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KUCHING, Construction of the undersea power cable network to transmit renewable energy (RE) from Sarawak to Singapore is slated to begin by 2026 at the latest, according to Sarawak Premier Tan Sri Abang Johari Tun Openg. He said the Sarawak government, together with the federal and Singaporean governments, aims to commence the project next year once the current global shortage of submarine cables is resolved. “The Singapore and Sarawak governments, with endorsement from the Malaysian government, have agreed that the construction of the undersea cable should begin no later than next year,” Abang Johari said after officiating the Sarawak Mega Fair 2025 at the Suntec Singapore Convention and Exhibition Centre last Thursday. He added that Indonesia has responded positively to the project, as the cable route will pass through Indonesian territorial waters. Singapore’s Energy Market Authority has granted conditional approval to Sembcorp Utilities and its consortium partner, Sarawak Energy Bhd, to import one gigawatt (GW) of hydropower from Sarawak. Abang Johari also revealed that a special cross-border energy corridor is being developed between Malaysia, Singapore and Indonesia to facilitate the export of green electricity to Singapore. “There is already an agreement in principle for Sarawak to supply clean energy through this dedicated corridor,” he said.Hydropower currently accounts for more than 60% of Sarawak’s total energy generation capacity. Sarawak Energy owns and operates the Bakun (2,400MW), Murum (944MW) and Batang Ai (108MW) hydroelectric dams, with the 1,285MW Baleh dam currently under construction. To attract more foreign investment, particularly in renewable and sustainable industries, Abang Johari said Sarawak offers incentives equivalent to those from the Malaysian Investment Development Authority (MIDA), along with additional state-level benefits such as larger land allocations, lower premiums and competitive energy tariffs. “At present, Sarawak has the lowest industrial energy tariff in Malaysia,” he noted, adding that the state’s political and administrative stability continues to bolster investor confidence. Abang Johari emphasised that companies leveraging Sarawak’s renewable energy in their manufacturing processes will gain a “green premium” — a market advantage as global demand for low-carbon and eco-friendly products continues to rise. “Investors who produce goods using our green energy will find it easier to market their products, as they are aligned with global sustainability standards,” he said. He also announced that the soon-to-be-launched state-owned airline, AirBorneo, will enhance flight connectivity between Sarawak and Singapore, boosting both tourism and trade opportunities.

KUALA LUMPUR, AirAsia X Bhd is set to expand its fleet with smaller, more efficient aircraft as part of its medium-haul growth strategy, with deliveries of new Airbus models expected in the second half of 2026 (2H2026). Chief executive officer Benyamin Ismail said the airline will take delivery of the Airbus A321neo and A321LR aircraft, which are designed for routes lasting between five and seven hours — ideal for expanding connectivity within the Asia-Pacific region. “These aircraft will allow us to explore new destinations such as Busan in South Korea, Adelaide and Darwin in Australia, as well as several secondary cities in China,” he said during a media trip for the airline’s inaugural flight to Tashkent, Uzbekistan. The carrier launched its first service to Tashkent on Oct 15, offering three weekly flights between Malaysia and Uzbekistan’s capital. This marks AirAsia X’s second route to Central Asia, following the launch of flights to Almaty, Kazakhstan, in March 2024. Benyamin added that the airline is also focused on increasing flight frequencies across its existing destinations, driven by continued strong demand. “In Australia, we’re working on offering more consistent flight schedules, while China has rebounded strongly, so we’re ramping up capacity there,” he said, noting that demand for Japan and South Korea also remains solid. He said AirAsia X’s recent operational performance has been encouraging, with the airline maintaining a healthy average load factor of 84%, reflecting a strong post-pandemic recovery.

KUALA LUMPUR, Sum Technology Bhd, an engineering solutions provider for controlled and technical environments, plans to raise funds through an ACE Market listing to expand its Malaysian operations and establish a new office in the Philippines, its largest overseas market. According to its draft prospectus filed with Bursa Malaysia, proceeds from the proposed public issue of 117 million shares will also go toward strengthening design and development capabilities, enhancing competitiveness, and meeting working capital needs. Sum Technology offers design-and-build solutions for cleanrooms, controlled environments, and mechanical, electrical, process utilities, and firefighting (MEPF) systems. It also manufactures and trades air handling units (AHUs) and solar photovoltaic panels. The company operates across Malaysia, the Philippines, Taiwan, Indonesia, Singapore, Australia, Bangladesh, and India. Malaysia contributed 68.59% (RM35 million) of its FY2024 revenue, while the Philippines accounted for 19.48% (RM10 million). For the financial year ended Dec 31, 2024 (FY2024), Sum Technology reported a net profit of RM5.39 million on revenue of RM51.35 million, with a profit margin of 10.5%, up from 5.8% in FY2023. As of Aug 31, 2025, its order book stood at RM36.85 million. The new issuance represents 26% of the company’s enlarged share capital, with pricing to be determined later. Of the 117 million shares, 22.5 million will be offered to the Malaysian public, 4.5 million to eligible individuals, 33.75 million to selected investors, and 56.25 million to Bumiputera investors approved by the Investment, Trade and Industry Ministry — both via private placements. Malacca Securities has been appointed as the principal adviser, sponsor, underwriter, and placement agent for the IPO.

KUALA LUMPUR, Cosmos Technology International Bhd announced that Singapore-listed MSM International Ltd has ceased to be a substantial shareholder after selling 5.13 million shares to the company’s managing director, Datuk Chong Toh Wee. The shares were sold for RM2.02 million, or 39.43 sen each — a 12.67% premium over Cosmos Technology’s last closing price of 35 sen. Following the transaction, Chong’s shareholding rose from 38.87% to 40.87%. After the sale, MSM International holds 10.26 million shares, representing a 4% stake in Cosmos Technology. In a separate filing, MSM International said it plans to sell another 5.13 million shares to Datuk Foong Wei Kuong, the group managing director of JF Technology Bhd, who currently owns 17.95% of Cosmos Technology. Upon completion, MSM International’s stake will drop further to around 2%. MSM International once owned 27% of Cosmos Technology but began reducing its holdings in late 2024. In November that year, it announced the sale of a 21% stake, completed in January 2025 for RM21.24 million at 39.4 sen per share. MSM International is an integrated metal engineering company involved in OEM manufacturing, kitchen appliances, cleanroom systems, and laboratory equipment, while Cosmos Technology focuses on fluid control equipment manufacturing and services. For the first quarter ended July 31, 2025, Cosmos Technology recorded a net profit of RM403,000, slightly down from RM422,000 a year earlier, while revenue rose to RM4.44 million from RM4.31 million. Cosmos Technology’s shares closed unchanged at 35 sen on Wednesday, valuing the company at RM89.78 million.

PETALING JAYA, The Ministry of Energy Transition and Water Transformation (Petra) is streamlining its processes to cut red tape and speed up the rollout of renewable energy (RE) projects awarded through competitive bidding. Deputy Prime Minister and Energy Transition and Water Transformation Minister Datuk Seri Fadillah Yusof said the move aims to support Malaysia’s energy transition goals under the National Energy Transition Roadmap (NETR). He noted that while technology remains central to developing green energy, system reliability and fuel diversity are also key factors to consider as electricity demand continues to rise. “To meet growing demand, Malaysia must address these challenges effectively. The government will continue to maintain competitiveness in the bidding process while encouraging innovation from investors,” Fadillah said in his speech at Malakoff Corporation Bhd’s  50th anniversary celebration on Wednesday night. Under the NETR, Malaysia targets an RE capacity mix of 41% by 2035 and 70% by 2050. Fadillah said Petra continues to play an active role as a facilitator, coordinator and driver of the nation’s energy transition. Among the ministry’s efforts, he highlighted the launch of the Large-Scale Solar (LSS) 5+ programme in January, which offers a record 2,000 megawatts of new solar capacity. Petra is also promoting clean energy access through the Corporate Green Power Programme (CGPP) and the Corporate RE Supply Scheme (CRESS), he added. “These initiatives will help boost renewable energy capacity, enhance market confidence and attract more private investment,” said Fadillah. Also present were Malakoff chairman Tan Sri Che Khalib Mohamad Noh, group CEO Syahrunizam Samsudin and Bernama CEO Datin Paduka Nur-ul Afida Kamaludin.

KUALA LUMPUR, NexG Bhd has clinched its third government contract since late August, following an announcement that the group secured an 18-month extension from the Immigration Department for the continued supply of foreign worker cards. The extension, effective from Nov 1, 2025 to April 30, 2027, builds on the original RM140 million contract awarded on Nov 1, 2022 for 36 months. NexG said the renewal will not be subject to the sales and service tax. This marks the company’s third major public-sector contract in under two months. On Aug 29, its wholly-owned unit Datasonic Technologies Sdn Bhd (DTSB) was awarded a six-year RM1.73 billion contract by the Ministry of Home Affairs to supply Malaysian passports from June 1, 2026 to May 31, 2032. Two weeks later, NexG announced another six-year deal worth RM732.72 million from the same ministry to supply national identity cards — including MyKad and MyTentera — for the same contract period. The passport and MyKad contracts came shortly after the group’s share price plunged nearly one-third following its acquisition of a 32.61% stake in Classita Holdings Bhd, now renamed NexG Bina Bhd. Board shake-up continuesAlongside its contract wins, NexG reported a series of board resignations. Independent directors Datuk Seri Mohd Sopiyan Mohd Rashdi and Datuk Zainal Abidin Abu Hassan stepped down to pursue other interests. Mohd Sopiyan, appointed just a month ago, has extensive experience in financial institutions, while Zainal Abidin previously served as secretary general at the Ministry of Science, Technology and Innovation and the Ministry of Housing and Local Government. Their departures follow the exit of former executive deputy chairman Tan Sri Mohd Khairul Adib Abd Rahman and executive director Datuk Puvanesan Subenthiran on Oct 14. Following the changes, NexG’s board now comprises chairman and CEO Datuk Hanifah Noordin, who holds a 9.28% stake, executive directors Datuk Ab Hamid Mohamad Hanipah and Erna Ismail, and independent directors Datuk Ibrahim Abdullah and Datuk Che Nazli Jaapar. NexG’s shares closed one sen or 2.2% lower at 45 sen on Wednesday, valuing the group at RM1.67 billion. The stock has more than doubled from its April low of 22 sen.

PETALING JAYA, GameOn Theme Park has teamed up with CapitaLand Malaysia and Eco World Development Group Bhd (KL:ECOWLD) to open a series of new family entertainment centres at the developers’ projects across the Klang Valley. At a joint tenancy signing ceremony held on Sunday at the NextGen Theme Park, 1 Utama Shopping Centre, GameOn announced plans to open its flagship outlet at CapitaLand’s The Mines Shopping Mall in Seri Kembangan this November. (From left) Eco World Development Group Bhd executive director and deputy CEO Liew Tian Xiong, GameOn founder and CEO Leroy Lee, The Malaysia Book of Records chief operating officer Jwan Heah, and CapitaLand Investment (Malaysia) general manager (mall management) Alicia Yuen at the joint tenancy signing ceremony on Sunday.   Spanning over 70,000 sq ft, the flagship centre will feature more than 30 attractions, including a ninja obstacle course, water play zone, creative playland, art zones, sports hubs, karaoke rooms, and gaming arenas. Following that, GameOn will introduce a new “Kidpreneur” concept at EcoWorld’s The Labs in Bukit Bintang City Centre, scheduled to open in March 2026. The 32,000-sq-ft space will provide hands-on, role-play experiences to help children explore real-world careers and learn money management through creative play. At the same event, GameOn was recognised by the Malaysia Book of Records as the fastest-growing entertainment centre in Malaysia, earning the title for launching the most edutainment centres in a year — eight outlets in just 18 months. “Partnering with two of Malaysia’s leading developers and receiving this recognition marks a major milestone for us,” said GameOn founder and CEO Leroy Lee. “Our goal is to make world-class family entertainment accessible, affordable, and inclusive, and these partnerships bring us closer to that vision.” Lee added that GameOn aims to open eight to ten new outlets nationwide over the next two years, covering a total of about 500,000 sq ft of space.

KUALA LUMPUR, Lion Industries Corp Bhd is reportedly considering shutting down its two long steel mills in Banting and Bukit Raja, Klang, operated under its wholly owned unit Amsteel Mills Sdn Bhd, according to industry sources familiar with the matter. While details remain limited, sources indicate the potential closures could happen as early as the end of this year. The Banting and Klang facilities — which produce steel bars, speciality bars and wire rods for the construction and manufacturing sectors — are key revenue contributors for Lion Industries. Apart from steel manufacturing, the group is also involved in property development and, through its 74%-owned subsidiary Lion Posim Bhd (KL:LIONPSIM), distributes building materials, sanitary ware, tap fittings, tiles, ironmongery, and lubricants. In response to queries from The Edge, a company spokesperson said: “Amsteel is in operation, though the steel industry, domestically and globally, continues to face challenging times. The company remains focused on improving operational efficiency, enforcing strict cost controls, diversifying its product range, and pursuing sustainable growth.” Financial filings show that Amsteel has recorded losses in four of the past five financial years. In FY2024, it posted a net loss of RM100.82 million on RM1.12 billion in revenue. The only profitable year during that period was FY2021, when it booked an after-tax profit of RM887.37 million on RM2.13 billion in revenue — a figure likely supported by a RM440.5 million gain from a subsidiary disposal and a RM193.1 million gain from a secured debt settlement. As of end-December 2024, Amsteel’s total assets stood at RM1.2 billion, with total liabilities of RM1.07 billion. Of this, nearly RM700 million were current liabilities due within 12 months. The company’s share premium and reserves were negative RM550.92 million. Lion Industries itself has also been struggling. For the six months ended June 2025, it reported a net loss of RM83.4 million on RM657.28 million in revenue, compared with a net loss of RM71.51 million on RM838.51 million a year earlier. As at end-June 2025, the group had RM102.9 million in cash, short-term loans of RM112.1 million, and long-term borrowings of RM22.42 million, with accumulated losses of RM360.17 million. In its latest financial statement, the company noted that the operating environment for Malaysia’s steel industry remains challenging, citing persistent overcapacity, stiff competition, and rising operational costs that continue to pressure margins. It added that it would focus on efficiency improvements and cost containment to mitigate the situation. In recent years, both Lion Industries and Amsteel have been divesting assets. They are currently in the process of selling two parcels of freehold land measuring 19.78 acres and seven acres to Unichamp Mineral Sdn Bhd for RM67.96 million and RM24.07 million, respectively — a related-party transaction. Lion Industries is 34.59%-owned by Tan Sri William Cheng Heng Jem, who also controls Parkson Holdings Bhd and other ventures in the steel and retail sectors. Shares of Lion Industries ended last Friday unchanged at 19.5 sen, valuing the company at RM132.8 million. Industry observers say intense competition from Alliance Steel (M) Sdn Bhd, a subsidiary of China’s Guangxi Kunyi Investment Co Ltd, has weighed heavily on local steelmakers. Alliance Steel operates a US$1.4 billion plant spanning 710 acres in the Malaysia-China Kuantan Industrial Park. In late 2023, four major long steel producers — Ann Joo Resources Bhd, Malaysia Steel Works (KL) Bhd, Southern Steel Bhd (KL:SSTEEL) and Lion Industries — appealed for government assistance, alleging that Alliance Steel had breached its manufacturing licence terms and was dumping certain steel products into the Malaysian market. Alliance Steel’s manufacturing licence requires it to export at least 50% of its production, except for products not produced locally, such as H-beams.

KUALA LUMPUR, Bank Negara Malaysia (BNM) will make the Malaysian Islamic Overnight Rate (MYOR-i) the mandatory benchmark for all Islamic financial products starting July 1, 2027 — a move the central bank calls a major structural shift in the Islamic finance industry. Governor Datuk Seri Abdul Rasheed Ghaffour said MYOR-i, the world’s first transaction-based Islamic benchmark rate, will enhance transparency, consistency and shariah compliance across the sector. “This is not just a technical adjustment; it is a structural transformation,” he said in his opening remarks at the Global Islamic Finance Forum 2025, officiated by Prime Minister Datuk Seri Anwar Ibrahim on Monday. The adoption of MYOR-i is part of five key initiatives Malaysia is implementing to strengthen its Islamic financial ecosystem — focusing on risk-sharing structures, inclusive development, global connectivity and talent building. Abdul Rasheed said the first initiative involves promoting risk-sharing contracts such as musharakah and mudarabah through programmes like i-Cita, which was launched last month with RM100 million in government support to encourage shariah-compliant financing innovation. He added that BNM is also reviewing policies related to shariah contracts and investment accounts to foster a more enabling environment for Islamic investment intermediation. The second initiative aims to align Islamic social finance with mainstream systems, citing the iTekad programme as a model that combines financial inclusion with social impact. The programme’s latest expansion, supported by a RM5 million government matching grant for takaful contributions, will further enhance financial protection for participants. Malaysia also aims to position Islamic finance as a key driver in the halal economy and sustainable finance — two trillion-dollar growth sectors. Through the Malaysia International Islamic Financial Centre (MIFC) Leadership Council, the country has established a global connectivity framework, now advancing with the creation of the MIFC Business Network (MBN). Abdul Rasheed said nine industry leaders across banking, takaful, capital markets and related services have already committed as founding members of the MBN, with more to join soon. The final pillar focuses on talent development and innovation. He noted that institutions such as INCEIF University and the Islamic Banking and Finance Institute Malaysia (IBFIM) are evolving their roles to nurture the next generation of Islamic finance professionals across ASEAN. “The message is clear — for Islamic finance to lead, we must invest in people who can imagine, design and deliver its future,” he said. The governor also highlighted that the global Islamic finance market is expected to exceed US$9.7 trillion (RM41 trillion) by 2029, adding that its growth must be driven not only by size but by leadership, innovation and purpose.

KUALA LUMPUR, ES Sunlogy Bhd said its wholly-owned unit, Savelite Engineering Sdn Bhd, has reached a settlement agreement to resolve a RM1.12 million judgment sum owed to Askey Media Technology Sdn Bhd through an eight-month instalment plan. The payment stems from a legal dispute after Savelite completed renovation and electrical works for a two-storey office and warehouse more than a year behind schedule, causing Askey to suffer rental losses. The High Court had earlier ordered Savelite to pay RM768,900 in liquidated damages, plus interest and legal costs. The Court of Appeal later upheld this decision, rejecting Savelite’s appeal in July 2025. Following negotiations, both parties agreed to a full and final settlement, with Savelite paying RM10,000 in legal costs upfront and the remaining amount via eight post-dated cheques from October 2025 to May 2026. Under the terms, Askey will not initiate enforcement or winding-up proceedings as long as Savelite complies with the payment schedule. ES Sunlogy said it will continue to monitor the matter and update shareholders on any material developments. At Monday’s close, ES Sunlogy’s shares fell 1.5 sen or 3.9% to 37 sen, valuing the group at RM259 million. The stock has gained 23% since its February debut at 30 sen.