News

AirAsia X Bhd is set to be renamed AirAsia starting January 19, marking a significant milestone in the airline’s ongoing restructuring and consolidation process, according to its founder Tan Sri Tony Fernandes. The move comes as AirAsia finalises steps to unify all its aviation operations under a single brand and corporate entity. Capital A chief executive officer Tan Sri Tony Fernandes. In a LinkedIn post on Tuesday, Fernandes highlighted that the consolidation will result in “one airline group and one brand,” streamlining both the long-haul and short-haul operations under the AirAsia name. AirAsia X, which currently operates the group’s long-haul flights, is in the final stages of completing its RM6.8 billion acquisition of short-haul aviation businesses from its sister company, Capital A Bhd. The restructuring will also allow Capital A to shed its financially distressed PN17 status, which has been in place since the pandemic, and refocus as a holding company for AirAsia’s non-aviation businesses. Fernandes noted that the reorganisation of the airline operations is a key step in strengthening the group’s financial and operational structure, allowing AirAsia to operate more efficiently and cohesively. Fernandes further revealed that AirAsia is in the process of finalising new aircraft orders. The refreshed fleet is expected to reduce operational costs and improve margins, with the founder aiming for a 30% margin on earnings before taxes, depreciation, and amortisation (EBITDA). He also expressed confidence that the move will enhance shareholder value, targeting a significant increase in the company’s stock price in the near term. With the integration of long-haul and short-haul operations under a single brand, the rebranded AirAsia is poised to strengthen its market position as one of Southeast Asia’s leading low-cost carriers, offering a more seamless travel experience for passengers while boosting operational efficiency and profitability.

Selangor Dredging Bhd (SDB) has announced the acquisition of a 1.214-hectare freehold commercial land parcel in Petaling Jaya, Selangor, from Hectare Square Sdn Bhd for a total consideration of RM63 million. In a filing with Bursa Malaysia, SDB said the purchase forms part of its ongoing strategy to expand and replenish its land bank with properties that have strong development potential. The group highlighted that the newly acquired land offers promising opportunities for future development and aligns with its long-term growth objectives. “SDB intends to explore the development of the site into high-rise serviced apartments, featuring spacious layouts and ample open spaces designed to provide family-friendly amenities,” the company said. At this stage, the company noted that the total development costs, project timeline, and expected profits have not yet been determined, as detailed planning and design work are still underway. Once finalised, SDB expects the development to contribute significantly to the company’s property portfolio and enhance the value of its land bank. The company also clarified that while the acquisition is not anticipated to have any immediate material impact on its consolidated earnings for the financial year ending March 31, 2025, it is expected to provide positive contributions to the group’s earnings in the medium to long term. This latest acquisition underscores SDB’s commitment to strategically identifying and securing prime properties in key urban locations, which will support the group’s expansion plans and strengthen its presence in the Selangor property market.

Keretapi Tanah Melayu Berhad (KTMB) has appointed Datuk Azlan Shah Al Bakri as its new group chief executive officer, effective Monday, Jan 12. Azlan succeeds Datuk Mohd Rani Hisham Samsudin, who previously led KTMB in two stints, the latest starting in December 2020. The appointment was announced on Sunday and confirms a report by The Edge Malaysia in June 2025 regarding leadership changes at the national rail operator. Datuk Azlan Shah Al Bakri. KTMB chairman Datuk Ahmad Redza Abdullah said Azlan was selected for his proven leadership and extensive experience in public transportation. “We are confident he will guide KTMB towards greater success through strong governance, operational excellence, and enhanced customer experience,” he stated. Azlan brings six years of experience as director-general of the Land Public Transport Agency (Apad) under the Ministry of Transport, where he oversaw regulatory matters, service planning, and coordination of nationwide public transport initiatives, particularly in the rail sector. Before his tenure at Apad, he gained experience in corporate and financial sectors, focusing on operations, risk management, and internal controls. He holds a degree in accounting from the University of Portsmouth, UK, and an MBA in finance from the International Islamic University Malaysia (IIUM). Commenting on his new role, Azlan expressed his commitment to advancing KTMB’s capabilities as the country’s national rail operator. “I am honoured by the trust placed in me and will work to enhance safety, service reliability, and operational efficiency for all rail users,” he said. This leadership change is expected to strengthen KTMB’s strategic direction and position it for continued growth and improvement in Malaysia’s rail sector.

Sarawak-based technology firm Impact Capital Holdings Bhd has filed for a listing on Bursa Malaysia’s ACE Market to raise funds for business expansion and operations. According to its draft prospectus, the company plans to grow by opening new offices across Peninsular Malaysia and East Malaysia and hiring around 60 new staff, including engineers, sales representatives, and project managers. Impact Capital said it aims to recruit skilled professionals with the technical expertise and industry experience needed to support its operations. Impact Capital specialises in the integration of ICT equipment and systems for critical infrastructure, covering telecommunications, enterprise networks, data centres, and security systems. Its clients include government agencies, utilities, financial and merchant service providers, internet technology companies, and other corporate clients. For the 12 months ended June 2025, the company reported a net profit of RM7 million on revenue of RM145 million, with almost all income generated from Malaysia. Part of the IPO proceeds will fund a digital innovation and solutions centre to serve as a demonstration and testing hub. The remaining funds will be allocated for working capital, marketing, and listing expenses. Co-founders Winston Chai Fung Chun and Kok Teck Kuan are also selling a small portion of their shares through the IPO, while they and co-founder Chyr Ye Hong will collectively retain 65% ownership after listing. Public Investment Bank is appointed as the principal adviser, sponsor, sole underwriter, and sole placement agent for the IPO.

Yayasan Peneraju (YP) has launched a new basic financing package to make upskilling and reskilling programmes, especially in artificial intelligence (AI), more accessible to Malaysians. The package, available to the public starting tomorrow, offers eligible applicants up to RM5,000 in interest-free financing with no administrative fees. Participants are not required to repay the amount upon completing the training successfully. This new offering complements YP’s existing silver, gold, and platinum packages introduced in February last year. Yayasan Peneraju CEO Ibrahim Sani said an estimated 620,000 jobs in Malaysia could be significantly impacted by artificial intelligence, digitalisation and the green economy over the next three to five years. According to YP CEO Ibrahim Sani, the initiative aims to lower barriers to training as workplace skills continue to evolve amid AI, digitalisation, and the green economy. He highlighted that up to 620,000 jobs in Malaysia could be impacted by these trends in the next three to five years, making upskilling urgent. The basic package features more than 100 AI-focused courses from over 40 approved training providers, covering beginner courses such as AI Prompting Essentials and Generative AI Essentials, as well as role-specific tracks in design, cloud computing, development, data, and cybersecurity. Training durations are practical and typically last up to six months. Applicants aged 16 and above, including students, graduates, working adults, self-employed, and unemployed individuals, are eligible to participate. The courses follow the AI readiness index framework developed by AI Singapore, enabling structured learning paths. YP aims to build on last year’s record enrolment of over 14,000 Bumiputera talents, including nearly 9,000 in tech-related courses. This year, it targets 12,000 participants in technology programmes and plans to scale up to 50,000 annually by 2030, supporting Malaysia’s 13th Plan goal of developing 100,000 tech-ready talents over five years.

The government has postponed the mandatory implementation of e-invoicing for companies with annual sales between RM1 million and RM5 million, which was originally scheduled to take effect on Jan 1, Prime Minister Datuk Seri Anwar Ibrahim said. Anwar said the decision was made after feedback from businesses highlighted high implementation costs and readiness challenges, particularly among smaller companies. As a result, the government has agreed to extend the transition period for e-invoicing by another year without imposing any penalties. The extension will also include the expansion of consolidated e-invoicing facilities to businesses in the retail and building materials sectors. “We agreed to extend the transition period without penalties for another year because many have said the cost involved is very high,” Anwar said during the Prime Minister’s Department monthly assembly in Putrajaya on Monday (Jan 5). In a related move, Anwar announced that the service tax on rental services has been reduced to 6% from 8%, following concerns raised by stakeholders. The reduction is expected to cost the government nearly RM500 million in revenue. Additionally, rental services provided to micro, small and medium enterprises (MSMEs) with annual sales below RM1.5 million will now be exempted from the service tax. Anwar also said the government has agreed to extend the voluntary stamp duty disclosure programme for another six months, from Jan 1 to June 30. On income tax matters, Anwar noted that the government has paid RM22.5 billion in tax refunds, with the Inland Revenue Board (LHDN) successfully resolving 3.5 million backlogged refund cases last year. He added that all outstanding refunds for the 2023 assessment year are expected to be settled by the first quarter of this year, while refunds for 2024 are targeted to be completed by year-end. Separately, Anwar said the Cabinet has agreed to limit tax exemptions for registered manufacturers of animal feed, fertilisers and insecticides as part of efforts to lower agricultural production costs. The prime minister said the decisions were made during a special Cabinet meeting held prior to the monthly assembly.

Investment firm Baillie Gifford and Singapore’s sovereign wealth fund GIC Pte Ltd are participating in MiniMax Group Inc’s highly anticipated HK$4.8 billion (US$619 million) initial public offering (IPO) in Hong Kong, sources familiar with the matter said. The Chinese AI company, which is seen as a challenger to OpenAI, priced its IPO at the top of the marketed range. Institutional demand was strong, with bids for over 70 times the shares available to them, excluding the cornerstone tranche. More than 460 institutional bids were reportedly received. Other investors taking part include Norway’s Norges Bank Investment Management and asset manager Schroders plc. Global long-only investors and sovereign wealth funds took the majority of shares allocated to institutions outside the cornerstone tranche. MiniMax’s shares are set to begin trading on Friday in Hong Kong, amid strong interest in Chinese AI listings. In grey market trading ahead of the debut, MiniMax’s shares jumped as much as 22%, reflecting high investor anticipation. The IPO highlights China’s lean approach to AI, with firms like MiniMax and Zhipu operating with fewer resources than US counterparts such as OpenAI, while still attracting significant investor attention.

After more than 35 years on Malaysia’s stock market, Malpac Holdings Bhd is set to be delisted on Jan 13 following the rejection of its appeal for more time to submit a regularisation plan. In a filing with Bursa Malaysia on Thursday, the company said its bid for a one-year extension, submitted on Nov 24, 2025—just days before the Nov 28 deadline—was dismissed by the bourse. This comes after Malpac’s securities were suspended on Dec 9 for missing the deadline, with the delisting date previously deferred pending the appeal decision. Malpac, which began as a stockbroking firm and listed on the Main Market in December 1990, shifted its focus to oil palm plantations after divesting its stockbroking business in 2001. However, its operations were hampered by a 2002 plantation sale agreement in Teluk Intan, Perak, which became mired in long-running legal disputes, preventing the recognition of revenue from those assets. The company has reported zero revenue since its financial year ended Dec 31, 2012, and was classified as an “affected listed issuer” in February 2020, requiring it to regularise its finances to maintain its listing. Malpac was last traded at 72 sen, giving it a market capitalisation of RM54 million. At its peak in the 1990s, its share price had soared above RM11.

Iris Corp Bhd, a provider of digital identification solutions, has appointed Datuk Poh Yang Hong as its group managing director (MD), the company announced in a filing with Bursa Malaysia. Poh, 53, brings a wealth of leadership and management experience spanning the financial services, property, and investment sectors. He began his career with the Hong Leong Group in 1994 and over the years has held several key strategic positions, including managing director of Hong Leong Group Securities Bhd, managing director of Guocoland (Malaysia) Bhd, and managing director of the group investment office of HL Management Co Sdn Bhd. Notably, Poh previously served as president and group managing director of Iris Corp from June 14, 2018, to March 1, 2021, giving him direct experience in leading the company’s operations and strategic initiatives. He is also the son of Dr Poh Soon Sim, Iris Corp’s executive chairman, further strengthening continuity in the company’s leadership team. The appointment is expected to bolster Iris Corp’s efforts to expand its presence in the digital identification and technology solutions sector, as Poh leverages his extensive experience in corporate strategy, investment management, and operational leadership to drive growth and innovation across the group.

AirAsia X Bhd has announced that Tune Group Sdn Bhd is no longer a substantial shareholder after disposing of 66.83 million ordinary shares, the company said in a statement. AirAsia X said that as part of the final stages of AirAsia’s aviation business consolidation exercise, the cessation is a result of the disposal of shares via a direct business transaction. The move is part of the final stages of AirAsia’s aviation business consolidation exercise and was executed via a direct business transaction, the company noted. The disposal aligns with Capital A Bhd and its concerted parties’ plan to reduce their collective shareholding in AirAsia X to below 33%, thereby avoiding any mandatory takeover obligations under the Rules on Takeovers, Mergers and Compulsory Acquisitions issued by the Securities Commission Malaysia. “The disposal of shares by Tune Group is in line with the conditions set out in the circulars to shareholders dated Sept 20 and Sept 24, 2024, relating to AirAsia X’s proposed private placement and Capital A’s proposed distribution, respectively,” AirAsia X said. Following the transaction, co-founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun will remain as substantial shareholders, retaining their direct and indirect interests in AirAsia X. This is part of a broader restructuring plan that includes the proposed acquisition of 100% equity interest in AirAsia Aviation Group Ltd and AirAsia Bhd, as well as the planned private placement and distribution by Capital A. AirAsia X said the share disposal reflects its ongoing efforts to streamline shareholding structure, enhance corporate governance, and facilitate strategic consolidation within the AirAsia group. The move is expected to strengthen the company’s operational flexibility and support its future growth initiatives within the aviation sector.