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KUALA LUMPUR, Malaysian Rating Corporation Bhd (MARC) has announced new leadership changes across its group, effective August 1, 2025, aimed at ensuring leadership continuity and sharpening strategic focus. Group CEO Arshad Mohamed Ismail has been appointed Chief Executive Officer of MARC Ratings Bhd, the group’s credit ratings division, following the retirement of Rajan Paramesran on July 31 after 17 years of service. “We are grateful to Rajan for his outstanding contributions and for establishing MARC Ratings as a trusted name in the capital markets,” said Arshad. “I’m committed to building on this strong foundation with our leadership team to deliver continued value and uphold analytical excellence.” To further bolster its ratings operations, MARC has also appointed Deputy Chief Rating Officer Taufiq Kamal to the Rating Committee. He will support Chief Rating Officer Hafiza Abdul Rashid in enhancing analytical quality, governance, and operational performance. These appointments underscore MARC’s ongoing commitment to quality, transparency, and leadership in Malaysia’s capital market landscape.

KUALA LUMPUR, Malayan Banking Bhd (Maybank) has entered into a five-year strategic partnership with Microsoft worth RM1.0 billion to accelerate its digital transformation journey. In a statement released Tuesday, Maybank said the collaboration will leverage Microsoft’s cloud, artificial intelligence (AI), security tools, and collaboration technologies to enhance customer experience, boost operational agility, and embed a culture of continuous innovation. As part of the initiative, Maybank will upgrade its systems to Microsoft 365 and adopt Microsoft Azure as a key cloud platform for several core systems, functions, and data workloads. “This transition will provide Maybank with a secure, resilient, and scalable infrastructure — enabling real-time data insights, quicker rollout of new services, and improved operational efficiency,” the statement noted. To further boost productivity, Maybank will also deploy Microsoft 365 Copilot across its 44,000-strong workforce, offering employees access to powerful AI-driven tools. Beyond tech implementation, the partnership underscores a major investment in Maybank’s talent. Both organisations will explore setting up a joint centre of excellence focused on cloud and AI innovation, with plans to cultivate in-house capabilities in these strategic areas.

PETALING JAYA: Pekat Group Bhd’s 60%-owned indirect subsidiary, EPE Switchgear (M) Sdn Bhd, has secured a RM31.32 million contract from Tenaga Nasional Bhd (TNB) for the maintenance and repair of switchgear systems. In a filing with Bursa Malaysia, Pekat said EPE Switchgear will carry out maintenance, servicing, and repairs for air-insulated and gas-insulated switchgears, including the supply and installation of spare parts, in accordance with TNB’s specifications. The contract takes effect from Aug 1, 2025, as stated in the Letter of Award, and will run for two years with an option to extend for an additional year. Pekat noted that the duration of each individual service will be based on purchase orders issued by TNB.

KUALA LUMPUR, Malaysia Aviation Group (MAG) announced that its regional airline, Firefly, will relocate its jet operations from Sultan Abdul Aziz Shah Airport (Subang Airport) to Kuala Lumpur International Airport (KLIA) Terminal 1, starting August 19, 2025. In a statement, MAG said Firefly will continue its turboprop services from Subang, maintaining connectivity to major domestic and regional routes. Jet services will launch from KLIA on August 19 with the inaugural flight to Tawau, followed by Kuching and Kota Kinabalu on August 21, Singapore on August 22, Johor Bahru on August 23, Kota Bharu and Terengganu on August 30, and Sibu on September 3. The airline will also increase flights from KLIA to Penang from the current two per week to six weekly flights beginning August 23, with plans to raise that to 10 weekly by November. Passengers affected by the shift will be contacted directly and offered alternative arrangements or full refunds in accordance with the Malaysian Aviation Consumer Protection Code 2016. MAG said the relocation supports its long-term network optimisation strategy aimed at boosting operational efficiency and ensuring the sustainability of Firefly’s jet services. MAG Group Managing Director Datuk Captain Izham Ismail noted that KLIA provides a better platform for Firefly to expand its jet operations, improve passenger connectivity, and leverage shared group resources in engineering, ground handling, and catering. “Subang Airport will remain a vital hub for Firefly’s turboprop network, offering crucial connections across Malaysia and the region,” he added. The move also aligns with MAG’s broader goal of strengthening KLIA as the country’s primary aviation hub.

KOTA KINABALU, Sabah Electricity Sdn Bhd (SESB) has named Saadiah Aziz as its new chairperson, effective July 31, 2025. She succeeds Datuk Seri Wilfred Madius Tangau. Saadiah, 49, brings over 24 years of experience in project management, stakeholder engagement, and capital markets. She previously served as Senior Vice President at Khazanah Nasional Berhad, where she played a key role in the Government Linked Companies Transformation Programme (2005–2015) and various national initiatives. Her earlier career included roles at the Labuan Offshore Financial Services Authority and Malaysian Rating Corporation Berhad. Saadiah holds Master’s degrees in Strategic Project Management (University College London) and Financial Management (Glasgow Caledonian University), a Bachelor’s in Accounting, and has completed an executive programme at London Business School. SESB’s board and management welcomed her appointment, with CEO Datuk Mohd Yaakob Jaafar expressing confidence in her leadership to steer the company into its next chapter.

SINGAPORE, Singapore’s construction sector is poised for a strong performance in 2025, with total demand projected to hit between S$32 billion and S$53 billion, fuelled by a surge in public housing developments and major infrastructure projects such as Changi Airport Terminal 5 and the Marina Bay Sands (MBS) expansion. The Building and Construction Authority (BCA) shared the forecast in its latest industry outlook, citing resilient public sector demand and a steady pipeline of private residential and commercial developments. According to the BCA, the public sector will remain a key driver, expected to contribute between S$18 billion and S$23 billion, or roughly 45% of total demand. Key government-led projects include new Build-To-Order (BTO) flats, public healthcare facilities, and transport infrastructure such as rail upgrades and road works. Meanwhile, the private sector is forecast to generate between S$14 billion and S$30 billion in demand, with major contributions from the planned expansion of Marina Bay Sands, the resumption of delayed commercial and hospitality developments, and upcoming data centre projects. The private residential segment is also expected to remain active, buoyed by steady homebuyer demand and land sales. One of the most anticipated catalysts is Changi Airport Terminal 5, which recently resumed construction after a pandemic-induced pause. The multi-billion-dollar project is expected to significantly boost construction activity and create thousands of jobs over the next few years. The Marina Bay Sands expansion, including a new hotel tower and state-of-the-art entertainment facilities, is also set to inject fresh momentum into the construction landscape, with works targeted to commence in 2025. Despite global economic uncertainties, Singapore’s construction industry has shown resilience. Total construction demand for 2024 is on track to hit the S$35 billion to S$38 billion range, supported by strong public housing numbers and continued investment in critical infrastructure. The BCA noted that while inflationary pressures and manpower constraints remain challenges, ongoing efforts to digitalise the sector, improve productivity, and attract local talent will help ensure sustainable growth. Industry players welcomed the positive outlook, calling it a sign of recovery and confidence in Singapore’s long-term development plans. “The upcoming pipeline offers opportunities not just for builders, but also for engineers, architects, and technology providers,” said a spokesperson from the Singapore Contractors Association. “The focus on innovation and green construction will further enhance the sector’s competitiveness.” The BCA will continue to monitor market conditions and work closely with stakeholders to manage costs, manpower needs, and environmental sustainability as the sector moves toward a more robust and digital future.

GEORGE TOWN, Penang has strengthened its position as a global hub for business and technology with the official launch of “GBS By The Sea,” a landmark RM296 million development located at Technoplex in Bayan Lepas. Penang Chief Minister Chow Kon Yeow described the project as a bold move that underscores the state’s shift toward a knowledge-based and innovation-driven economy. Spanning 290,000 square feet, GBS By The Sea is the fourth initiative under Penang’s Global Business Services (GBS) programme. “The facility is already fully occupied by three global industry players—Advanced Micro Devices Global Services (AMD), Celestica Platform and Cloud Solutions Malaysia, and the Microsoft Knowledge Capital Centre,” Chow said during the launch ceremony today. “These companies are not only investing in Penang but also creating over 1,000 high-value jobs in R&D, engineering, digital services, and other future-focused sectors. These are the types of careers we aim to offer to Penangites,” he added. Also present at the event were State Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari, Penang Island City Council (MBPP) Mayor Datuk A Rajendran, and Penang Development Corporation (PDC) CEO Datuk Aziz Bakar. Chow highlighted that the facility includes more than just office space—it also features a gym, cafeteria, and a six-storey car park with 800 bays. He emphasised that the GBS sector would be central to Penang’s continued transformation from a manufacturing stronghold into a modern, tech-driven economy. “Projects like GBS By The Sea aren’t just symbolic—they deliver real value for both businesses and workers,” he said. Chow noted that the development aligns with the 13th Malaysia Plan (13MP), which prioritises the shift to ‘Made by Malaysia’ and aims for higher growth through value-added industries. Looking ahead, Chow announced that PDC is already planning a fifth GBS project—“GBS at Technoplex”—a RM500 million development offering over 400,000 square feet of space. Although still under construction, 16% of the space has already been pre-booked, signaling strong investor confidence in Penang’s growing appeal.

JAKARTA, Indonesia and France have agreed to jointly develop a light rail transit (LRT) system in Greater Bandung, West Java, as part of a wider effort to deepen bilateral cooperation in the transportation sector. The agreement was announced by Indonesia’s Transportation Minister Dudy Purwagandhi following a meeting with his French counterpart, Philippe Tabarot, in Paris. The meeting coincided with the 75th anniversary of diplomatic relations between the two countries. “This collaboration includes knowledge sharing, technology transfer, and direct involvement of companies from both nations,” Dudy said in a statement on Friday. Transportation Minister Dudy Purwagandhi (right) and French Transport Minister Philippe Tabarot (left) agree to strengthen transport cooperation, including the development of an LRT project in Bandung, West Java. The agreement was announced on Friday, Aug. 1, 2025.  The partnership follows recent high-level visits, including French President Emmanuel Macron’s trip to Jakarta in May and Indonesian President Prabowo Subianto’s attendance at Bastille Day celebrations in Paris on July 14. The Greater Bandung LRT project aims to connect key areas in Bandung with the Whoosh high-speed rail station in Tegalluar. It is expected to ease traffic congestion and improve intermodal connectivity. According to the West Java Transportation Agency, the initial phase will focus on two key corridors: Tegalluar–Leuwipanjang and Leuwipanjang–Babakan Siliwangi. The estimated development cost stands at Rp 26 trillion (around $1.6 billion), which includes supporting infrastructure. Construction is slated to begin in 2027. “This project represents a concrete step towards building a modern and sustainable public transport network. The LRT will greatly improve urban mobility in Bandung,” said Dudy. In addition to the LRT initiative, both countries have also committed to expanding cooperation in maritime and aviation sectors—covering areas such as port operations, shipping safety, and aviation technology. A joint working group will be established to develop an action plan and identify priority projects across the agreed areas. French Transport Minister Philippe Tabarot welcomed the collaboration, calling Indonesia a strategic partner and describing the Bandung LRT as a foundation for broader, long-term cooperation.

SINGAPORE, The Ministry of Law (MinLaw) has named four law firms found to have breached anti-money laundering rules in connection with the purchase of properties tied to the S$3 billion (US$2.3 billion) money laundering case. In a statement on Friday (Aug 1), MinLaw said it had completed regulatory actions against Anthony Law Corporation, Fortis Law Corporation, Legal Solutions LLC, and Malkin & Maxwell LLP. These firms were involved in the conveyancing—the legal process of transferring property ownership—of real estate seized during the major anti-money laundering operation in August 2023. Although penalties were announced on July 15, the names of the firms were only revealed now, following the conclusion of investigations. Out of 24 law firms originally investigated by the Director of Legal Services (DLS) Sarala Kumari Subramaniam, with support from MinLaw, 13 have now been dealt with. Two additional law firms—William Poh & Louis Lim (now Louis Lim & Partners) and Templars Law LLC—were also named after regulatory action against them concluded. MinLaw further identified five lawyers involved in property transactions linked to the seized assets: Tan Chau Chuang, Andrew Wong Wei Kiat, Tan Tse Chia Patrick, Ee Tian Huat Patrick, and Poh Tian Hock William. All five have been referred to the Law Society for possible disciplinary action. While the Law Society previously confirmed one referral without disclosing names, it reiterated in response to Friday’s update that all disciplinary matters remain confidential.

KUALA LUMPUR,  TSA Group Bhd is making its foray into the granite quarrying industry through a strategic partnership with ABR Group Sdn Bhd, marking a significant diversification move for the company. In a filing with Bursa Malaysia today, TSA Group said it had entered into a joint venture agreement with ABR Group to develop and operate a granite quarry located in Johor. The project, covering an area of approximately 150 acres, is expected to begin operations by the first quarter of 2026, subject to regulatory approvals. The tie-up will see TSA holding a 60% stake in the joint venture company, with ABR Group retaining the remaining 40%. ABR, which owns the quarry land and possesses the necessary mining licenses, will contribute its operational expertise and local market network. TSA will provide capital investment and strategic oversight. “The venture aligns with our long-term diversification strategy and allows us to tap into the construction materials segment, which continues to show robust demand driven by infrastructure and property development,” TSA Group said in a statement. The initial capital expenditure for the project is estimated at RM35 million, which includes quarry development, equipment procurement, and environmental compliance measures. TSA Group expects the quarry to produce an annual output of 1.2 million metric tonnes of granite aggregates once fully operational. The materials will primarily serve the southern Peninsular Malaysia market, with potential for exports to Singapore and other neighbouring countries. Analysts view the move as a positive step in strengthening TSA’s earnings base. “The partnership with ABR gives TSA immediate access to a new revenue stream with relatively quick ramp-up potential. With infrastructure projects such as the Johor-Singapore Rapid Transit System (RTS Link) and domestic housing demand driving aggregate consumption, this venture is timely,” said a construction sector analyst at MIDF Research. TSA Group, previously focused on logistics and engineering solutions, has in recent years taken steps to broaden its business portfolio. This latest move into quarrying marks its first entry into the upstream construction supply chain. The group said further details of the project timeline, financial projections, and operational plans would be announced in due course.