water Services Commission (SPAN) has confirmed that it has not received any applications for the RM5 billion Northern Perak Water Supply Scheme (NPWSS), despite earlier reports about a joint venture planning to carry out the project. SPAN emphasised that while private sector participation in water projects is encouraged under the government’s Water Transformation Plan 2040, all parties must comply with the law. “As the regulatory body for the water services industry, SPAN ensures that the planning, development and distribution of water adhere to the provisions of the Water Services Industry Act 2006 and its subsidiary legislation. Compliance is essential to protect the interests of all parties, including consumers,” the commission said in a statement. SPAN also urged project promoters to seek official approval before making public statements to prevent confusion. The NPWSS, to be developed by a joint venture between the Perak State Development Corporation and Gamuda (PKNPk-Gamuda JV), is designed to address water shortages in northern Perak for irrigation, domestic, and industrial use. Under a draft arrangement, Penang could potentially purchase surplus treated water from the scheme, paying an annual capacity charge of RM210 million and a treated water rate of RM1.70 per cubic metre. The project is expected to provide a guaranteed supply of 300 million litres of water per day over 40 years, with a rate review at the halfway point. SPAN reiterated that no applications have been received and that all legal procedures must be followed before the project can proceed.

AWC Bhd’s wholly owned subsidiary, Trackwork & Supplies Sdn Bhd, has secured a contract worth nearly RM59 million to replace the aluminium power conductor rails on the Ampang Line for Prasarana Malaysia Bhd. The project is scheduled to run over three years and includes a two-year defect liability period, ensuring that any issues arising post-completion will be addressed by the company. In a filing with Bursa Malaysia, AWC highlighted that this contract forms part of its ongoing rail infrastructure projects, reflecting the group’s continued presence in Malaysia’s urban transport sector. The award adds to AWC’s growing order book, which, according to Hong Leong Investment Bank Research following its previous contract win on Nov 17, is estimated at RM785 million. This total comprises RM473.1 million in facilities projects, RM187 million in environmental works, RM83.6 million in engineering projects, and RM43.3 million in rail-related contracts. AWC’s latest quarterly results for the three months ended Sept 30, 2025, showed a core net profit of RM4.2 million, which fell short of market expectations. The underperformance was largely attributed to slower-than-expected billings from the Middle East, which affected contributions from its environment segment. Despite these challenges, the new Ampang Line contract demonstrates the group’s resilience and strategic focus on diversifying revenue streams across its key business segments, including rail, facilities, environment, and engineering. The contract also reinforces AWC’s long-term positioning as a reliable partner for large-scale infrastructure and urban transport projects in Malaysia. Shares of AWC closed at 59 sen on Tuesday, down 0.84%, giving the company a market capitalisation of RM200.2 million. The stock has declined by 35.87% year-to-date, reflecting broader market pressures, but investors who entered at lower price points continue to see potential upside as the company expands its order book and executes on key projects.

The future of Genting Malaysia Bhd’s  long-awaited bid to secure a full commercial casino licence in New York is set to be determined on Monday — a development widely seen as one of the most consequential regulatory decisions for the group in recent years. The New York Gaming Facility Location Board is expected to unveil its chosen recipients for the three downstate casino licences, bringing an end to an extended approval process that initially attracted eight major bidders. The decision will determine which companies are allowed to operate full-fledged casinos in the lucrative New York metropolitan area. The timing is especially significant for the company, as the verdict comes just hours before the close of Genting Bhd’s RM6.7 billion proposal to privatise its subsidiary Genting Malaysia. The offer — priced at RM2.35 per share — was extended once and is scheduled to close at 5pm on Monday. Genting’s High-Stakes New York Ambition Genting Malaysia is pursuing the licence through its wholly owned US unit, Genting New York LLC, the operator of Resorts World New York City (RWNYC). RWNYC, located at Aqueduct Racetrack in Queens, has functioned as a racino (slots-only venue) for more than a decade and is one of the highest-grossing gaming properties in the US. On June 27, the group submitted its full proposal — a sweeping US$5.5 billion (RM23.19 billion) expansion plan to transform RWNYC into a major integrated resort with full table games and extensive non-gaming attractions. According to the submission, the new RWNYC would feature: A 500,000 sq ft gaming floor 6,000 slot machines 800 table games 2,000 hotel rooms A 7,000-seat entertainment arena Over 30 food & beverage outlets Large meeting and convention spaces More than 10 acres of landscaped public greenspace Genting has assured New York regulators that it could begin operating table games within six months of receiving the licence. The company also projected that the expanded casino could begin contributing significant tax revenue to New York’s state and city budgets as early as July 2026. The state’s Gaming Board has set Dec 31, 2025 as the target deadline to issue all final licences, though industry observers expect winning proposals to be announced far earlier. Privatisation Bid Moves Forward Meanwhile, Genting Bhd’s takeover offer for Genting Malaysia continues to progress. The offer became unconditional earlier than expected, after Genting and its concerted parties surpassed the 50% shareholding threshold on Nov 3. At the time the buyout plan was announced on Oct 13, Genting held a 49.36% stake. By last Friday (Nov 28), filings with Bursa Malaysia revealed that Genting had increased its direct stake to 64.1%, achieved through steady market purchases and shareholder acceptances. Analysts remain divided over the fairness of the RM2.35 offer price: Some research houses argue the proposal undervalues the group, pointing to potential upside should the New York casino licence be approved, as well as unrealised value in Genting’s Miami landbank and future asset monetisation plans. Others note rising operating costs, persistent losses at Empire Resorts (Genting’s US casino subsidiary), and the significant capital expenditure required for the New York expansion — factors that may justify shareholders opting for certainty via the offer. Genting Malaysia’s net borrowings have more than tripled in the past five years, and analysts expect Empire Resorts to remain loss-making in the medium term. As of Monday morning, Genting Malaysia’s share price remained unchanged at RM2.35, giving the company a market capitalisation of about RM14 billion.

Agrobank has officially launched AGROPLATS Biaya Plus-i, a financing scheme aimed at supporting micro-entrepreneurs registered under the Selangor Digital Platform (PLATS). Agrobank president and group CEO Datuk Tengku Ahmad Badli Shah Raja Hussin said the initiative is a collaboration with the Selangor state government through Menteri Besar Selangor (Incorporated) (MBI Selangor). Eligible entrepreneurs can access financing of up to RM10,000, while the state government will cover RM1 million in profit rate costs for the entire financing period. “This support reduces financial burden on entrepreneurs and allows them to focus on expanding their businesses,” Tengku Ahmad Badli Shah said during the Selangor Hawkers and Small Traders Day 2025 celebration. The scheme reflects Agrobank’s commitment to empowering hawkers and micro-entrepreneurs, key contributors to national food security. Through collaboration with MBI Selangor, it aims to stabilise cash flow, strengthen operations, and promote business growth even in challenging economic conditions. Tengku Ahmad Badli Shah added that AGROPLATS Biaya Plus-i will improve access to inclusive financing while encouraging entrepreneurs to engage more actively with PLATS’ digital ecosystem, which provides financing, training, and government programme support. Selangor Menteri Besar Datuk Seri Amirudin Shari highlighted that entrepreneurs’ total online transactions at Agrobank-sponsored Ramadan bazaars this year exceeded RM7 million, noting that participation is expected to rise in 2026, driving stronger sales performance. This initiative positions PLATS as Malaysia’s first comprehensive digital platform for hawkers and small traders, supporting both business growth and the state’s digitalisation agenda.

Prudential Plc is looking to raise up to US$300 million through a pre-IPO share placement in ICICI Prudential Asset Management Co, according to sources. The UK insurer has started discussions with potential investors, with around 15 institutions expressing interest, the sources said, noting that details remain private. The company will finalise the plan once ICICI Prudential AMC secures regulatory approval for its IPO. India’s Securities and Exchange Board is expected to grant the green light in the coming days, Bloomberg News earlier reported. The IPO could raise as much as 100 billion rupees (US$1.1 billion) and value India’s second-largest mutual fund manager at about US$11 billion, according to people familiar with the matter. If completed this year, the listing could further lift India’s robust IPO market, which hit a record US$21 billion last year. Talks are still ongoing, and the pre-IPO terms may change, the sources said. Prudential declined to comment, while ICICI Prudential AMC has yet to respond to queries.

Sekatarakyat, the cooperative for Bank Rakyat staff, has entered the Shariah-compliant capital market with the issuance of RM2 billion Wakalah Sukuk in collaboration with Bank Islam Malaysia Bhd. This marks the cooperative’s first sukuk programme, with a tenor of up to 30 years, supporting its long-term financial growth and sustainability goals. Sekatarakyat chairman Datuk Mohamed Arsad Sehan said the sukuk aims to maximise returns for members, expand the cooperative’s Shariah-compliant business, strengthen working capital, and meet general corporate needs. The majority of funds will be used to grow its ar-Rahnu business, which currently operates 17 outlets, with plans to open three more next year, subject to regulatory approval. “We also plan to channel part of the proceeds into new real estate ventures and provide increased financing for Sekatarakyat members,” he added. Bank Islam’s group chief business officer (Institutional Banking), Sharifah Sarah Syed Mohamed Tahir, said the sukuk programme was executed via special-purpose vehicle Sekata Capital Sdn Bhd, with Bank Islam serving as lead adviser and arranger. She noted that the collaboration strengthens strategic ties, highlights Bank Islam’s role in developing an inclusive Islamic capital market, and underscores its commitment to innovative Shariah-compliant financing solutions that support Sekatarakyat’s long-term growth.

Crude palm oil (CPO) prices are expected to remain well supported at RM4,100 to RM4,200 per tonne in December 2025, with potential to strengthen further towards RM4,500 per tonne, according to the Malaysian Palm Oil Council (MPOC). In a statement on Thursday, MPOC said demand prospects look encouraging as major importing countries prepare for the upcoming Chinese New Year and Ramadan periods, both of which typically boost edible oil consumption. At the same time, ongoing policy uncertainties in Indonesia — the world’s largest palm oil producer — continue to provide an additional layer of price support. “Market reports suggest that the Indonesian government may revise its export duty structure to ensure adequate domestic feedstock availability. Meanwhile, the timing of Indonesia’s move to raise its biodiesel mandate to B45 or B50 remains a major variable that will influence exportable supplies in 2026,” MPOC said. Production at 10-year high Malaysia’s palm oil output surged 11% to 203,000 tonnes in October — the highest monthly output in a decade. Sabah registered the strongest growth with a 19.5% month-on-month increase to 72,000 tonnes, followed by Sarawak, which recorded a 14.6% rise to 61,000 tonnes. Output in Peninsular Malaysia climbed 6.5% to 68,000 tonnes. “The strong production in October was mainly driven by the delayed arrival of the monsoon season, better fertiliser application, and favourable rainfall patterns throughout 2024,” MPOC noted. Exports climb sharply Exports also performed strongly in October, increasing 18.6% or 265,000 tonnes to 1.69 million tonnes. Sub-Saharan Africa remained the largest contributor to export demand, hitting an all-time high of 577,000 tonnes — making up 34% of Malaysia’s total exports. Meanwhile, exports to China rose to a five-month high of 110,000 tonnes. Despite the stronger export performance, Malaysia’s palm oil inventories climbed to 2.46 million tonnes in October, the highest level since April 2019. “The rise in inventories was not driven by production or export trends, but rather by weaker domestic consumption levels,” MPOC explained. Sharp rise in Malaysian imports from Indonesia Between January and October 2025, Malaysia imported 708,000 tonnes of palm oil from Indonesia — a 266% increase compared with 193,000 tonnes in the same period last year. MPOC said the jump reflects market adjustments amid shifting price dynamics and supply flows within the region. Global vegetable oil prices soften On the international front, palm oil prices eased 4% in November as global stocks continued to build. Prices of competing soft oils — sunflower, soybean and rapeseed — were largely stable during the same period, widening the discount between palm oil and its substitutes. “As of mid-November, palm oil was trading at a discount of US$120 (RM499) per tonne to sunflower oil, and at discounts of US$48 and US$34 to soybean oil and rapeseed oil respectively,” MPOC said. The council expects this competitive pricing gap, combined with seasonal demand and supply moderation, to provide further support to CPO prices heading into early 2026.

U Mobile Sdn Bhd has signed a RM4.3 billion syndicated financing facility with four banks to support the deployment of its next-generation 5G network and expand its ULTRA5G services across Malaysia. The deal positions U Mobile among the largest recipients of ringgit-denominated syndicated financing for an unlisted company. CIMB Investment Bank Bhd acted as the sole loan coordinator and lead arranger, with CIMB Bank Bhd, CIMB Islamic Bank Bhd, Maybank Islamic Bank Bhd, AmBank Islamic Bank Bhd, and UOB Malaysia providing financing. In a statement, U Mobile CEO Wong Heang Tuck said the company is ahead of schedule in its network rollout. “This new facility will accelerate our deployment targets and reinforce our commitment to driving Malaysia’s digital economy,” he said. The financing will primarily fund U Mobile’s capital expenditure (CAPEX) and working capital for the nationwide rollout of its next-generation 5G network, aiming to achieve 80% coverage of populated areas (CoPA) by the second half of 2026. It will also expand the ULTRA5G experience nationwide, a key initiative for advancing Malaysia’s digital economy. Communications Minister Datuk Fahmi Fadzil has set targets for U Mobile to reach 80% 5G coverage in populated areas within the first year of operation and 95% by the third year, in line with the company’s detailed business plan for leading Malaysia’s second 5G network. According to the Ministry of Communications’ report on Nov 12, U Mobile has already upgraded 2,976 sites to 5G, bringing coverage in populated areas to 58.2% as of Oct 31, 2025. Additionally, 11 buildings have been equipped with 5G infrastructure, which will be activated in phases according to the rollout schedule, reflecting an active phase of national 5G expansion.

PMW International Bhd made a modest debut on the ACE Market, closing its first trading day at 34.5 sen — half a sen or 1.47% above its initial public offering (IPO) price of 34 sen — despite a generally weaker market. The Perak-based concrete products manufacturer opened at 34 sen and dipped to an intraday low of 32 sen before recovering to end slightly higher. Trading was active, with 102.93 million shares changing hands. Based on its last traded price of 34 sen, the group’s market capitalisation stands at RM307.8 million. PMW CEO Lee Hon Hwa (fifth left) with other representatives at Tuesday’s listing ceremony.  PMW’s listing came as both the FBM KLCI and the ACE Market index declined. Its IPO had attracted strong demand, with public subscriptions oversubscribed nearly 32 times. The company manufactures pre-stressed concrete products such as spun poles, piles, and related items. It also produces moulds, machinery, and lighting products for customers in the power, telecommunications, and construction sectors locally and overseas. Headquartered in Lahat, Perak, PMW also operates manufacturing facilities in Sabah. The IPO raised close to RM91 million, comprising RM60.66 million from the public issue of new shares and RM30.33 million from the offer for sale by existing shareholders. About 78% of the proceeds from the public issue will fund expansion plans, including a new manufacturing plant in Tanjung Manis, Sarawak, to support demand in East Malaysia. The remaining funds will go toward new machinery, equipment, and working capital. Proceeds from the offer for sale were channelled to CEO Lee Hon Hwa, his siblings Khim Hwa and Siew Yoke, and Richard Lee, who oversees operations in Sabah. Khim Hwa serves as executive director for business development, while Siew Yoke is the chief human resources officer. KAF Investment Bank acted as principal adviser, sponsor, sole underwriter, and sole placement agent for the listing.