News

Tenaga Nasional Bhd (TNB) is partnering with the Perak government to refurbish key hydroelectric stations along the Temengor, Bersia, and Kenering corridor at a total cost of RM5.8 billion. Perak Infrastructure, Energy, Water and Public Transport Committee chairman Datuk Seri Mohammad Nizar Jamaluddin (front left) and Perak State Development Corporation (PKNPk) chief executive Datuk Redza Rafiq Abdul Razak (second from right), with other representatives, at Thursday’s groundbreaking ceremony.  The project is being carried out under TNB’s Hydro Life Extension Programme (HLEP), which includes the development of a centralised workers’ quarters. The upgrades are expected to enhance operational efficiency and increase the total hydroelectric generation capacity to 650.75 megawatts (MW). The HLEP will be executed by a consortium led by Voith Hydro and HeiTech Padu Bhd, which has been awarded a RM1.04 billion contract for the core engineering and construction works. The programme aims to strengthen Perak’s position in clean energy and attract potential investment in green technology and data centres. Perak Menteri Besar Datuk Seri Saarani Mohamad said the RM5.8 billion investment is expected to revitalise towns such as Gerik and the Hulu Perak district, transforming the area into a new economic hub. He added that the state government is committed to ensuring local contractors and vendors benefit from the project, supporting the growth of Perak’s industrial ecosystem. Datuk Redza Rafiq Abdul Razak, chief executive of Perak State Development Corporation (PKNPk), highlighted that the centralised workers’ quarters, which can accommodate 200 staff, is crucial for operational efficiency while maintaining worker welfare and community standards. The groundbreaking ceremony for the workers’ quarters was held in Bandariang, Gerik, marking the start of this large-scale hydroelectric refurbishment initiative.

Bank Negara Malaysia (BNM) has imposed a RM1 million fine on Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) over inadequate cybersecurity controls and insufficient incident response measures that led to breaches of customer data. The fine was issued on 20 January 2026 and paid by the bank on 26 January 2026. According to a statement on BNM’s website, the penalty followed a cyberattack that allowed unauthorised access to Bank Rakyat’s IT systems, highlighting lapses in the bank’s cybersecurity and consumer data protection protocols. In response, Bank Rakyat has implemented remedial actions to strengthen its cybersecurity infrastructure, ICT controls, governance arrangements, and resources. BNM emphasised that all financial institutions must adhere to two key policy documents: Risk Management in Technology Policy Document – requires banks to maintain robust cybersecurity measures to detect, prevent, and respond to threats, with clear plans for incident management, recovery, and communication. Management of Customer Information Permitted Disclosures Policy Document – mandates strong safeguards to protect customer data against theft, misuse, or unauthorised access, with continuous monitoring for suspicious activity. BNM warned that it will continue to take strict action against any financial institutions that fail to comply with legal and regulatory requirements, reinforcing the importance of cybersecurity and data protection in Malaysia’s banking sector.

RHB Banking Group has launched two new wealth and protection solutions: RHB Wealth Advance and Takaful mySmart Income Enhanced, offering both conventional and Shariah-compliant options. The products were developed in collaboration with Tokio Marine Life Insurance Malaysia and Syarikat Takaful Malaysia Keluarga. Jeffrey Ng Eow Oo, Managing Director of Group Community Banking at RHB, said,“Customers today seek solutions that help them grow, protect, and transfer their wealth with confidence. RWA and MSIE provide two complementary pathways tailored to different financial priorities, risk appetites, and life stages.” RHB Wealth Advance is a protection and investment plan designed for wealth accumulation and intergenerational wealth transfer. It offers premium payment terms of three, five, or eight years, with coverage up to age 128. The plan provides guaranteed acceptance up to age 75 without a health questionnaire, 100% allocation for basic premiums from year one, access to a diversified range of investment funds, and protection benefits of up to 200% of total premiums paid, with additional benefits for accidental death. Takaful mySmart Income Enhanced is a Shariah-compliant family takaful plan offered via RHB Islamic Bank. It provides guaranteed yearly income and financial protection in case of death or total permanent disability. Contributions can be made over three years, with coverage extending up to 20 years. The plan also includes periodic Cash Booster Benefits, maturity payouts based on accumulated savings and investment performance, wealth distribution through Hibah Takaful, and accidental death coverage up to 500% of the sum covered. Both plans are now available nationwide at RHB Bank branches.

WPP Media Malaysia has been appointed as the Integrated Media Agency of Record for IKEA Malaysia under a three-year mandate covering strategy, planning and media buying across all channels. The partnership marks a new phase in how IKEA Malaysia engages and connects with customers. Leveraging WPP Open, WPP’s agentic marketing platform, IKEA Malaysia aims to deliver smarter, more personalised campaigns designed to turn online browsing into in-store visits. The collaboration reflects IKEA Malaysia’s focus on strengthening its media approach in an increasingly competitive and fragmented landscape. By tapping into WPP’s predictive intelligence and integrated media capabilities, IKEA Malaysia plans to better connect online inspiration with physical store experiences. The partnership is also intended to help the brand remain agile, data-driven and aligned with evolving customer behaviours. The collaboration will centre on three key priorities: deeper customer understanding, future-ready media execution, and measurable business outcomes. WPP Media will translate data into actionable insights to create more personalised experiences, support faster adaptation to market changes, and drive results such as customer acquisition, IKEA Family loyalty and clearer return on investment. The appointment builds on WPP Media’s existing global relationship with IKEA, with partnerships already in place across Europe, MENA, India, Japan and Australia. Helen McRae, CEO, SEAPAT (Southeast Asia, Pakistan, South Africa and Taiwan), WPP Media, said the partnership highlights the strength of WPP Open’s AI-led media ecosystem in delivering deeper consumer insights and measurable business impact. She added that the focus over the next three years will be on connecting digital discovery with in-store experiences while supporting sustainable growth for the IKEA brand. Amanda Low, Country Marketing Manager & PR, IKEA Malaysia, said the partnership marks a shift in how the brand engages Malaysians. She noted that WPP Media’s data-driven strategies and integrated media expertise will enable IKEA Malaysia to move with greater agility and deliver more relevant and meaningful customer experiences across touchpoints, while supporting the brand’s next phase of growth.

Concrete Engineering Products Bhd has received a takeover offer from YTL Cement Bhd, valued at RM2.60 per share, for a 53.49% stake in the company. The deal covers 32.92 million shares and is worth RM103.79 million, marking a 39% premium over Concrete Engineering’s last traded price of RM1.87 prior to trading suspension on Wednesday. Privately held YTL Cement, the building materials arm of YTL Corporation Bhd, plans to extend the offer to all remaining minority shareholders in line with Bursa Malaysia’s listing requirements. The offer represents a premium of 60% to over 90% compared with the stock’s volume-weighted average prices over the past one month to one year. YTL Cement has stated that it intends to maintain Concrete Engineering’s listing status on the Main Market. Among the sellers in the transaction are Inch Kenneth Kajang Rubber Public Limited Company, which held a 19.32% stake, and Datuk Dr Che Muhamad Fasir Samsudin, who sold a 4.09% stake, alongside his son Muhammad Firdaus Muhamad, who sold 4.67%. The disposal forms part of Inch Kenneth Kajang Rubber’s strategy to streamline non-core assets and focus on tourism, property development, and rubber manufacturing. The divestment is expected to generate proceeds of RM19.97 million for the group. Concrete Engineering, which manufactures and sells prestressed spun concrete piles and poles, has seen its stock surge to a 19-year high of RM1.99 in late March 2026, following months of muted trading below RM1.17. Its shares will resume trading on April 2. The company reported narrowing net losses of RM2.88 million in 1QFY2026 from RM5.99 million a year earlier, with revenue rising 8.3% to RM13.08 million. The takeover follows a series of shareholder adjustments, including the recent settlement of a RM16.8 million debt to Muhamad Fasir via the transfer of a 12.68% stake in Inch Kenneth Kajang Rubber, as well as exits by other family-linked holdings. YTL Cement’s offer is seen as a strategic move to gain control of a key infrastructure materials player while maintaining the company’s listing and operational continuity.

Tin miner and metal producer Malaysia Smelting Corp Bhd has announced a RM10 million investment to build a new rotary furnace at Rahman Hydraulic Tin (RHT) in Klian Intan, Perak, the company said in a press statement on Friday. The new furnace, expected to be completed by the third quarter of 2026, is planned to process approximately 10 tonnes of tin ore per day. Once operational, it will allow MSC to convert tin ore to crude tin metal on-site at RHT, reducing the current need to transport ore to its smelting facility in Pulau Indah, Port Klang for initial processing. After the primary conversion at RHT, the crude tin metal will be sent to the Pulau Indah facility for final refining before being delivered to London Metal Exchange warehouses and industrial customers in the electrical and electronics sectors. MSC co-CEO Nicolas Chen Seong Lee said the new rotary furnace will enhance operational efficiency by better integrating the company’s mining and smelting operations. “By initiating the primary smelting process at the mine, we can streamline material flow, improve efficiency, and provide a more consistent feedstock to our Pulau Indah smelter for final refining,” he noted. Co-CEO Lam Hoi Khong added that the investment would optimise logistics and turnaround times. “This investment strengthens our cost structure by reducing the need to transport non-value-adding materials over long distances. By shifting part of the processing upstream, we can optimise logistics, improve turnaround time, and enhance overall efficiency across the value chain,” he said. Shares of MSC closed unchanged at RM1.86 on Friday, giving the company a market capitalisation of RM1.56 billion.

Catcha Digital Bhd announced that its 60%-owned subsidiary, One International Exhibition Sdn Bhd, is acquiring Constellar Exhibitions Malaysia Sdn Bhd for RM3.97 million to expand its business-to-business (B2B) expo portfolio into the food and beverage (F&B) sector. Constellar has organised the Malaysian International Food & Beverage Trade Fair (MIFB) for the past 25 years, one of ASEAN’s leading trade events for the F&B industry. Catcha said the acquisition will broaden its B2B exhibition offerings and create operational synergies, including shared sales networks, consolidated venue and contractor arrangements, and unified event management across One International’s portfolio. One International currently manages Agri Malaysia, an agriculture technology expo, and co-organises the construction-and-infrastructure exhibition MBAM OneBuild as a 49% joint-venture partner with the Master Builders Association Malaysia.

Favelle Favco Bhd has secured four contracts worth a total of RM42.6 million to supply tower and offshore cranes. This marks the group’s second round of contract wins this year, following RM76.3 million in orders secured in January. In a Bursa Malaysia filing on Wednesday, Favelle Favco said its wholly-owned subsidiary, Favelle Favco Cranes (USA) Inc, will supply tower cranes to Select Crane Sales, LLC, with deliveries expected in the first quarter of 2027. The other three contracts involve offshore cranes, which will be supplied by Favelle Favco Cranes (M) Sdn Bhd to DESB Marine Services Sdn Bhd, Malaysia Marine and Heavy Engineering Sdn Bhd, and Brooke Holding Sdn Bhd. Deliveries are scheduled for the first and second quarters of next year. The group said these contracts are expected to contribute positively to earnings and net assets for the financial year ending Dec 31, 2026, and beyond. AskEdge data shows Favelle Favco has trailing 12-month EBITDA margins of 14.6% and a return on equity of 6.4%. Shares in Favelle Favco closed one sen, or 0.63%, lower at RM1.59 on Wednesday, giving the company a market capitalisation of RM377 million.

Heineken is set to shift its production from Singapore to Malaysia and Vietnam as the Dutch brewer gradually scales down its large-scale operations in Singapore. According to an exchange filing by Heineken Malaysia Bhd, the transition will be phased, with full impact expected by the third quarter of 2027. The move is aimed at boosting exports from Malaysia, which currently account for less than 1% of total sales to Singapore and other markets. “Additionally, it allows the company to optimise supply chain capacity, achieve greater economies of scale, and enhance operational efficiency,” Heineken Malaysia said. The relocation coincides with Asia Pacific Breweries Singapore, Heineken’s wholly-owned subsidiary, shifting to an import-based supply model supported by the company’s breweries across the region. Singapore will remain the global home of Tiger Beer and the base for Heineken’s Asia-Pacific regional office. Over time, the Tuas brewery site will be redeveloped to support regional logistics and feature a pilot brewery for testing new products. To facilitate the transition, Heineken Malaysia, in collaboration with Heineken Vietnam, will produce and supply beer to Singapore and other Asia-Pacific export markets. The company emphasised that the gradual shift has been incorporated into its supply chain capacity planning. Heineken Malaysia, one of the Dutch brewer’s listed subsidiaries worldwide, employs over 500 people at its Petaling Jaya headquarters and brewery. Its portfolio includes brands such as Guinness, Edelweiss, Apple Fox, Kelkenny, Anglia Shandy, and Malta.

MRT Corp has extended the deadline for deciding the systems package of the Penang Light Rail Transit (LRT) project, with tender bonds now required to remain valid until the end of June. The contract is estimated to be worth about RM3 billion. Sources said the delay follows intense lobbying from competing groups, pushing back the decision multiple times. Tenderers were initially told a decision could be expected in January, but none has been announced. MRT Corp’s board had reportedly submitted its recommendations to the Ministry of Finance earlier this year, though the final approval is still pending. The Penang LRT, stretching nearly 30km from Silicon Island to Penang Sentral, is the largest infrastructure project under the current administration, with total costs estimated between RM13 billion and RM16 billion. Gamuda-led SRS Consortium has already secured the RM7.9 billion civil works package, leaving the systems package and a cross-sea link still to be awarded. Seven companies initially bid for the systems contract, with four understood to remain in contention: Gamuda, MMC Group, YTL Group, and a Lion Pacific–WCT Holdings joint venture, which reportedly submitted the lowest bid. The package includes rolling stock, signalling systems, and track works. The final decision is expected once approvals are obtained, though industry sources say lobbying efforts could continue to influence the outcome.