News

KUALA LUMPUR: Tenaga Nasional Bhd (TNB), through its wholly owned subsidiary TNB Repair and Maintenance Sdn Bhd (TNB REMACO), has secured a RM705 million contract from Kuwait’s Ministry of Electricity, Water, and Renewable Energy to provide maintenance services at the Sabiya Power Generation and Water Distillation Plant. Awarded through a joint venture with Kuwait-based Al Dhow Engineering, the seven-year contract encompasses maintenance, repair, and overhaul works at the plant located approximately 65km from Kuwait City. The facility comprises four oil- and gas-powered units with a combined generation capacity of 299.4 megawatts, playing a vital role in Kuwait’s energy infrastructure. The contract was formalised at a signing ceremony on March 12, 2025, at the National Bank of Kuwait Head Office. Present at the event were TNB President and CEO Datuk Megat Jalaluddin Megat Hassan, Al Dhow Engineering Chairman Isam Al-Sager, TNB Power Generation Sdn Bhd (TNB Genco) Managing Director and TNB REMACO Chairman Datuk Muhamad Nazri Pazil, and TNB REMACO Managing Director Abidin Sarjo. “This contract reflects the confidence placed in our joint venture’s capabilities,” said Datuk Megat Jalaluddin. “It also aligns with TNB’s strategic vision to be a leading provider of sustainable energy solutions both locally and abroad. Our international presence now spans the United Kingdom, Ireland, Australia, Türkiye, Saudi Arabia, Pakistan, Cambodia, and Kuwait.” Datuk Muhamad Nazri noted that TNB REMACO has established a firm foothold in Kuwait since its market entry in 2013. The company currently oversees 11 active projects in the country with a cumulative value exceeding RM4.54 billion. To date, 16 TNB specialists have been deployed to Kuwait, with six currently managing ongoing operations. TNB REMACO, a subsidiary of TNB Genco, is a specialised service provider in operations, maintenance, and engineering for power generation assets, including gas, steam, and hydro turbines, boilers, and generators across multiple international markets. With this latest win, TNB strengthens its position as a trusted global player in energy solutions while reinforcing its long-term commitment to supporting the energy infrastructure of international partners.

Prime Minister Datuk Seri Anwar Ibrahim today paid heartfelt tribute to Malaysia’s fifth Prime Minister, Tun Abdullah Ahmad Badawi, following news of his passing at the age of 85. Affectionately known as “Pak Lah,” Abdullah was remembered by Anwar as a leader of unwavering integrity and deep compassion. In a statement issued this evening, Anwar conveyed his profound sorrow over the loss of a man he regarded not only as a respected national figure but also as a personal friend and former political rival. “Pak Lah was not just a leader, but a true statesman — one who brought a new narrative to Malaysian politics,” Anwar said. Recalling his final visit to the ailing former prime minister, Anwar shared that even in frailty, Abdullah’s presence exuded serenity and warmth. “Despite his condition, his eyes still reflected the love and calmness that defined his leadership,” he said. Anwar praised Abdullah’s legacy as one rooted in compassion, commitment to reform, and a sincere dedication to the wellbeing of the nation. He highlighted Abdullah’s efforts to improve the judiciary, enhance government transparency, and strengthen institutions. “Through his Islam Hadhari vision, Pak Lah bridged modern development with enduring values — ensuring that progress never lost its human touch,” Anwar remarked. The Prime Minister also acknowledged Abdullah’s role in broadening democratic space, citing greater media openness and rural empowerment initiatives under the Ninth Malaysia Plan as pivotal aspects of his administration. “Above all, Pak Lah taught us the meaning of humanity in leadership,” he said. “Even in the face of adversity, he responded with grace rather than bitterness. That gentle strength is something I will always cherish.” Anwar offered his deepest condolences to Tun Jeanne Abdullah, their family, and son-in-law Khairy Jamaluddin. “The nation mourns the loss of a true statesman,” he said, closing his tribute with a prayer that Abdullah be granted peace and forgiveness. “Rest well, Pak Lah. Malaysia owes you a debt of gratitude for your wisdom and service.” Tun Abdullah Ahmad Badawi passed away this evening at the age of 85.

Kedah has taken a decisive step onto the global investment stage through a landmark Head of Agreement (HOA) valued at US$20 billion, signed between seven influential entities from Malaysia and China, including the state’s investment promotion agency, Invest Kedah Sdn Bhd. This high-impact partnership, formed under the China-Malaysia ‘Two Countries, Twin Parks’ initiative, commemorates the 50th anniversary of diplomatic ties between both nations. It signifies a major stride toward regional economic integration and industrial collaboration, positioning Kedah as a rising hub for high-value foreign direct investment (FDI). “This historic agreement underscores Kedah’s readiness to engage with international partners. With robust infrastructure, forward-looking policies, and sustainable industrial zones, we are prepared to catalyse the next wave of economic growth,” said Noor Ikhsan, Chief Operating Officer of Invest Kedah. Strategic Roles for Synergistic Growth Each of the seven participating organisations will contribute to specific aspects of the initiative: Invest Kedah Sdn Bhd – Driving FDI inflows and promoting Kedah’s industrial zones. Industrial Globalisation Alliance – Leading overall strategy under China’s Belt and Road Initiative (BRI). Shenzhen Government Procurement Association – Managing industrial resource integration from the Chinese side. AREA Real Estate Advisory Sdn Bhd – Overseeing Kedah’s industrial development and investor coordination. Malaysia Promas International Business Society (PROMAS) – Promoting the investment framework and supporting HALAL certification. Malaysia-Shamchun Chamber of Commerce – Enabling cross-border business dialogue. The Marq International Sdn Bhd – Appointed as the exclusive real estate partner for industrial land development. Spotlight on Kedah’s Emerging Industrial Powerhouses At the heart of this initiative are two key developments within the Kedah Special Border Economic Zone (SBEZ) in Bukit Kayu Hitam: PENTAS Industrial City Green-Managed Park (1,546 acres by DELAPAN) Qew Smart Integrated Industrial Park (258 acres by Qew Group) Both parks are envisioned as next-generation smart, green industrial ecosystems, tailored for high-growth sectors such as advanced manufacturing, clean technology, halal production, and integrated logistics. Invest Kedah will remain central to facilitating investor engagement — offering advisory services, easing regulatory processes, and linking investors with local supply chains, incentives, and support networks. Unlocking Opportunities in the Global Halal Economy With support from PROMAS and the Department of Islamic Development Malaysia (JAKIM), Kedah is also set to become a strategic base for halal-certified industries aiming for international expansion. This includes Shenzhen-based manufacturers seeking to penetrate new consumer markets through trusted halal credentials. Beyond capital inflows, the collaboration is expected to accelerate job creation, enable technology transfer, and enhance industrial value chains across borders. By 2027, the partnership aims to fully realise its US$20 billion investment target, firmly establishing Malaysia — and Kedah in particular — as a pivotal node in Shenzhen’s global industrial strategy. “This agreement is more than a financial milestone; it’s a blueprint for long-term transformation. Together, we’re shaping a sustainable and inclusive future for Kedah, Malaysia, and our global partners,” Noor Ikhsan concluded.–SME

KUALA LUMPUR: TrueMoney Malaysia, part of the region-leading Ascend Money financial platform, today announced the launch of its International Remittance (IR) services in Malaysia. The newly introduced offering includes both Business-to-Business (B2B) and Consumer-to-Consumer (C2C) transfers, enabling corporate import transactions and retail money transfers. Cross-Border B2B & C2C Transactions Now Available With TrueMoney Remittance, Malaysian users can now: Facilitate B2B payments to all countries, with competitive exchange rates in USD, SGD, and THB. Conduct C2C transfers to seven countries: Myanmar, Cambodia, Indonesia, the Philippines, India, Nepal, and Bangladesh — primarily supporting the needs of migrant workers. These services are accessible via the TrueMoney e-wallet, ensuring convenient, affordable, and secure transactions. Advancing Financial Inclusion “At TrueMoney Malaysia, we are committed to advancing financial inclusion for all, particularly for underserved communities such as migrant workers,” said Shaik Ikhwan, Head of Commercial at TrueMoney Malaysia. “Our International Remittance services provide a seamless, reliable, and affordable way to send money across borders. By leveraging our advanced digital verification and extensive cash connectivity, we ensure secure transactions that reach even rural areas in receiving countries.” Full eKYC Capabilities Users are required to complete an eKYC (electronic Know Your Customer) verification process to access the remittance services. Notably, TrueMoney Malaysia is one of only 11 out of 26 digital remittance platforms in the country that offer full eKYC capability. Launch Offer: Transaction Fee Waiver To celebrate the launch, users can enjoy zero transaction fees on remittances of RM150 or more, with up to three redemptions per user from March to June 2025. Malaysia’s Remittance Market on the Rise According to Research and Markets, Malaysia’s outbound international remittance market grew by 2.4% in 2023, reaching $9.35 billion in 2024. It is projected to grow at a CAGR of 1.5%, hitting $9.93 billion by 2028. With just two years in Malaysia, TrueMoney has already established a strong digital payment ecosystem, offering e-wallet services, bill payments, and now, international remittance. Commitment to Inclusive Financial Solutions “At TrueMoney, we are dedicated to meeting the evolving demands of Malaysia’s remittance market through innovative, inclusive financial solutions,” added Shaik. “We invite businesses with international payment needs to reach out and explore how TrueMoney can support their operations. Together, we can positively impact the lives of those who depend on reliable cross-border remittance services.”

Palm oil futures declined amid growing concerns over increasing supply in Malaysia, the world’s second-largest producer. March saw inventories climb for the first time in six months, with production jumping 17% month-on-month, according to the Malaysian Palm Oil Board. Market sentiment has also been weighed down by softer soybean oil and crude oil prices. However, the decline in palm oil was cushioned by improving export activity — shipments from Malaysia rose 29% during April 1–10, driven by stronger demand from China and the Middle East. Analysts say palm oil’s current price discount to soybean oil has made it more attractive, with expectations of renewed buying from key markets like China and India.

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has extended the contract of its President and Group CEO, Datuk Khairussaleh Ramli, for another three years, enabling him to see through the bank’s M25+ corporate strategy and steer the group into its next strategic phase. Sources close to the matter said the extension comes as Maybank prepares to transition from its current strategic plan, which concludes this year, to a new mid-term growth roadmap. Khairussaleh, who took the helm on May 1, 2022, previously served as CEO of RHB Bank Bhd for seven years. He succeeded Tan Sri Abdul Farid Alias, who led Maybank for nearly a decade. The bank declined to comment on the contract extension when contacted. Solid Financial Trajectory Amid Leadership Change Under Khairussaleh’s leadership, Maybank has achieved consistent earnings growth. Net profit rose by 17.4% to RM9.35 billion in FY2023 and further increased by 7.9% to RM10.09 billion in FY2024 — marking a record high for the group. Return on equity (ROE) improved steadily from 9.6% in FY2022 to 11.1% in FY2024, putting the bank on track to meet its M25+ target of 11%-12% ROE in 2025. Despite the robust performance, Maybank drew investor attention earlier this year following the abrupt departure of Group Chief Financial Officer Khalijah Ismail. The bank cited “non-compliance with internal requirements and processes” as the reason, clarifying that no financial losses were incurred. However, some analysts expressed concerns over governance practices. Khalijah, who denies any wrongdoing, is reportedly taking legal action against the bank. Maybank declined to provide further details, citing confidentiality of employment matters. Relocation to Merdeka 118 Set for Mid-2026 In a strategic move, Maybank confirmed it will begin relocating to its new corporate headquarters at the Merdeka 118 tower in the second quarter of 2026. The long-awaited move was initially announced in 2022 but faced delays due to construction and compliance requirements. Once completed, Maybank will occupy 33 floors of the iconic skyscraper, making it the building’s largest tenant and granting it naming rights. The move will mark the end of an era for Menara Maybank, the group’s long-time base on Jalan Tun Perak. Strong Market Position and Investor Confidence Maybank’s market capitalisation stood at RM123.7 billion as of last Friday, with shares closing at RM10.24 — up 12.8% year-on-year. It remains Malaysia’s largest public-listed company by market value, ahead of Public Bank (RM84.82 billion) and CIMB Group Holdings (RM75.26 billion). Analyst sentiment on Maybank remains broadly positive. According to Bloomberg data, 13 analysts have a “buy” recommendation, while six maintain a “hold” and two rate it a “sell”. The average 12-month target price is RM11.52. Kenanga Research has named Maybank its top pick among large-cap banks, citing strong asset quality and earnings momentum. The firm maintains an “outperform” rating with a target price of RM12. Outlook for 2025 Maybank’s gross impaired loans ratio improved to 1.23% in FY2024 from 1.34% a year earlier. The record earnings were driven by a 20.4% increase in non-interest income and reduced loan loss provisioning, down 8.5% year-on-year. The bank declared total dividends of 61 sen per share for FY2024, reflecting a 73% payout ratio, fully in cash. While net interest income remained flat last year, growing just 0.1%, signs of recovery emerged in the fourth quarter with a 5.3% year-on-year increase — the first such growth in two years. Analysts attribute this to improved pricing discipline on loans and deposits and better net interest margin (NIM) management. CGS International projects a 7.9% rise in Maybank’s net profit for FY2025, supported by higher net interest income and further reductions in provisioning. The research house maintains an “add” call with a target price of RM12.80, citing potential write-backs of management overlays and a 6% dividend yield. UOB Kay Hian Research, however, is more cautious with a “hold” rating and a target price of RM10.56. The firm expects non-interest income to normalise and NIM to stabilise, forecasting a modest 3% earnings growth. As Maybank enters a new strategic phase, all eyes will be on how Khairussaleh navigates evolving market conditions while continuing to deliver shareholder value from the country’s most valuable financial institution.