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GoTo Group has appointed a new chief executive officer, a leadership shake-up widely seen as clearing the path for a potential takeover of Indonesia’s largest digital services company by Grab Holdings Ltd. The company announced that chief operating officer Hans Patuwo will succeed Patrick Walujo as CEO, pending shareholder approval. The leadership shift follows pressure from GoTo co-founders and major investors — including SoftBank Group Corp — who grew dissatisfied with Walujo amid the firm’s prolonged share-price slump. The move marks a reversal from GoTo’s statement earlier this year that Walujo would remain in charge for the long term. During his two-and-a-half years as CEO, Walujo helped the company achieve its first profit, but GoTo’s market value still dropped more than 40%. He had also resisted a takeover by Grab. GoTo shares rose as much as 4.7% in early Monday trading in Jakarta, giving the firm a valuation of around US$5 billion (RM20.71 billion). Grab, listed in New York, is valued at about US$20 billion. According to Citigroup Inc analysts Ferry Wong and Ryan Davis, the leadership transition could “signal a shift toward operational consolidation” and reinvigorate the long-discussed Grab–GoTo merger. Patuwo, 49, now faces the task of steering the company through a challenging period marked by rapid advances in artificial intelligence and renewed merger discussions. The likelihood of a deal has increased after the Indonesian government confirmed ongoing talks with both companies. Indonesia’s sovereign wealth fund, Danantara, is expected to participate in the potential merger structure. The fund has been exploring a minority stake in the combined entity since early this year, sources told Bloomberg in June. Its involvement is expected to address concerns over competition in the ride-hailing market. Analysts noted that Danantara’s participation would “serve as both symbolic and structural protection of national interests,” helping alleviate monopoly worries. Patuwo joined GoTo over seven years ago after working at an Indonesian conglomerate. He began as part of Gojek’s leadership, strengthening ties with drivers and merchants while expanding the company’s national footprint. He later led GoTo’s payments and financial services division. GoTo also announced additional leadership updates, including the appointment of co-founder Andre Soelistyo to the board of commissioners — a body overseeing governance and strategic direction. Soelistyo, who previously led GoTo and orchestrated the landmark Gojek–Tokopedia merger, had served as an executive director at Northstar Group, Walujo’s former private equity firm. GoTo shareholders will vote on the leadership changes and other corporate matters at an extraordinary general meeting scheduled for Dec 17.

Malaysia’s two biggest retail pharmacy chains — BIG Pharmacy Healthcare Sdn Bhd and Caring Pharmacy Group Bhd — are merging in an RM850 million deal that will form a combined group with over 400 outlets and annual revenue of RM2.3 billion. The merger gives the new entity a strong lead over competitors such as Alpro Pharmacy and Health Lane Family Pharmacy. Industry sources say the group may retain multiple brands, including BIG Pharmacy, Caring, Wellings and Georgetown. With an estimated 11% share of Malaysia’s 3,500-pharmacy market, the group is set to accelerate its expansion in a sector growing 8% to 9% annually, still dominated by small, family-owned outlets. The deal was confirmed last Friday after 7-Eleven Malaysia Holdings Bhd accepted BIG Pharmacy’s offer to acquire its 75% stake in Caring for RM637.5 million. BIG Pharmacy is also buying the remaining 25% from Motivasi Optima Sdn Bhd, which includes Caring founder and managing director Chong Yeow Siang. BIG Pharmacy’s proposal values Caring at RM850 million, based on a price-earnings multiple of 19.6 times Caring’s FY2022 net profit of RM43.4 million (excluding Indonesia). The chain is backed by private equity firm Creador. Creador eyes listing within three years Creador founder and CEO Brahmal Vasudevan said the combined pharmacy business is expected to be listed within three years, following the fund’s successful IPO track record with Mr DIY Group (M) Bhd and CTOS Digital Bhd. Caring was previously listed in 2014 before being taken private by 7-Eleven Malaysia in 2020 at RM2.60 per share, valuing it at RM566 million. Under the new agreement, BIG Pharmacy will acquire Caring’s Malaysian retail operations and intellectual property, including the CARiNG, Georgetown and Wellings brands. However, the Indonesian operations under PT Era Caring Indonesia will be excluded. 7-Eleven Malaysia said the sale will unlock value and allow it to refocus on its convenience store business. Further details will be revealed once the definitive agreements are signed. The disposal will require shareholder approval. BIG Pharmacy aims to elevate services nationwide BIG Pharmacy CEO Lee Meng Chuan said the acquisition aligns with the company’s goal to improve healthcare access, affordability and service standards for Malaysians. “By combining our expertise and resources, we aim to deliver an unparalleled healthcare experience and strengthen our community-focused mission,” he said. Founded in 2006 by Lee and his wife Lim Sin Yin, BIG Pharmacy has expanded from its first outlet in Damansara Uptown to more than 270 branches nationwide. The group’s net profit more than doubled to RM31 million in FY2022. Caring, founded in 1994 by five Universiti Sains Malaysia pharmacy graduates including Chong, opened its first store in Taman Muda, Cheras, before growing into one of the country’s top pharmacy brands.

Technology Depository Agency Berhad (TDA) has officially handed over 64 completed Light Rail Transit Line 3 (LRT3) Industrial Collaboration Programme (ICP) projects worth RM11.37 billion to Prasarana Malaysia Berhad. TDA, an agency under the Ministry of Finance, oversees and manages the implementation of ICP in government procurement. The LRT3 project, awarded to Setia Utama LRT3 Sdn Bhd, a wholly owned subsidiary of Malaysian Resources Corporation Berhad, required the company to implement 64 key ICP initiatives alongside the railway construction from 2019 to November 2025. The projects were delivered across five key sectors in line with Malaysia’s economic priorities; services, manufacturing, construction, agriculture, and green mobility. Covering Chief Executive Officer of TDA Mohammad Rafidi Mat Dahan said this marks the successful completion of one of Malaysia’s largest ICP initiatives. “It demonstrates how strategic government-linked projects can drive technology transfer, enhance local capabilities, and support sustainable economic growth. This achievement has enhanced skills, strengthened industries, and created long-term national value.” “It sets a new benchmark for future government-linked projects,” he added. The handover ceremony at Transport Expo Asia (TXA) 2025, held during the three-day event from 11–13 Nov 2025, was officiated by YBhg Datuk Hajah Norison Ramli, Under Secretary, Government Procurement Division. Of these, 47 projects enhanced Prasarana’s operational efficiency, digital systems, and workforce capabilities, while 17 community and industry focused initiatives empowered SMEs, universities, and local vendors through technology adoption and sustainability programmes. Building on these achievements, TDA has played a pivotal role in linking government, industry, and academia to ensure each ICP project delivers tangible outcomes in technology localisation, skills development, and market access, Mohammad Rafidi said. The LRT3 ICP Programme reinforces Malaysia’s position as a leader in strategic industrial collaboration, providing a sustainable model for innovation, localisation, and national economic growth.

Malaysia Debt Ventures Bhd (MDV) has approved a total of RM2.26 billion in green technology financing for more than 148 companies, according to Science, Technology and Innovation Minister Chang Lih Kang. The funding is part of ongoing government efforts to support sustainable and technology-driven projects across the country. The minister highlighted that MDV had previously launched a RM2 billion sukuk programme in 2022, designed to fund technology-based initiatives and contracts under its mandate. Proceeds from the sukuk are used to provide green technology financing, leveraging government-backed initiatives such as the Green Technology Financing Scheme (GTFS). In addition to financial support, the government is expanding fiscal incentives to encourage investment in renewable and sustainable technologies. These include the Green Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE), which will now cover hydrogen technology. There are also import duty and tax exemptions for renewable energy equipment, including hydrogen-related systems. Chang noted that a 100% Investment Tax Allowance is available for capital expenditure on hydrogen projects over a 10-year period, allowing full deduction from statutory income. Additional policy measures are being explored to lower hydrogen production costs. These include renewable energy tariff packages, relaxed grid access, the use of Renewable Energy Certificates (RECs), and the allocation of gazetted land to accelerate infrastructure development. On the establishment of a Hydrogen Investment Zone, Chang explained that it has the potential to drive Malaysia’s economic growth while positioning the country as a leading regional hydrogen hub and competitive investment centre in the Asia-Pacific. To implement these initiatives, MOSTI has set up a dedicated working group tasked with coordinating the national hydrogen economy agenda. This platform engages with other government agencies and ministries, including the Ministry of Finance and the Ministry of Investment, Trade and Industry, to ensure an integrated approach. The working group is also responsible for formulating a comprehensive incentive package, encompassing energy tariffs, fiscal incentives such as GITA and pioneer status, import tax exemptions, and infrastructure support, all aimed at accelerating the development of Malaysia’s hydrogen economy.

Capital A Bhd is moving into the final phase of its restructuring with the proposed distribution of 1.69 billion new shares in AirAsia X Bhd (KL:AAX) to its shareholders via a dividend-in-specie. The group said the exercise represents a major step in completing the disposal of its airline operations to AAX, which will unify all AirAsia-branded carriers under a single listed entity. In a statement on Thursday, Capital A said the distribution forms part of its broader strategy to transform the company into a travel and digital services group, allowing it to focus on non-airline businesses once the restructuring is completed. Under the entitlement terms, shareholders whose names appear in the record of depositors as at 5pm on Dec 3 will receive approximately 389 AAX shares for every 1,000 Capital A shares held. The ex-date has been set for Dec 2, and any fractional entitlements will not be distributed. Capital A described the move as a “significant milestone” within its comprehensive regularisation plan, which also includes a proposed capital reduction to offset accumulated losses. The entire restructuring is targeted for completion by December, after which the group intends to seek an uplift from its Practice Note 17 (PN17) classification. Chief financial officer Mun Hui Teh said finalising the entitlement date signals that Capital A is approaching the last stage of the airline business disposal. Once completed, AirAsia X will serve as the consolidated airline vehicle for all AirAsia carriers. He added that the realignment is designed to enhance shareholder value and set the stage for Capital A’s next chapter as a high-growth, multi-platform travel and digital solutions group, separate from the operational responsibilities of running an airline. Following the consolidation, AirAsia X will operate the combined airline portfolio, while Capital A will concentrate on accelerating the expansion of its non-airline verticals. These include its engineering subsidiary Asia Digital Engineering (ADE), logistics provider Teleport, travel platform AirAsia MOVE, the Santan F&B brand, and its brand licensing and intellectual property unit, AirAsia Next. Capital A emphasised that the restructuring will allow the group to build a more streamlined, asset-light business model positioned for long-term growth across multiple travel and digital segments.

Petronas has appointed Datuk Seri Dr Maimunah Mohd Sharif as its Property Adviser, effective 17 November 2025. In her new role, Maimunah will provide strategic guidance for the growth of Petronas’ property portfolio, focusing on developments such as the Sungai Besi land, Kota Madani, and other key projects. Maimunah brings over 40 years of experience in sustainable urban development. She holds a Bachelor of Science (Honours) in Town Planning from the University of Wales Institute of Science and Technology and a Master’s Degree in Urban Planning from Universiti Sains Malaysia. She previously served as the Mayor of Kuala Lumpur and was the first woman president of the Seberang Prai Municipal Council. Her distinguished career also includes leadership roles at the United Nations, where she became the first Asian woman appointed as Under-Secretary-General and Executive Director of the UN Human Settlements Programme (UN-Habitat), and she also served as Acting Director-General of the UN Office in Nairobi. Petronas expressed confidence that Maimunah’s expertise and global experience will significantly contribute to the company’s property development initiatives.

TH Plantations Bhd has appointed Datuk Borhan Bachi as its new chief executive officer (CEO), effective Nov 17, 2025. The announcement was made in a filing with Bursa Malaysia on Monday. According to TH Plantations, Borhan’s appointment also follows the company’s earlier disclosure on July 18, 2025, regarding the formation of a board executive committee (board exco). With the new leadership now in place, the company said the board exco has been dissolved effective the same day as Borhan’s appointment. The leadership changes come after a period of internal scrutiny triggered by alleged unauthorised payments amounting to RM5.1 million to plantation workers. Former CEO Mohamed Zainurin Mohamed Zain and former chief financial officer (CFO) Marliyana Omar were both issued show-cause letters in relation to the matter. Mohamed Zainurin, who had been placed on garden leave pending the investigation, was subsequently terminated on Aug 26. Marliyana opted to resign with immediate effect on July 18. Mohamed Zainurin had served as CEO since his appointment on Oct 1, 2021. The appointment of Borhan marks a new chapter for TH Plantations as it moves to restore stability and strengthen governance following recent internal developments.

The International Islamic Liquidity Management Corporation (IILM) has issued and reissued a total of US$1.35 billion (US$1 = RM4.15) in short-term sukuk across five different tenors — marking its broadest range of maturities offered in a single auction to date. In a statement, the IILM said the sukuk were priced at 4.10% for US$290 million (one-month), 4.15% for US$385 million (two-month), 4.10% for US$365 million (three-month), 4.12% for US$210 million (six-month), and 4.05% for US$100 million for its newly introduced nine-month note. The addition of the nine-month tenor expands the IILM’s liquidity management tools and provides Islamic financial institutions with greater flexibility in managing Shariah-compliant funding requirements. With the latest issuance, the IILM’s outstanding sukuk will rise to a record US$6.4 billion. The auction attracted US$3.29 billion in bids, achieving an average bid-to-cover ratio of 2.44 times. IILM chief executive officer Mohamad Safri Shahul Hamid said the new tenor addresses market demand for longer-dated short-term placements comparable to US dollar asset-backed commercial paper. “Broadening our maturity spectrum enhances our value proposition and delivers a more calibrated and efficient liquidity management toolkit to investors,” he said. This marks the IILM’s 20th auction of the year, bringing its total 2025 issuances to US$21.55 billion across 65 series under its US$8.5 billion programme, which carries an “A-1” rating from S&P Global Ratings and “F1” from Fitch Ratings. Primary dealers participating in the issuance include Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Al Rayan Bank, Boubyan Bank, CIMB Islamic Bank Bhd, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Bhd, Meethaq Islamic Banking of Bank Muscat, Qatar Islamic Bank and Standard Chartered Bank.

China’s largest automaker, BYD, is accelerating its expansion across Europe with plans to double its sales network on the continent by the end of 2026, according to a senior company executive. The move marks one of BYD’s most ambitious pushes yet as it intensifies competition with established European and global automakers. Speaking at an event in Frankfurt, Maria Grazia Davino, BYD’s regional managing director for Europe, said the company expects to have 1,000 points of sale across Europe by the end of 2025, and is aiming to double that figure the following year. “To compete effectively, we need to be close to customers and build strong local relationships,” Davino said, noting that proximity and accessibility will be key advantages as the brand scales. Davino oversees BYD’s operations in German-speaking markets, Eastern Europe and Scandinavia—regions seen as strategically important for the company’s European growth. BYD’s expansion plan is supported by its “long-term localisation strategy” for Europe. The company already operates in 29 European markets, and its first manufacturing plant on the continent—located in Hungary—is expected to open soon. The automaker is also preparing to build a second facility in Turkey and is evaluating options for a third European production hub, with Spain emerging as a leading candidate. The push comes amid surging demand for BYD vehicles in Europe. In the first nine months of 2025, the company’s sales in the region more than tripled, reaching 80,807 units, compared with the same period a year earlier. The significant jump follows BYD’s decision to broaden its offerings by introducing both plug-in hybrid models and fully electric vehicles to European consumers. Davino emphasised that strengthening BYD’s footprint in Europe requires a sustained and well-coordinated effort.“Localising in a mature market like Europe is a major undertaking,” she said. “It demands deep expertise, significant investment and a commitment of resources across all levels of the organisation.” With its rapidly expanding network, growing production base, and rising sales momentum, BYD is positioning itself as one of the most aggressive and fast-growing new players in Europe’s increasingly competitive automotive landscape.

The recent disruptions to the KLIA Aerotrain have placed the system under renewed public and regulatory attention. The Aerotrain, which resumed operations earlier this year after a major upgrade, encountered several breakdowns that affected passenger movement between the main terminal and the satellite building. These incidents have since prompted further review, including Malaysian Anti-Corruption Commission’s (MACC) intention to investigate aspects of the project. For Malaysia Airports Holdings Berhad (MAHB), which oversees KLIA’s operations, the Aerotrain issue represents both an operational challenge and a test of system resilience ahead of a significant travel cycle. Led by Managing Director Dato’ Mohd Izani Ghani, MAHB has outlined several measures intended to stabilise the system, ensure passenger continuity, and support ongoing regulatory assessments. Following news of MACC’s intended investigation, MAHB clarified that no formal request had yet been issued to the organisation. Dato’ Mohd Izani Ghani has stated that it stands ready to provide full cooperation when required, reaffirming its support for a thorough and transparent review process. MAHB is also working with the Transport Ministry and the Land Public Transport Agency (APAD), both of which are directly involved in the technical evaluation and oversight of the Aerotrain system. Their participation forms part of a broader multi-agency approach to understanding the system’s recent shortcomings. A structured technical roadmap: The Comprehensive Action Plan On 14 November, MAHB announced the activation of a Comprehensive Action Plan (CAP) to address the Aerotrain disruptions. Developed with guidance from the Transport Ministry and APAD, the CAP outlines a multi-phase engineering roadmap intended to review, rectify, and validate the full system. The plan includes: Nightly engineering shutdowns from 9pm to 7am to facilitate detailed inspections, component adjustments, and recalibrations. Root-cause analysis covering mechanical, electrical, and control-system elements. Simulated operations to verify performance before reintroducing the system to public use. Trial operations monitored jointly with regulators to confirm reliability prior to full reinstatement. While the CAP is underway, MAHB has deployed a full shuttle bus service to maintain uninterrupted passenger movement between terminals. The arrangement ensures that essential airport processes — including flight connections and gate transfers — continue without significant operational impact. Gate optimisation and other internal adjustments have also been implemented to minimise the number of passengers requiring inter-terminal travel during the rectification period. From July to the onset of the recent disruptions, MAHB reported that the Aerotrain achieved an Operational Service Availability (OSA) of 98.41%, completing more than 50,000 return trips and carrying over seven million passengers. These data points illustrate the system’s operational baseline and provide useful reference for ongoing engineering diagnostics. As technical inspections progress, MAHB is expected to release further updates to keep stakeholders informed of system stability, expected timelines, and regulatory assessments. Positioning KLIA ahead of Visit Malaysia 2026 The Aerotrain issue comes at a pivotal time for the aviation sector, with Visit Malaysia Year 2026 projected to bring a significant increase in passenger volume. Ensuring reliable internal mobility within KLIA is therefore a priority not only for MAHB but for broader tourism and economic objectives. MAHB has stated that the CAP is designed with long-term readiness in mind, ensuring that all system enhancements meet the requirements for higher traffic flow and international expectations.