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Sarawak has channelled RM21.8 billion through its Alternative Funding (AF) initiative to accelerate key infrastructure projects across the state, said Second Minister for Finance and New Economy Datuk Amar Douglas Uggah Embas on Wednesday. He explained that the AF model was introduced to ensure important development projects can move forward without delays, allowing the state to fast-track critical infrastructure while maintaining strong financial stability. “So far, a total of 1,586 projects have been implemented under AF. Of these, 1,127 projects — or 71% — have been completed, while the remaining 459 are progressing at various stages,” he said during his winding-up speech for the State Budget 2026 debate at the Sarawak State Legislative Assembly. Uggah, who is also the deputy premier, said the AF mechanism has played a major role in transforming Sarawak’s physical and economic landscape as the state works towards high-income status under the Post-Covid Development Strategy (PCDS) 2030. Major AF-funded developments include the coastal road network, the second trunk road, the Sarawak Water Supply Grid (stressed areas), rural electrification programmes, and digital infrastructure projects such as the Sarawak Multimedia Authority Rural Telecommunication (SMART) towers and the Sarawak Rural Broadband Network. He added that AF also supports the development of educational facilities, such as Sarawak’s international schools, as well as projects undertaken by regional development agencies including the Upper Rajang Development Agency (URDA), Highland Development Agency (HDA), Northern Regional Development Agency (NRDA), and the Integrated Regional Samarahan Development Agency (IRSDA).

Tengku Datuk Seri Zafrul Abdul Aziz, former Minister of Investment, Trade and Industry (Miti), has been appointed as the new chairman of the Malaysian Investment Development Authority (Mida), effective Wednesday, the Prime Minister’s Office (PMO) announced. He will serve a two-year term, with additional responsibilities to be revealed at a later date. The Mida chairmanship had been vacant for over a year following the end of Tan Sri Dr Sulaiman Mahbob’s term in September 2024. Zafrul, a former banker turned government minister, first joined the administration in March 2020 as finance minister under the Perikatan Nasional government, continuing in the role under the Barisan Nasional-led administration until November 2022. Following the 15th general election, he was appointed a senator and Miti minister under Prime Minister Datuk Seri Anwar Ibrahim’s unity government, serving until Dec 2, 2025. Mida described Zafrul’s appointment as a strategic move to strengthen Malaysia’s investment promotion and development capabilities amid intensifying global competition. The agency highlighted his expertise in financial services, trade negotiations, government policy, and investment facilitation. During his tenure as Miti minister, Zafrul oversaw record-breaking investment inflows, with RM329.5 billion approved in 2023 and RM378.5 billion in 2024. In the first nine months of 2025, approved investments reached RM285.2 billion, a 13.2% increase compared with the same period last year, despite global economic challenges. “His appointment ensures continuity in our strategic direction while bringing fresh momentum to our operational priorities,” said Mida CEO Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid. “We are confident that his leadership will further enhance Malaysia’s position as a premier investment hub.”

Bank Negara Malaysia (BNM) has developed a long-term strategy to gradually reduce its ownership stake in Payments Network Malaysia Sdn Bhd (PayNet), the country’s primary payment infrastructure provider. The plan, confirmed by the Ministry of Finance (MOF), is aimed at fostering greater market competitiveness while ensuring that PayNet continues to play a central role in strengthening Malaysia’s digital payment ecosystem. According to the MOF, BNM’s move to pare down its shareholding aligns with the central bank’s broader objective of promoting a more dynamic, inclusive, and innovation-driven payments landscape. While the shareholding reduction will be phased over time, the ministry emphasised that it will not compromise the stability, security, or efficiency of the national payment system. The plan is structured to maintain a balance between encouraging private-sector participation and safeguarding public trust in the country’s financial infrastructure. In a written reply to the Dewan Rakyat on Wednesday, responding to a question by Aminolhuda Hassan (PH–Sri Gading) regarding the government’s review of BNM’s ownership in PayNet, the MOF highlighted that BNM currently holds a 35.5% stake in the company. As the largest shareholder, BNM continues to provide strategic direction and oversight, ensuring that PayNet delivers reliable, secure, and competitive digital payment services for both individuals and businesses. The ministry also noted that BNM’s phased reduction plan will be implemented with careful monitoring and governance, maintaining the resilience of the payment system while enabling greater private-sector participation and competition. This approach is expected to enhance the efficiency and inclusivity of digital payments in Malaysia, supporting the country’s broader economic and financial digitalisation goals. In summary, BNM’s measured plan to gradually reduce its stake in PayNet reflects a strategic effort to foster competition, innovation, and sustainability within Malaysia’s payment ecosystem, while ensuring that national payment infrastructure remains robust, secure, and accessible for all users.

Webull Malaysia, a subsidiary of Webull Corporation, has partnered with AHAM Asset Management Bhd (AHAM Capital) to introduce Moneybull, a cash management platform that helps investors earn returns on idle or uninvested cash while maintaining full liquidity. The collaboration combines Webull’s technology-driven investing platform with AHAM Capital’s fund management expertise to make it easier for Malaysians to optimise idle cash and earn daily returns. Webull Malaysia CEO Kenneth Chan said the partnership bridges fund management and digital innovation, providing a simple, low-risk, and accessible way for Malaysians to grow their wealth while promoting sound financial habits. AHAM Capital Managing Director Datuk Teng Chee Wai highlighted that Moneybull addresses a common investing challenge: how to make idle cash work. “Moneybull invests unutilised cash into a low-risk, Shariah-compliant money market fund, offering stable returns while keeping funds fully flexible for market opportunities,” he said. Moneybull invests in the AHAM Aiiman Enhanced i-Profit Fund-Class B, a Shariah-compliant money market fund managed by AHAM Capital. The fund offers returns of up to 3.4% per annum with no lock-in period, giving investors both stability and accessibility. To celebrate the launch, Webull Malaysia is running a promotional campaign for new and existing users. Eligible users activating Moneybull during the campaign can earn bonus returns of up to 6% per annum for 90 days on cash balances up to RM200,000 per user. Additionally, new users opening and activating a Webull account during the campaign can earn Welcome Rewards, including RM500 worth of Nvidia shares for deposits of RM5,000 maintained for 60 days. The promotion runs from Nov 14 to Dec 31, 2025. This partnership reflects a growing trend of digital-first financial solutions in Malaysia, enabling everyday investors to access professional fund management with convenience, flexibility, and low risk.

Steel Hawk Bhd has announced the resignation of its CEO, Afizul Md Yusoff, after nine months in the role. Afizul, 47, who was appointed in February during the company’s senior management restructuring, is stepping down to take a career break and focus on personal interests, the company said in a Bursa Malaysia filing on Tuesday. Haffiz Hussin, 40, a former Petroliam Nasional Bhd (PETRONAS) engineer with 16 years of experience, has been named the new group CEO effective immediately. Haffiz previously led construction-based engineering at PETRONAS, overseeing digital solutions, technical performance, and value realisation from September 2024 to November 2025. Neither Afizul nor Haffiz holds any direct or indirect stake in Steel Hawk or its subsidiaries. Steel Hawk had previously undergone leadership changes in September 2024 when it moved from Bursa Malaysia’s LEAP Market to the ACE Market. Salimi Khairuddin, 39, briefly served as CEO before being redesignated executive director upon Afizul’s appointment. The company’s restructuring followed Steel Hawk Engineering Sdn Bhd being appointed as a panel contractor for construction and modification projects for PETRONAS and 27 of its downstream plants. Salimi continues to oversee the group’s onshore engineering division, which handles engineering design, fabrication of oilfield equipment, and project management for clients including PETRONAS Gas Bhd and PRPC Utilities & Facilities Sdn Bhd. Shares of Steel Hawk closed unchanged at 28 sen, valuing the company at RM137.2 million. Despite a 40% year-to-date decline, investors who purchased shares at the 15-sen IPO price have seen an 86% gain.

The long-delayed Maju Expressway extension (MEX II) will require around RM449 million to complete, according to Works Minister Datuk Seri Alexander Nanta Linggi. The estimated amount was submitted by the receivers and managers (R&M) of project concessionaire MEX II Sdn Bhd in November 2024, following their review of the remaining works needed. The concessionaire has been under receivership since May 2022 after defaulting on payments for its sukuk facility. Alexander noted that the final figure may exceed RM449 million due to increased construction costs, repair works and other expenses arising from the prolonged stoppage. “The cost may rise further, taking into account current price conditions and rectification works required due to the long delay,” he said in a written reply to Parliament on Tuesday. He was responding to questions from Yeo Bee Yin (PH–Puchong) on the project’s outstanding cost, expected completion timeline and whether toll hikes would be necessary due to mismanagement. Alexander said both the completion schedule and the future toll structure for MEX II have yet to be finalised. He added that the R&M team is preparing a full proposal that includes cash flow forecasts, financing requirements, traffic modelling, concession period adjustments and toll-rate considerations, aimed at ensuring the extension remains financially sustainable. MEX II — a 16.8km, three-lane dual carriageway — is designed to extend the current MEX highway from the Putrajaya Interchange and connect it directly to the KLIA highway. Construction first began in 2016, with completion originally slated for December 2019. However, the project stalled after concessionaire MEX II Sdn Bhd ran into severe financial issues. The company had raised funds through a sukuk, but fell into default in 2021 on both principal and profit payments, leading to receivership the following year. MEX II Sdn Bhd is owned by Maju Holdings Sdn Bhd, which also controls Maju Expressway Sdn Bhd, operator of the existing 26km Maju Expressway linking Kuala Lumpur to Putrajaya and Cyberjaya. Maju Holdings has come under increased scrutiny recently after its owner Tan Sri Abu Sahid Mohamed and former director Datuk Yap Wee Leong were separately charged with criminal breach of trust and money laundering offences related to the MEX II project.

SD Guthrie Bhd, the world’s largest palm oil plantation group by land size, is strengthening its position in a major upcoming industrial development in Johor, becoming an equal partner to Eco World Development Group Bhd following a revised equity arrangement. The company announced that under an amended shareholders’ agreement inked on Tuesday, its wholly owned subsidiary SD Guthrie Land Ventures Sdn Bhd (SDGLV) will raise its stake in Eco Business Park 8 Sdn Bhd (EBP8) to 45%, up from 25% previously. EcoWorld, which originally held 65%, will pare down its stake to 45%, while Permodalan Darul Ta’zim Sdn Bhd (PDT) will maintain its existing 10% share in the joint venture. With the updated structure, the EBP8 board will expand to accommodate up to seven directors — three each representing SDGLV and EcoWorld, and one representing PDT — ensuring balanced representation among key partners. In a statement, SD Guthrie group managing director Datuk Mohamad Helmy Othman Basha said the move reflects the group’s ambition to build a stronger foothold in industrial development, which has emerged as a core focus of its long-term strategy. “By increasing our stake to 45%, SD Guthrie will assume a more strategic role within the joint venture. We are delighted to deepen our collaboration with PDT and EcoWorld. This step positions us to unlock greater value from our extensive land bank and deliver sustainable returns to shareholders,” he said. He added that the partnership is timely as demand for high-quality industrial assets in Johor continues to rise, driven by cross-border economic activity and the upcoming Johor–Singapore Special Economic Zone. The EBP8 integrated industrial park, with an estimated gross development value of RM3.75 billion, will be developed to attract high-value and innovation-driven industries. The project will offer a mix of industrial plots, ready-built facilities and supporting commercial components, catering to sectors such as advanced electronics, AI-driven supply chains, medical technology, biotechnology, food technology and modern logistics. Industry observers have noted Johor’s growing investment appeal. As at the third quarter of 2025, the state recorded RM91.1 billion in approved investments — the highest in Malaysia — surpassing the RM48.5 billion secured in 2024. The momentum is expected to continue as the region benefits from government-backed initiatives and increasing interest from global manufacturers seeking expansion in Southeast Asia. On Tuesday, shares of SD Guthrie closed eight sen higher at RM5.32, valuing the company at RM36.79 billion.

Pension fund Kumpulan Wang Persaraan (Diperbadankan), or KWAP, has appointed Abdul Hakim Amir Zainol as its new chief financial officer (CFO), effective Nov 12. Abdul Hakim brings more than 20 years of experience in financial leadership and strategic management across multiple international markets. Prior to joining KWAP, he served in various senior roles within the Cagamas Bhd group, including CFO and chief business officer. In its statement, KWAP noted that Abdul Hakim’s global career exposure — covering financial control, treasury operations, strategic planning and regulatory oversight — provides him with a comprehensive understanding of financial governance and institutional transformation. His career also includes leadership positions in the United Kingdom, with stints at C Hoare & Co, the country’s oldest private bank, as well as Aldermore Bank. He began his professional journey with KPMG and Ernst & Young, focusing on audit and assurance services. KWAP chief executive officer Datuk Nik Amlizan Mohamed said Abdul Hakim’s appointment strengthens the organisation’s leadership bench. “His strong background in strategic finance, combined with his proven ability to drive performance and uphold governance standards, will be instrumental as KWAP continues to enhance its financial management and pursue its investment and sustainability priorities,” she said. Abdul Hakim is a fellow of both the Association of Chartered Certified Accountants (ACCA) and the Association of Corporate Treasurers (FCT). He is also a member of the Malaysian Institute of Accountants (MIA). He holds a degree in Accounting and Finance from the London School of Economics and a Sloan Master’s in Leadership and Strategy from London Business School. In his new role, Abdul Hakim will lead KWAP’s financial strategy and stewardship, with a focus on strengthening fiscal resilience, enhancing transparency and supporting the fund’s long-term goal of securing a sustainable retirement future for Malaysia’s public sector workforce.

Kumpulan Perangsang Selangor Bhd (KPS) has announced that its 51%-owned subsidiary, Aqua-Flo Sdn Bhd, has secured two significant framework agreements with Pengurusan Air Selangor Sdn Bhd for the supply and delivery of chemicals to water treatment plants. The combined value of the contracts stands at RM78.10 million. According to a Bursa Malaysia filing today, both contracts are scheduled to commence on Jan 1, 2026, and will run until Dec 31, 2028, covering a three-year period. KPS highlighted that the contracts are expected to make a positive contribution to the group’s earnings and net assets throughout the contract duration. The agreements are part of the shareholders’ mandate approved during KPS’s extraordinary general meeting on July 28, 2025, ensuring that the subsidiary can undertake such projects in line with the company’s strategic objectives. Aqua-Flo, as a key player in water treatment chemical supply, will provide essential products and services to support Selangor’s water treatment infrastructure, reinforcing KPS Group’s presence in the utilities and environmental solutions sector. The contracts are also expected to strengthen the long-term collaboration between KPS and Pengurusan Air Selangor, while enhancing operational efficiency and service reliability for water treatment operations across the state. This milestone reflects KPS Group’s continued focus on securing stable, recurring revenue streams from strategic partnerships and infrastructure-related contracts, which are expected to underpin sustainable growth in the coming years.

Malaysia is positioning its halal products to capture a larger share of South Korea’s rapidly expanding convenience and premium food sector, as Korean consumers increasingly demand halal, organic, and sustainably sourced goods. Leveraging globally recognised halal certification from the Department of Islamic Development Malaysia (Jakim) and Malaysia’s decade-long leadership in the Global Islamic Economy Indicator, local brands are promoting themselves as premium, trustworthy, and convenient options for Korean buyers. Malaysian Ambassador to South Korea Datuk Mohd Zamruni Khalid highlighted Malaysia’s strong halal ecosystem and export capabilities as key factors in cementing its reputation as a reliable trading partner. “Korean consumers are embracing halal-certified products alongside ethical and sustainable consumption trends,” he said. South Korea’s convenience food market is valued at US$7.27 billion (US$1 = RM4.15) and is expected to grow at an annual rate of 11.43% between 2025 and 2030, according to Statista. Zamruni noted that Malaysian brands are well placed to capitalise on this growth, particularly in the premium segment. Several Malaysian names, including Amazin’ Graze, OldTown White Coffee, PopsMalaya, and Spritzer, have already made inroads, spanning snacks, beverages, confectionery, and mineral water. Moving forward, products such as halal-certified ready meals, frozen tropical fruits like durian, specialty ingredients, and sustainably sourced items are expected to see strong demand. Zamruni identified three key areas for growth: halal certification, supply chain transparency, and product-market fit. Korean buyers increasingly prioritise ethical production, including sustainable palm oil, organic farming, and low-carbon processes. Meanwhile, tailoring products to local habits—such as single-serve portions, clean-label ingredients, and premium packaging—will strengthen Malaysian brands’ competitiveness. The ambassador also noted that halal certification is increasingly recognised in South Korea as a marker of safe, hygienic, and high-quality production, prompting even non-food companies to launch halal-certified lines. While South Korea’s halal market remains relatively small, its growth potential is significant. Reflecting this trend, South Korean firms are also investing in the segment. Paris Baguette, part of the SPC Group, opened its first halal food hub in Johor earlier this year, using Malaysia as an export base to serve Indonesia and the Middle East. Events like the ASEAN Trade Fair 2025 at the Korea International Exhibition Centre (KINTEX) in Ilsan play a vital role in connecting Malaysian halal SMEs and food producers with Korean importers, retailers, and foodservice operators. The fair facilitates product sampling, business-matching, and direct meetings, helping brands build visibility and commercial relationships. Bilateral trade data highlights the growing demand: from January to September 2025, Malaysia’s exports to South Korea rose 2.2% year-on-year to US$8.9 billion. Processed food exports alone reached around US$154.8 million in 2024, up 6.1% from the previous year, reflecting increasing interest in Malaysian halal products. This momentum signals a promising opportunity for Malaysia to expand its footprint in South Korea’s premium halal food market while reinforcing its position as a global leader in ethical and sustainable halal production.