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KUALA LUMPUR, LAC Med Bhd has entered into an underwriting agreement with RHB Investment Bank Bhd and Alliance Islamic Bank Bhd for its upcoming initial public offering (IPO) on the Main Market of Bursa Malaysia, which is targeted for December 2025. In a statement, the medical solutions provider said the IPO proceeds will be used to accelerate its market expansion, strengthen its product portfolio, and enhance its range of medical devices and services. LAC Med also plans to diversify into two new business segments — Equipment-as-a-Service (EaaS) and Medical Equipment Asset Management Services (MEAMS) — to build recurring income streams post-listing. Part of the IPO funds will be channelled towards regional expansion in Indonesia, relocation to a larger head office with expanded storage space, and the establishment of a product demonstration showroom. Group chief executive officer Liew Yoon Poh said the IPO marks an important milestone for LAC Med’s next phase of growth. “Our listing will enable us to expand our suite of integrated medical solutions, driving better patient care and operational efficiency for healthcare providers. Through our partnerships with global brands, we aim to deliver best-in-class technologies and services to the market,” he said.

KUALA LUMPUR, Regional private equity firm Creador has appointed former Ekuiti Nasional Bhd (Ekuinas) chief executive officer Datuk Syed Yasir Arafat Syed Abd Kadir as its senior adviser, as part of efforts to strengthen its investment footprint in Malaysia. In this new role, Syed Yasir will assist Creador in sourcing and executing strategic investments across key sectors, particularly healthcare and pharmaceuticals, advanced manufacturing, and business-to-business (B2B) services. Datuk Syed Yasir Arafat Syed Abd Kadir stepped down from Ekuinas on March 31 after 15 years at the state-owned private equity firm, including nine as chief executive officer. “Syed Yasir brings a wealth of leadership experience and an extensive professional network that will enhance Creador’s ability to create value and build sustainable partnerships,” the firm said in a statement on Tuesday. According to Creador, Syed Yasir will work closely with its investment team to provide strategic insights, support deal origination, and contribute to portfolio development. His appointment reflects Creador’s continued focus on expanding its presence and fostering long-term growth in the Malaysian market. Founded in 2011, Creador is a private equity firm specialising in South and Southeast Asia, with more than US$3 billion (RM12.63 billion) raised across six funds and investments in over 60 companies to date. Syed Yasir stepped down from Ekuinas on March 31 after 15 years with the state-backed private equity firm, including nine years as CEO. He was succeeded by Aliff Omar Mohamad Omar, previously Ekuinas’ senior director of investment. During his tenure, Syed Yasir oversaw RM4 billion in managed funds and RM5.6 billion worth of investments in 28 companies. He also led the creation of Dana Asas, a Bumiputera-focused fund, and introduced private credit as a new investment asset class.

Uber Technologies Inc is reportedly planning to invest in the Hong Kong listings of autonomous vehicle companies Pony AI Inc and WeRide Inc, signaling its continued commitment to expanding partnerships in the Chinese robotaxi sector. According to sources familiar with the matter, Uber may invest around US$100 million (RM420.2 million) in Pony AI’s share sale. Pony AI, which went public in the US last year, aims to raise up to US$972 million in its Hong Kong offering, with the potential to increase the size of the deal through an over-allotment option. San Francisco-based Uber is also eyeing WeRide’s Hong Kong listing, although the exact investment amount has not been disclosed. Other potential investors in the offerings may include Grab Holdings Ltd, Singapore’s state investor Temasek Holdings Pte, and German engineering giant Robert Bosch GmbH. WeRide, which also went public in the US a year ago, filed for a Hong Kong IPO seeking up to US$398 million. Discussions are ongoing, and the investment plans could change, according to the sources. Uber, Pony AI, and WeRide did not immediately comment. Previously, Uber invested in the US IPOs of both Pony AI and WeRide, and in May announced an additional US$100 million investment in WeRide. The ride-hailing firm has also collaborated with Pony AI earlier this year to launch autonomous services in the Middle East and partnered with WeRide in Abu Dhabi. Since their US debuts, Pony AI’s American depositary receipts have gained more than 50%, while WeRide’s have fallen 28% over the same period. Both companies plan to use proceeds from their Hong Kong listings to scale autonomous driving operations. Pony AI intends to commercialise its Level 4 robotaxi and robotruck technology and fund research and development, aiming for profitability by 2028–2029. WeRide plans to advance its autonomous driving technology, accelerate commercial mass production of Level 4 fleets, and expand its operations over the next five years, although it has yet to turn a profit. Grab, meanwhile, is also moving into autonomous mobility, recently investing in Michigan-based May Mobility to bring robotaxi services to Southeast Asia and partnering with WeRide to deploy fleets in the region. This move by Uber reflects the growing strategic importance of autonomous vehicle technologies in Asia and its push to deepen collaboration with key robotaxi developers in China and beyond.

PayPal Holdings Inc. announced on Tuesday a strategic partnership with OpenAI, enabling ChatGPT users to make purchases using PayPal’s digital wallet, driving the company’s shares up 13% in pre-market trading. The fintech giant also raised its full-year financial outlook and declared its first-ever dividend in 27 years, signaling strong confidence in its cash flow and long-term profitability. Under the agreement, PayPal’s global merchant network will be integrated with ChatGPT, allowing users to buy products directly through the AI-powered platform. The move comes as AI-driven shopping tools gain traction, offering digital assistants that autonomously research, compare, and purchase items based on user preferences, budgets, reviews, and price tracking. “By partnering with OpenAI and adopting the Agentic Commerce Protocol, PayPal will power seamless payments and commerce experiences, helping customers move from chat to checkout in just a few taps,” said PayPal CEO Alex Chriss. Upgraded Forecast and Dividend Announcement PayPal now expects full-year adjusted earnings per share (EPS) between US$5.35 and US$5.39, up from its previous guidance of US$5.15 to US$5.30, and exceeding analysts’ consensus of US$5.24. In a historic first, the company’s board approved a quarterly dividend of 14 cents per share, reflecting a targeted payout ratio of 10% of adjusted profits. Over recent years, under Chriss’s leadership, PayPal has shifted its focus toward profitability rather than rapid revenue growth. After peaking during the pandemic, the company faced slower growth as consumer spending returned to physical stores, prompting cost-cutting measures and a pivot to higher-margin services. Despite broader economic pressures, PayPal’s core payment volumes have remained resilient. Total payment volume grew 7% on a foreign-exchange neutral basis, reaching US$458.1 billion (RM1.9 trillion), underscoring the durability of its business.

KUALA LUMPUR, Monash University Malaysia has confirmed plans to build a RM2.8 billion campus in the Tun Razak Exchange (TRX), Malaysia’s premier international financial district. The announcement was made on Tuesday in collaboration with TRX City Sdn Bhd, the master developer of TRX, finalising earlier reports that the university was in advanced discussions to lease a purpose-built facility in the area. The new TRX campus is slated to be operational by 2032 and will have the capacity to accommodate up to 22,500 students and 1,700 staff. Monash University is working closely with both the Australian and Malaysian governments to bring the project to fruition. The announcement was made by Monash University vice-chancellor and president Professor Sharon Pickering in Kuala Lumpur, alongside Australian Prime Minister Anthony Albanese and Malaysia’s Higher Education Minister Datuk Seri Dr Zambry Abd Kadir. Albanese highlighted the significance of the investment, noting that it not only promotes Australia’s higher education sector abroad but also strengthens international ties and creates opportunities for Australian jobs and investment. The TRX campus will complement Monash University Malaysia’s existing campus in Bandar Sunway and plans to offer more than 35 new courses in high-demand sectors, including digitalisation, artificial intelligence and cybersecurity, climate change and sustainability, healthcare and digital health, semiconductor and advanced manufacturing, and banking and finance. Professor Emeritus Datuk Dr Adeeba Kamarulzaman, president of Monash University Malaysia, said the decision to invest in TRX reflects the university’s strong growth in research and education. The project is expected to contribute around RM19.1 billion to the Malaysian economy over the next decade. From its humble beginnings with just 417 students when it was established as Malaysia’s first foreign university campus in Sunway, Monash University Malaysia now educates over 11,000 students from more than 80 countries.

KUALA LUMPUR, UEM Sunrise Bhd (KL), the property development arm of Khazanah Nasional Bhd’s UEM Group Bhd, has appointed experienced corporate executive Shaharul Farez Hassan as its new managing director and chief executive officer (CEO), effective Nov 17. The appointment ends an eight-month leadership vacuum at the company following the resignation of former CEO Sufian Abdullah in February this year. Shaharul Farez Hassan has been appointed UEM Sunrise Bhd’s managing director and chief executive officer. Shaharul Farez, 55, brings with him more than three decades of experience across multiple industries, including property development, automotive, and energy. He most recently served as the chief operating officer of DRB-Hicom Bhd (KL) from 2016 to 2022, where he played a key role in driving operational transformation across the conglomerate’s portfolio of businesses. Prior to that, he helmed Tradewinds Corp Bhd as group chief executive officer from 2008 to 2015, overseeing its diversified interests in hospitality, plantations, and property. His career also includes a stint as executive vice president of corporate at Malakoff Corp Bhd (KL) between 2015 and 2016. In addition to his management roles, UEM Sunrise noted that Shaharul Farez also served as a board member of Proton Holdings Bhd, contributing to the national carmaker’s strategic realignment and growth initiatives. “His extensive leadership experience and strong corporate background will be instrumental in steering UEM Sunrise through its next phase of growth and value creation,” the group said in a filing with Bursa Malaysia on Tuesday. Grace Yap Mei Wan In a separate announcement, UEM Sunrise also named Grace Yap Mei Wan, 58, as an independent non-executive director, effective Nov 3. Yap currently serves on the boards of Bata Malaysia Sdn Bhd and Sungei Bagan Rubber Co (M) Bhd (KL), bringing over 30 years of experience in finance and corporate governance. At Tuesday’s close, UEM Sunrise shares fell one sen or 1.47% to 67 sen, valuing the property developer at RM3.39 billion.

KUALA LUMPUR, PeterLabs Holdings Bhd announced that it has reached an amicable resolution with its substantial shareholders — former executive director Datuk Loh Saw Foong and his wife, Datin Lin Ching Yein — effectively ending all disputes between the parties related to the company and its subsidiaries. In a joint statement on Tuesday, PeterLabs, together with its subsidiaries PeterLabs Sdn Bhd (PSB) and Thye On Tong Trading Sdn Bhd (TOTT), confirmed the signing of a settlement agreement with Loh and Lin. The agreement, they said, represents the mutual intention of all parties to achieve “finality and closure” regarding issues tied to the management, operations and affairs of PeterLabs, PSB and TOTT. While specific details of the settlement were not disclosed, the agreement brings to a close a series of disputes that began in May this year. The conflict stemmed from an internal investigation into alleged misconduct by Loh, which led to his temporary suspension. The probe also prompted an investigation by the Malaysian Anti-Corruption Commission (MACC), which raided the offices of both PeterLabs and TOTT following a report lodged by the company. PeterLabs later reinstated Loh, and on Tuesday, he officially resigned from his position as executive director, citing personal reasons and other commitments. Together, Loh and Lin hold a combined stake of over 10% in the group. The settlement also paves the way for the conclusion of two ongoing legal proceedings. The first involves a lawsuit filed by Loh and Lin against PeterLabs, PSB, TOTT and several of its directors and contractors, alleging that the companies’ affairs were conducted oppressively and against their interests. The second is a defamation suit initiated by PeterLabs and PSB against Loh and Dagang News Sdn Bhd, linked to an online article published in July. “Moving forward, the parties have agreed to honour their respective obligations under the settlement agreement in good faith,” the joint statement read. At market close on Tuesday, PeterLabs’ shares fell 1.5 sen or 6.25% to 22.5 sen, valuing the company at RM61.92 million.

KUALA LUMPUR, Khazanah Nasional Bhd has channelled more than RM6 billion into the development of Medini Iskandar and Desaru Coast in Johor, according to the Ministry of Finance (MOF). In a written parliamentary reply on Tuesday, the MOF said the investments aim to attract private capital and generate employment opportunities, particularly in property development, housing, education and tourism across the two key destinations. Yeo asked about the development status and investment amount for Medini Iskandar and Desaru Coast. “Khazanah’s investments are aligned with the government’s mandate to position Iskandar Malaysia as a special economic corridor, with expansion into Desaru Coast complementing broader development efforts in Johor,” the ministry said. It added that large-scale developments such as Medini Iskandar and Desaru Coast typically require a long gestation period of between 30 and 40 years, supported by catalytic investments to unlock their full potential. The MOF noted that Medini Iskandar has been designated as Zone B under the Johor-Singapore Special Economic Zone (JS-SEZ), while Desaru Coast falls within Zone G. “Efforts will continue to be intensified to ensure both developments contribute meaningfully to Malaysia’s economic growth and strengthen the nation’s appeal as a preferred investment destination,” the statement said. Separately, the MOF also disclosed that Petroliam Nasional Bhd’s (Petronas) dividend to the government is projected to decline to RM20 billion in 2026, from an estimated RM32 billion in 2025. It said petroleum-related revenue is expected to fall 24% to RM43 billion in 2026, compared to RM56.6 billion estimated for this year, due to lower global crude oil prices. “The government remains committed to reducing its reliance on petroleum-related income amid global oil market volatility. From a fiscal standpoint, the federal government will continue to prioritise spending optimisation, sustainable revenue generation and comprehensive economic reforms to support long-term growth,” the ministry added.

Private equity powerhouse Blackstone Inc is teaming up with Saudi Arabia’s emerging artificial intelligence firm Humain to develop data centres across the kingdom, beginning with an initial investment of about US$3 billion (RM12.6 billion). AirTrunk, a hyperscale data centre operator owned by Blackstone and the Canada Pension Plan Investment Board, will collaborate with Humain to establish a long-term partnership focused on financing, developing, and managing AI infrastructure throughout Saudi Arabia, the firms said in a joint statement on Tuesday (Oct 28). Announced on the sidelines of Riyadh’s Future Investment Initiative (FII), the deal underscores Saudi Arabia’s accelerating push into AI and digital infrastructure. Both Blackstone and BlackRock Inc have reportedly been competing to invest billions in Humain, Bloomberg News previously reported. The collaboration adds to a wave of global investments pouring into AI-related infrastructure, as leading investors and tech firms race to build capacity to support generative AI models like OpenAI’s ChatGPT. Blackstone, which has built a global data centre empire, acquired AirTrunk for around US$16 billion last year. The company currently operates facilities across Australia, Singapore, Hong Kong, Japan, and Malaysia. At the FII conference, Blackstone CEO Stephen Schwarzman described AI and data centres as key investment frontiers, though he cautioned that energy supply remains a pressing challenge for the industry. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), established Humain in May to spearhead the kingdom’s AI ambitions. The company recently broke ground on its first data centres, which are expected to go live early next year, and plans to add 1.9GW of capacity by 2030. Humain is also securing advanced semiconductors from US suppliers, including Nvidia Corp, and counts Qualcomm Inc and Cisco Systems Inc among its partners. It is reportedly in early talks with Elon Musk’s xAI on a potential Saudi data centre collaboration. The company’s US$10 billion Humain Ventures fund, launched earlier this year, has begun deploying capital into AI infrastructure projects. Humain CEO Tareq Amin said the partnership with Blackstone marks a major milestone in the kingdom’s AI journey. “This collaboration represents a pivotal moment in building scalable, secure, and sustainable data centre capacity to support the explosive growth of AI and cloud computing,” Amin said, adding that the company aims to make Saudi Arabia the world’s third-largest AI infrastructure hub, after the US and China.

KUALA LUMPUR, Bank Islam Malaysia Bhd announced that its Group Chief Executive Officer (CEO) Dato’ Mohd Muazzam Mohamed will step down from his role on Dec 12, 2025, concluding a decade-long career with the group. His resignation will take effect on Jan 7, 2026. To ensure a seamless leadership transition, the bank said its Group Chief Business Officer for Retail Banking, Mizan Masram, will assume the role of officer-in-charge beginning Dec 13, 2025. Dato’ Mohd Muazzam will continue serving during the transition period to support Mizan and facilitate an orderly handover. Appointed as Group CEO in 2018, Dato’ Mohd Muazzam has been pivotal in steering Bank Islam’s transformation journey, particularly in advancing digital innovation. He oversaw the launch of Be U, Malaysia’s first cloud-native mobile banking app, and several digital payment initiatives that strengthened the bank’s retail capabilities. Dato’ Mohd Muazzam also led the group’s corporate restructuring in 2021, when Bank Islam took over the listing status from its parent company to become the first and only standalone Islamic bank listed on Bursa Malaysia’s Main Market. Under his stewardship, the bank’s total assets expanded from RM64 billion in 2018 to over RM100 billion. The board of directors has initiated the process of identifying a successor, with an announcement to follow upon obtaining the necessary regulatory approvals. Reflecting on his departure, Dato’ Mohd Muazzam said: “It has been an honour to lead Bank Islam and work alongside a highly dedicated team. After seven years as Group CEO, I believe the time is right for me to step aside and focus on personal pursuits. I am deeply thankful for the trust and support extended by the board, management, and all our colleagues throughout this journey.” Bank Islam chairman Tan Sri Dr Ismail Haji Bakar expressed his appreciation, stating: “Dato’ Mohd Muazzam has played an instrumental role in strengthening Bank Islam’s position as a leading Islamic financial institution. On behalf of the board, we extend our sincere gratitude for his service and wish him continued success in his future endeavours.”