News

UEM Sunrise Bhd has officially shelved its plans to develop a data centre on a 74-acre plot in Gerbang Nusajaya, following the collapse of a partnership with Logos Infrastructure Holdco Pte Ltd. The company is now in early discussions to divest the land as part of its strategy to monetise non-core assets. The development comes after the lapse of an agreement with Logos, which was originally intended to see the construction of a data centre with a capacity of up to 360 megawatts. Hafizuddin Sulaiman, officer in charge and chief financial officer of UEM Sunrise, confirmed via email that changes in Logos’ ownership and strategic direction had led to the termination of the collaboration. In July 2024, ESR Group Ltd, the majority shareholder of Logos, acquired the remaining 13.6% stake from the company’s founders, prompting a realignment of business priorities. “The partnership with Logos has lapsed following a change in Logos’ ownership, which led to a shift in its overall business focus and strategic direction,” Hafizuddin stated. He did not specify when the May 2024 agreement had formally expired. Speculation surrounding the deal’s cancellation first emerged in May 2025, after analysts reported that the agreement had been scrapped, with UEM Sunrise citing an “unfavourable operating environment”. Hafizuddin added that the company has received preliminary expressions of interest for the land and is currently in discussions with several potential buyers. “At this stage, no binding agreements have been formalised. Any material developments will be disclosed in accordance with regulatory requirements,” he said. In the financial year ended 31 December 2024, UEM Sunrise executed several portfolio rationalisation measures. These included the disposal of its remaining 40% interest in Aura Muhibah Sdn Bhd to KLK Land Sdn Bhd for RM386.2 million, as well as the sale of a land parcel in East Ledang to a global data centre operator for RM144.9 million. The company launched six projects in 2024 with a total gross development value (GDV) of RM904.3 million, surpassing its initial RM800 million target, according to its annual report. As at end-December 2024, UEM Sunrise’s remaining landbank amounted to 5,197.9 acres, carrying an estimated GDV of RM90.9 billion. Shares of UEM Sunrise closed 1.46% higher on Tuesday, rising one sen to 69.5 sen, with approximately nine million shares traded. This brought the company’s market capitalisation to RM3.52 billion. -The Edge

Sunway Bhd is poised to benefit from increased patient traffic at its hospitals if the Malaysian government proceeds with the proposed Employees Provident Fund (EPF)-funded health insurance scheme, according to a report by MIDF Research. The research house noted that the scheme, which would allow EPF members to voluntarily utilise funds from Account 2 for health insurance, is anticipated to widen access to faster and higher-quality private healthcare services. The initiative stands to impact approximately 16 million EPF members. MIDF Research stated that the scheme would benefit Sunway Healthcare Group (SHG), a subsidiary of Sunway Bhd, which currently operates five hospitals across Malaysia. The initiative is expected to drive an increase in outpatient numbers and hospital admissions by improving accessibility to private healthcare services. The report added that the potential gains from this scheme are likely to offset the projected mild downside from the introduction of the Diagnosis-Related Group (DRG) payment model. This new system, which affects both public and private hospitals, categorises treatments into standardised fixed-rate bands to control medical cost inflation. Sunway’s healthcare division has been a significant contributor to group earnings, accounting for 14% of its profit before tax (PBT) for the financial year ended 31 December 2024. However, this contribution declined to 10% in the first quarter ended 31 March 2025 due to start-up losses from Sunway Medical Centre (SMC) Damansara and pre-operational expenses at SMC Ipoh. As of now, SHG operates with 1,647 licensed beds and is targeting an expansion to 3,000 beds by 2030 through the development of new facilities. In April 2025, SHG entered into an agreement with Putrajaya Holdings Sdn Bhd to develop a 325-bed hospital in Putrajaya. The group is also exploring the establishment of its first hospital in Seremban as part of a transit-oriented development in the area. MIDF Research views SHG’s expansion strategy as a driver of future earnings growth, alongside increasing contributions from Malaysia’s medical tourism sector, bolstered by the group’s strong industry reputation. On the broader corporate outlook, Sunway Bhd posted a robust performance in FY2024, recording a 51.3% year-on-year increase in earnings to RM1.06 billion, driven by substantial contributions from projects in Singapore. However, the research house anticipates normalised earnings in FY2025, primarily supported by the property investment and construction divisions. MIDF Research has maintained a “neutral” recommendation on Sunway Bhd, with an unchanged target price of RM4.86 per share. -The Star

MyNews Holdings Bhd has recorded a strong second-quarter performance, underpinned by its strategic expansion and stable gross profit margins. The convenience store operator reported a 31.6% increase in net profit for the three months ended 30 April 2025, reaching RM2.3 million, equivalent to 0.30 sen per share. This brings its cumulative net profit for the first half of the financial year to RM6.1 million, or 0.82 sen per share. Revenue for the quarter stood at RM202.6 million, marking a 5.1% year-on-year increase. Total revenue for the six-month period rose to RM418.4 million. The company attributes its growth to a sustained commitment to delivering quality food and services across its convenience store network, alongside the strength and visibility of its established brands. MyNews affirmed that business expansion remains a key focus, with a notable increase in new store openings. Concurrently, the group observed a downward trend in active outlet closures, signalling continued operational stability and scalability. -The Star

Foodie Media Bhd, the digital media company behind popular food blog KL Foodie, has submitted a draft prospectus for an initial public offering (IPO) on Bursa Malaysia’s ACE Market. The company, associated with social media personality Lim Pinn Yang, aims to float approximately 28.15% of its enlarged share capital. According to the filing, 15.54% of the equity will be offered via public issue, broken down into 5% for the Malaysian public, 1.69% for eligible persons, and 8.85% via an institutional offering. An additional 12.61% will be allocated to institutional and selected investors through an offer for sale. Post-listing and assuming full exercise of its executive share scheme, Lim, aged 32, is expected to retain a 21.8% direct stake in the company. He will also hold over 15% indirectly through his spouse, Ang Rui Mei. Both Lim and Ang are members of the board, serving as Chief Executive Officer and Chief Operating Officer respectively. Proceeds raised from the IPO are earmarked for strategic initiatives including talent acquisition, the purchase and renovation of a live streaming facility, and investments in both new and upgraded production equipment. A portion of the funds will also be channelled towards the adoption of artificial intelligence-driven software solutions and general working capital requirements. Notably, Bryan Loo Woi Lip, Chief Executive Officer of Loob Bhd—parent company of the popular beverage brand TeaLive—will remain a significant shareholder in Foodie Media, with a post-IPO stake of 8.3%. In a separate development, SBS Nexus Bhd has also unveiled plans to pursue a listing on the ACE Market. A specialist in branding and marketing solutions, SBS’s primary client in 2024 was women’s fashion label Christy Ng. The proposed IPO for SBS will involve a 25% public issue of its enlarged share capital, alongside a 10% offer for sale. Capital raised will be directed toward establishing a new headquarters, expanding business operations, strengthening branding and promotional activities, repaying borrowings, and supplementing working capital. -The Star

KUALA LUMPUR : Malakoff Corporation Bhd is poised to realise an estimated RM40 million in annual net profit accretion over a 30-year period once its Melaka waste-to-energy (WTE) facility begins operations, according to Maybank Investment Bank Bhd (Maybank IB). In a research note issued today, Maybank IB stated that the contribution from the Melaka WTE plant is expected to provide a significant long-term uplift to Malakoff’s earnings. The investment bank has maintained its ‘hold’ recommendation on the stock, with an unchanged sum-of-parts (SOP) based target price of RM0.75. “Our earnings forecasts and TP of RM0.75, based on a SOP valuation methodology with each segment assessed using a discounted cash flow approach, remain unchanged pending the official commissioning of the WTE facility,” Maybank IB said. It added that the projected 70 per cent payout ratio implies dividend yields of approximately 5.0 per cent, offering downside support for investors. Malakoff remains actively engaged in identifying new project opportunities, and the upcoming WTE project is seen as a step forward in strengthening its long-term sustainability agenda. The WTE plant will be operated by Malakoff’s wholly-owned subsidiary, Sungai Udang WTE Sdn Bhd, under a public-private partnership concession agreement with the Ministry of Housing and Local Government and the Solid Waste and Public Cleansing Management Corporation. The concession period spans 34 years from the effective date and is scheduled to commence in the second quarter of 2026. Public Investment Bank Bhd (PIVB) has also reiterated its ‘neutral’ rating on Malakoff with a target price of RM0.82. PIVB noted that while the development of the Melaka WTE project is a positive step, no adjustments have been made to its earnings forecasts as the facility’s commissioning is beyond the current projection horizon. PIVB also commented that the project’s guided high single-digit internal rate of return is reasonable in light of the significant upfront capital expenditure involved. -Bernama

TNG Digital and Setel Ventures have announced a strategic collaboration that now allows TNG eWallet users to pay for fuel at over 1,000 PETRONAS stations nationwide via a seamless in-app integration. The initiative integrates Setel’s pump-and-pay functionality directly into the TNG eWallet through the newly launched ‘PETRONAS via Setel’ mini programme. This feature enables motorists to refuel and make payments without exiting their vehicles or requiring a separate application, streamlining the entire process. To support the nationwide rollout, the first 50,000 eligible fuel transactions completed via the mini programme will be rewarded with RM5 worth of Mesra Rewards points. This offer is available to new users of Setel and Mesra Rewards, as well as existing Mesra members who link their IDs to Setel for the first time. Additionally, users will earn GOrewards points with each qualifying transaction. Setel, PETRONAS’ proprietary mobile platform, provides a suite of services including fuel payments, parking, electric vehicle charging, motor insurance, and road tax renewals, through a single digital platform used across the company’s retail and merchant ecosystem. Abdullah Ayman Awaluddin, Chief Executive Officer of Setel, stated that the partnership underscores the company’s continued efforts to expand its ecosystem through meaningful integrations. “Refuelling is a high-frequency transaction. Embedding Setel within TNG eWallet allows us to meet users where they are and reinforces our vision to deliver seamless and frictionless mobility and retail experiences through digital innovation,” he said. Alan Ni, Chief Executive Officer of TNG Digital, noted the importance of everyday digital convenience. “Fuel payments are a regular routine for many individuals, and this collaboration makes the process faster and more accessible, while creating new touchpoints within PETRONAS’ nationwide network. We actively encourage partnerships that not only enhance convenience for users, but also give our partners the opportunity to reach a wider, digitally engaged audience,” he said.