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KUALA LUMPUR, Pengerang Terminals (Two) Sdn Bhd (PT2SB) is set to expand its storage and handling capacity by approximately 272,000 cubic metres, marking a significant move in strengthening Malaysia’s position as a key regional oil and gas hub. The expansion will involve a total investment of about RM1.4 billion, which also includes costs associated with the development of shared facilities at the terminal. The announcement was made by Dialog Group Bhd, one of Malaysia’s leading integrated technical service providers in the oil, gas and petrochemical industries. In a filing with Bursa Malaysia, Dialog disclosed that PT2SB — in which Dialog indirectly holds a 25% equity stake — has entered into a terminal usage agreement with Pengerang Biorefinery Sdn Bhd (PBSB). The agreement entails the provision of storage and handling services for PBSB’s feedstock and refined products, further diversifying the types of energy-related materials handled at the terminal. This aligns with Malaysia’s broader energy transition agenda and enhances the terminal’s capabilities to support bio-based and renewable energy sectors. “The proposed development will strengthen PT2SB’s position as a deepwater terminal of choice in the region, while contributing to the long-term sustainability and growth of Dialog’s tank terminal business,” the company said in its statement. Located in Johor’s Pengerang Integrated Complex (PIC), PT2SB is a strategic infrastructure asset jointly developed by Dialog Group, Royal Vopak, and the State Government of Johor. The terminal supports a wide range of storage and logistics services, primarily catering to petrochemical, petroleum and gas-related industries. Industry analysts view the expansion as a timely move, especially with growing demand for energy storage infrastructure amid global shifts in supply chains, refining capacity and sustainability efforts. Dialog Group reaffirmed that the expansion and associated agreements are not expected to have a material effect on its earnings, gearing or net assets for the financial year ending June 30, 2025. However, the long-term outlook remains positive, supported by rising demand for integrated terminal and logistics solutions in Southeast Asia.

HSBC will begin phasing out its retail banking operations in Bangladesh in the second half of this year, a process expected to take six to eight months. The decision follows a review of its retail operations and is in line with the HSBC Group’s global strategy, HSBC Bangladesh announced in a statement. As part of the exit plan, the bank has already stopped accepting new retail customers and will work to ensure a smooth transition for existing clients. HSBC’s Corporate and Institutional Banking (CIB) operations in Bangladesh will remain unaffected. The bank is focusing on its core markets and wealthier “premier” customers, a strategy also seen in its reviews of retail businesses in Australia, Indonesia, and Sri Lanka. HSBC Bangladesh’s retail division had been profitable, recording a 9% year-on-year increase in profit to nearly Tk 1,100 crore in 2024. Deposits grew 3% to Tk 22,695 crore, while loans fell 18% to Tk 18,927 crore during the same period. HSBC has assured that staff affected by the retail exit will be given priority for redeployment in other divisions, such as corporate banking, if their skills match available roles. The bank opened its first office in Dhaka in 1996 and provides services including global payments solutions, trade services, treasury, and custody and clearing. What Customers Need to Do Customers have been advised to start transferring their accounts, loans, and deposits to other banks as soon as possible. HSBC will waive all related charges and provide the necessary documentation to ease the transition. Loans: Customers with home or personal loans should transfer them to other banks within 90 days. Deposits: HSBC will stop all auto-renewals of term deposits and encash deposits maturing after November (local currency) and December 2025 (foreign currency) early at a pro-rata rate. Debit Cards: Cards will be deactivated once accounts are closed. Bonds and Sanchayapatra: Customers must provide alternate bank account details for updates in the Government Bond Portal or visit branches for transfer arrangements. Non-Resident Accounts: Non-resident customers have until December 2025 to move their accounts and bonds. Salary account holders are advised to coordinate with their employers for the transition, while student file holders will receive full documentation support at no extra cost. HSBC will post updates on its website and communicate major changes via email or post. This closure follows other global exits by HSBC, including the sale of its retail operations in Bahrain earlier this year, as the bank continues a worldwide restructuring to sharpen its focus on key markets.

KUALA LUMPUR,  Zetrix AI Bhd, formerly MY E.G. Services Bhd (MyEG), announced it is no longer handling the renewal of foreign worker permits. In a filing with Bursa Malaysia today, the company said the term of its Foreign Worker Permit Renewal Services has ended. Zetrix AI Bhd is no longer involved in the renewal of foreign worker permits. “The Malaysian Immigration Department confirmed on July 29, 2025, that Foreign Worker Permit Services are now part of the National Integrated Immigration System (NIISe) project, which integrates border control systems across various agencies under the Ministry of Home Affairs,” it said. Zetrix AI added that while it no longer directly handles permit renewals, it continues to be involved through a collaboration with HeiTech Padu Bhd, the main implementer of NIISe, under a Teaming Agreement.

KUALA LUMPUR, Generator rental services provider Express Powerr Solutions (M) Bhd (“Express Powerr” or “the Company”) has signed an underwriting agreement with Mercury Securities Sdn Bhd in preparation for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad. Through its subsidiary, the Group provides generator rental services for critical emergency situations such as power outages, planned maintenance, and events. The Group also offers related equipment such as distribution boards, synchronisation panels, transformers, switchgears, load banks and cables to meet various customer needs. With a 20-year track record, Express Powerr owns a fleet of 111 generator units, over 70% of which are mobile units mounted on trucks for easy deployment. The rest are canopy generators designed for outdoor use and noise control. All units undergo in-house maintenance every 300 operational hours to ensure high reliability and uptime. (From left to right) Mr. Kong Choon Keong (邝俊强先生), Financial Controller of Express Powerr Solutions (M) Bhd, Dato’ Mohd Redza Shah Bin Abdul Wahid, Independent Non-Executive Chairman of Express Powerr Solutions (M) Bhd, Mr. Lim Cheng Ten (林青田先生), Managing Director of Express Powerr Solutions (M) Bhd, Mr. Chew Sing Guan (周新元先生), Managing Director of Mercury Securities Sdn Bhd, Mr. Eric Chong Soo Keng (张斯钦先生), Head of Corporate Finance of Mercury Securities Sdn Bhd, Mr. Woon See Soon (温四顺先生), Senior General Manager of Mercury Securities Sdn Bhd, Mr. Jamieson Chew Yen Loong (周元龍先生), Operations Manager of Mercury Securities Sdn Bhd The Group is also expanding into renewable energy. As a registered solar photovoltaic (PV) investor under Malaysia’s Net Energy Metering (NEM) programme and a recognised PV service provider by SEDA, it installs rooftop solar systems for residential and commercial properties. This aligns with Malaysia’s net-zero target by 2050 and supports the growing demand for sustainable energy. Express Powerr became an approved vendor for Tenaga Nasional Berhad (TNB) in 2021 and began securing direct contracts in 2022, after years of indirect supply since 2005. It also expanded operations to Sabah in 2023, serving Sabah Electricity Sdn Bhd (SESB), and has a broad customer base across industries including construction, manufacturing, events, and government. The IPO consists of a public issue of 180 million new shares—representing 19.3% of the enlarged issued share capital—and an offer for sale of 65.4 million existing shares (7.0%). Of the 180 million new shares: 46.7 million will be offered to the Malaysian public via balloting 18.7 million will be allocated to directors, employees, and contributors (Pink Form) 63.2 million will be placed privately to selected investors 51.4 million will be placed to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) All 65.4 million offer-for-sale shares will also be placed with Bumiputera investors approved by MITI. Under the underwriting agreement, Mercury Securities will underwrite a total of 65.4 million shares allocated to the Malaysian public and Pink Form subscribers. Express Powerr Managing Director Mr. Lim Cheng Ten said, “This underwriting agreement marks a key milestone in our journey towards listing. The IPO will support our growth plans, especially in expanding into new industries like oil and gas, and widening our reach across Malaysia.” He added that the oil and gas sector presents strong opportunities for temporary power solutions during exploration and drilling activities. In the first nine months of 2024, 27 projects worth RM4.46 billion were approved in the sector. Meanwhile, utility companies such as TNB are investing heavily in power infrastructure, including its RM21 billion ‘Grid of the Future’ programme—further underlining the demand for reliable generator support. Express Powerr is expected to be listed on the ACE Market by Q3 2025. Mercury Securities is acting as the Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent for the IPO.

John Burke, General Manager of the Kuala Lumpur Convention Centre (the Centre), has been appointed to the Board of Directors of the International Association of Convention Centres (AIPC) for 2025. His appointment highlights Malaysia’s growing influence in the global meetings and conventions industry. “This role is a great opportunity to work with industry leaders around the world, share regional best practices, and showcase the strengths of Malaysia and Asia Pacific,” said John. “It also allows us to further raise Kuala Lumpur’s profile as a top destination for international business events.” AIPC represents convention and exhibition centres from over 55 countries, aiming to promote excellence in venue management through global networking, education, and research. As a Board member, John will help guide the Association’s strategic direction alongside international peers such as Julianne Jammers of the SwissTech Convention Center (AIPC President) and Taubie Motlhabane of the Cape Town International Convention Centre (Vice President). John’s appointment also supports Malaysia’s national business events goals. The Malaysia Convention & Exhibition Bureau (MyCEB) is targeting 5.9 million delegates and RM42.12 billion in economic impact by 2030. “Through AIPC, we can support MyCEB’s ambitions and continue to grow Malaysia’s global standing in this space,” John added.

PETALING JAYA, Tenaga Nasional Bhd (TNB) could be facing additional tax assessments for 2023 and 2024 amounting to RM2 billion, according to CIMB Securities, adding to its mounting tax woes. This would come on top of the RM5.89 billion in additional assessments issued by the Inland Revenue Board (LHDN) for the 2013–2021 financial years. “If TNB’s capital expenditure for FY2023–2024 is any indication, we estimate the additional tax exposure could reach RM2 billion, bringing the total tax bill for FY2013–2024 close to RM8 billion,” CIMB said in a note today. In the event TNB is required to pay the full amount, CIMB estimates an 8–9% downside to its current target price of RM15.75. Shares of TNB dropped 24 sen or 1.76% to RM13.36 today, bringing its market capitalisation to RM77.88 billion. The stock has declined 9.5% year-to-date. Despite the tax overhang, CIMB is maintaining its “Buy” call on the utility giant, citing its reasonable valuation and consistent dividend outlook over the coming years. Tax Troubles Pile Up July has proven to be a turbulent month for TNB on the tax front. Just last week, the company received a tax bill of RM840.1 million for the 2022 assessment year. This followed a July 2 Federal Court ruling against TNB in its RM1.25 billion dispute with LHDN over its 2018 tax assessment. The court concluded that TNB was not entitled to claim reinvestment allowances, effectively paving the way for more tax liabilities. According to TNB’s 2024 annual report, tax disputes amounting to RM5.05 billion remain unresolved. In a filing last Friday, the company said it is currently evaluating legal options to address the latest notice. TNB also announced that it had submitted a new application for investment allowance under Schedule 7B of the Income Tax Act 1967 on July 25, which could potentially reduce or nullify the tax impact if approved. The group said it is assessing the financial implications of the court ruling but assured stakeholders that it remains focused on its long-term strategic goals, backed by sound financial management and stable cash flows.

Kuala Lumpur,  Bursa Malaysia Securities Berhad has publicly reprimanded Smile-Link Healthcare Global Berhad for breaching the LEAP Market Listing Requirements, citing a six-month delay in the release of its audited financial statements. The reprimand follows Smile-Link’s failure to announce its audited financial statements, along with the required reports and disclosures for the 18-month financial period ending 30 June 2024, by the 31 October 2024 deadline. The company only made the announcement on 30 April 2025. Bursa Malaysia emphasized that timely financial reporting is a fundamental duty of all listed companies, essential to maintaining a fair and orderly market. The breach was assessed under Rule 8.12 of the LEAP Market Listing Requirements after due process, taking into account the materiality and implications of the delay. Smile-Link’s delay stemmed from unresolved issues with its external auditors, ultimately resulting in their removal in January 2025. However, Bursa Malaysia stressed that disputes with auditors do not justify non-compliance with financial reporting obligations. In addition to the reprimand, Smile-Link’s Board of Directors has been directed to review the adequacy and competency of its finance and accounting functions and strengthen its financial reporting policies and procedures. Bursa Malaysia also reminded the company’s board of its responsibility to uphold corporate accountability and ensure timely and transparent disclosures to shareholders and the investing public.

KUALA LUMPUR, MGB Berhad, the construction and property development subsidiary of LBS Bina Group Bhd, has signed a strategic Memorandum of Collaboration (MoC) with Doka Formwork Malaysia Sdn Bhd to jointly develop cutting-edge engineering solutions using Industrialised Building System (IBS) precast concrete components. Doka Formwork Malaysia—a unit of global formwork and scaffolding specialist Doka GmbH—will bring its expertise in advanced formwork systems, scaffolding, engineering design, and cast-in-situ concrete support to complement MGB’s established strengths in IBS for large-scale housing projects. (L-R): MGB Bhd executive director and chief executive officer (CEO) Datuk Lim Lit Chek (far left), MGB group executive chairman Tan Sri Ir. (Dr.) Lim Hock San, Robert Hauser, CEO of Doka GmbH, and Victor Wong, deputy CEO of MGB, pose for a group photo during the signing ceremony of a Memorandum of Collaboration between MGB and Doka Formwork Malaysia Sdn Bhd. The collaboration will focus on integrating Doka’s systems with MGB’s on-site precast concrete elements to optimise construction workflows, improve project efficiency, and enhance build quality. The partnership also aims to align technical strategies, explore new growth opportunities, and implement forward-thinking construction practices. The MoC was inked in the presence of MGB group executive chairman Tan Sri Ir. (Dr.) Lim Hock San, CEO Datuk Lim Lit Chek, Doka GmbH CEO Robert Hauser, and Doka Malaysia country manager Teh Aun Kua. Lim said the partnership with Doka not only boosts MGB’s capabilities in Malaysia and Saudi Arabia, but also reinforces its commitment to sustainability, innovation, and global standards. “This collaboration will elevate our project delivery and long-term value creation for all stakeholders,” he noted. MGB added that the alliance supports its broader mission to digitise and modernise construction processes, in line with Malaysia’s push toward a greener and more efficient industry. The company’s IBS technology has already yielded reductions in material waste and improved resource management. As part of its ESG strategy, MGB is also investing in workforce upskilling—particularly in automation, design, and manufacturing—while continuing to lower its environmental impact through sustainable practices.

KUALA LUMPUR: Yinson Holdings Bhd has appointed Ainul Azhar and Lily Low to its board of directors effective from July 25. In a statement today, the group said both individuals are joining the board as independent non-executive directors, with Low also appointed as a member of the board risk and sustainability committee. The appointments follow the retirement of Datuk Mohamad Nasir from Yinson’s board, as he approaches the nine-year term limit for independent directors. Mohamad Nasir will continue contributing to Yinson’s growth through directorship in Yinson Production, the group’s offshore production business. Additionally, Gregory Lee, who served as an independent director since 2021, has decided not to seek re-election. Mohamad Nasir and Lee retired at the conclusion of the 32nd annual general meeting of the group earlier today. Ainul Azhar, with a background in electrical engineering from University of Sussex, offers a wealth of experience in the energy and engineering sectors, having held various senior leadership roles at Schlumberger across Asia, Europe, and North America. He has held key positions such as executive chairman for the Asia Pacific region and managing director in Malaysia and played a significant role in Schlumberger’s business growth in the region during his tenure. Low brings over 30 years of experience in financial leadership and corporate governance. She holds an MBA from National University of Singapore and has served as chief financial officer in several multinational corporations, including IBM, Envision Energy Ltd, and Univers Pte Ltd. She currently serves on several boards and governance committees, including Standard Chartered Bank (Singapore), Singapore Institute of Directors and Institute of Singapore Certified Accountants. Yinson group executive chairman Lim Hang Weng said it is now well-positioned for its next phase of growth, supported by a stronger capital and organisational structure, robust strategy and blue-chip international investors. “These appointments further enhance the effectiveness of our boards to ensure stronger governance and sharper business decision-making as we pursue our strategic goals in line with the energy transition,” he said.

AEM Holdings has announced that Amy Leong has stepped down as Chief Executive Officer after just one year in the role, as part of a “board-led leadership realignment for growth.” The company’s current President and Chief Technology Officer, Samer Kabbani, will assume the CEO position effective Monday, July 28. In a filing with the Singapore Exchange (SGX) on July 27, AEM confirmed the leadership change, with Chairman Loke Wai San — who has held the post since 2011 and leads key investor Novos Tellus — endorsing Kabbani’s appointment as central to the group’s long-term growth strategy. Leong succeeded Chandran Nair in July 2024, who had been CEO since 2020. Kabbani joined AEM in September 2020 and has played a key role in shaping its next-generation semiconductor test technologies. Prior to AEM, Kabbani held executive positions at Advantest and Astronics Test Systems. He holds over 30 registered patents in areas such as advanced thermal management, factory automation, and vision inspection. In a press statement, Kabbani expressed gratitude for the board’s trust, saying he is “excited to lead AEM into its next chapter” amid a global shift toward AI-driven semiconductor innovation. He emphasized the company’s continued focus on customer partnerships, thermal technologies, and automation expertise. DBS analysts Amanda Tan and Ling Lee Keng, in a July 28 note, highlighted Kabbani’s technical depth and the strategic continuity he brings. However, they acknowledged that the sudden leadership change may impact market sentiment in the short term. Still, DBS reaffirmed its “buy” rating for AEM, raising the target price from $1.50 to $2.10. AEM shares closed at $1.72 on July 25, up 1.78%, amid broader market optimism.