Features
PNB Weighs Strategic Divestment of RM3 Billion Toll Road Unit Prolintas
Permodalan Nasional Berhad (PNB), Malaysia’s state-owned asset manager, is reportedly evaluating the potential sale of its toll road subsidiary, Projek Lintasan Kota Holdings Sdn Bhd (Prolintas), in a transaction that could be valued at approximately RM3 billion, according to individuals familiar with the matter. Sources, who requested anonymity due to the private nature of the discussions, indicated that PNB is working with a financial adviser on the potential divestment. The firm has reportedly initiated contact with prospective investors, including established industry participants and private equity firms, to assess preliminary interest. While deliberations are still ongoing, the sources noted that PNB has not ruled out the option of retaining Prolintas should market conditions or strategic priorities change. In a statement provided via e-mail, PNB said that as a long-term investor focused on delivering sustainable returns, it routinely reviews its investment portfolio to identify opportunities that enhance value. This includes considering potential divestments and strategic repositioning. The institution added that all investment decisions are made through a rigorous governance framework aligned with its core objectives. PNB reiterated its policy of not commenting on speculation or rumours. It affirmed that any significant developments would be disclosed through the appropriate regulatory channels. The potential sale comes amid a broader slowdown in deal-making activity involving Malaysian companies. Mergers and acquisitions volume has declined by approximately 46% year-on-year, reaching US$4.2 billion to date, according to data compiled by Bloomberg. Founded in 1995, Prolintas is wholly owned by PNB and operates several expressways and urban highways, primarily within the Klang Valley. The company has also adopted artificial intelligence and machine-learning technologies to enhance safety and operational efficiency. Prolintas holds a 51% stake in Prolintas Infra Business Trust Bhd, a publicly listed entity on Bursa Malaysia. The trust, which owns a portion of the group’s highway assets, has a current market capitalisation of RM1.1 billion. -Bloomberg
Hartalega Faces Earnings Pressure as Analysts Slash FY26 Forecast
Hartalega Holdings Bhd is expected to deliver lower earnings for the financial year ending 31 March 2026 (FY26), as analysts revise their forecasts downward in light of margin compression and foreign exchange (forex) headwinds. Kenanga Research has reduced its FY26 net profit projection for Hartalega by 25%, driven primarily by a downward revision in earnings margin assumptions. The research house now anticipates a margin of 12%, down from its previous estimate of 14%, citing conservative assumptions that the company will not immediately pass on forex-related cost pressures to customers. Reflecting this revised outlook, Kenanga has adjusted its target price for the stock from RM4.00 to RM3.20, applying a lower valuation multiple of 2.5 times FY26 book value per share (BVPS), compared with 2.9 times previously. This move accounts for the expected near-term impact of forex movements on the group’s profitability. In its report to clients, Kenanga also noted that Hartalega’s significant exposure to the United States market—where sales comprise between 50% and 60% of total revenue—could be adversely affected if the currently high tariffs imposed on Chinese glove manufacturers are relaxed. The potential easing of these tariffs could diminish any near-term market share gains Hartalega might otherwise realise in the US. Despite these challenges, Kenanga believes Hartalega’s share price is currently trading at a level that aligns with its historical price-to-book valuation range before the imposition of US tariffs on Chinese competitors in September 2024. At that time, the stock traded between 1.8 to 2.0 times PBV. On a two-times FY26 BVPS basis, the stock should be valued at approximately RM2.50 per share. At last close, Hartalega’s shares were trading at RM1.55. The company’s financial performance for FY25 saw a significant rebound, with net profit rising fivefold to RM74.5 million. While this was in line with Kenanga’s expectations, it came in 12% below the consensus forecast. During a recent briefing, management indicated that it anticipates a modest increase in sales volume for the first quarter of FY26, with growth of between 1% and 8% quarter-on-quarter. This translates to a volume range of six billion to 6.6 billion pieces, as customers reportedly remain cautious amid ongoing uncertainty surrounding tariffs and opt to rely on existing inventories rather than initiate restocking. As a case in point, shipments surged to 2.3 billion pieces in May before retreating to two billion pieces in June. However, Hartalega expects inventory replenishment to resume in the second half of FY26, with improved order visibility beginning from June this year. -The Star
Beautyexpo & Cosmobeauté Malaysia 2025 Set to Redefine Southeast Asia’s Beauty Industry
Southeast Asia’s beauty industry is set for a transformative experience as the 23rd edition of beautyexpo and 20th edition of Cosmobeauté Malaysia prepare to dazzle at the Kuala Lumpur Convention Centre (KLCC) from 30 September – 3 October 2025. Visitor registration for this can’t-miss trade show is now open! As Malaysia’s largest and longest-running beauty trade shows, BECBM offers an extraordinary showcase of innovation and excellence. Over 400 visionary exhibitors from across 9 countries and regions including Malaysia, Mainland China, Indonesia, Japan, Korea, Pakistan, Taiwan, Thailand and United Arab Emirates will unveil groundbreaking products, services, and technologies across eight specialised sectors: Professional Beauty, Hair & Barber, Makeup & Cosmetics, Nail, Embroidery & Lashes, OEM/ODM, Halal Beauty, Training & Certification, and Spa & Wellness. With more than 15,000 beauty professionals and buyers expected from over 60 countries and regions, this event solidifies Malaysia’s position as the epicentre for Southeast Asia’s beauty industry. “For over two decades, beautyexpo & Cosmobeauté Malaysia have consistently driven innovation, business, and cross-border collaboration within the beauty sector. The 2025 edition will elevate this legacy – fostering strong synergies between established industry leaders and emerging innovators while unlocking new opportunities across the Asia-Pacific region,” said Tan Sri Abdul Rahman Mamat, Organising Chairman of beautyexpo & Cosmobeauté Malaysia. This year’s edition will spotlight immersive experiences, live competitions, and insightful knowledge sharing. Key highlights include: Industry Seminars: Deep-dive sessions led by global beauty experts unveiling next-generation trends and techniques. Bloom & Groom: Skin Management Competition 2025: The highly anticipated second edition of the Skin Care Mastery Challenge, spotlighting exceptional professional skincare expertise. The 5th Malaysia Glory Cup International Beauty Competition: Celebrating elite artistry in embroidery, eyelashes, and nails with top-tier international talent. VIP Buyer Programme with Exclusive Perks and Trade Opportunities Spend & Win Campaign to Reward Visitors “We’ve reimagined the 2025 editions with both business and creativity in mind. From competitive showcases to business matchmaking, the entire experience is designed to help the industry connect, learn, and grow together, while also elevating Malaysia’s leadership in specialised beauty segments like halal-certified products,” added Tan Sri Abdul Rahman Mamat. A centrepiece of the exhibition is the expanded Halal Beauty pavilion, representing one of the industry’s fastest-growing segments driven by ethical manufacturing, ingredient transparency, and surging consumer demand for clean, certified products. As a global authority in halal certification and industry development, Malaysia is uniquely positioned to lead this movement, and beautyexpo & Cosmobeauté Malaysia 2025 will amplify that role. From halal-certified cosmetics to innovative skincare and wellness offerings, visitors will discover a comprehensive showcase responding to evolving global preferences for safer, more inclusive, and ethically produced beauty solutions. This segment also opens doors for cross-border collaborations, especially among emerging brands looking to access Muslim-majority markets in Southeast Asia, the Middle East, and beyond. The event unites leading industry associations including the Kuching Association of Beauty Therapy & Cosmetology (KABTAC), Malaysian Hairdressing Association (MHA), Malaysia Cosmetology Chamber of Commerce (PAMM), and United Asian Hairdressers Association (UAHA), ensuring comprehensive industry representation and engagement. Visitor registration for BECBM 2025 is now open! Don’t miss this chance to build valuable connections, gain in-depth insights, and stay at the forefront of the dynamic beauty industry. Register your visit at https://bit.ly/becbm25visreg by 29 September to enjoy free admission! After this date, a fee of RM 20 will apply. To exhibit at beautyexpo & Cosmobeauté Malaysia, please email [email protected]. For more information about beautyexpo & Cosmobeauté Malaysia 2025, visit the official websites: www.beautyexpo.com.my and www.cosmobeauteasia.com. -PR Newswire
Malaysia Mandates Strategic Trade Permit for US-Origin AI Chip Exports
The Ministry of Investment, Trade and Industry (Miti) has announced the immediate enforcement of a Strategic Trade Permit requirement for all exports, transshipments and transits involving high-performance artificial intelligence (AI) chips of United States origin. The move, aimed at addressing regulatory blind spots, forms part of a broader commitment to uphold Malaysia’s international obligations. In a formal statement, Miti confirmed that the measure is instituted under Section 12 of the Strategic Trade Act 2010 (STA 2010), known as the Catch-All Control provision. This provision compels exporters to notify authorities a minimum of 30 days in advance should they intend to export, transship or transit any item not listed under the Strategic Items List (SIL), where there is knowledge or reasonable suspicion that the item could be misused or linked to restricted activities. “This initiative serves to close regulatory gaps while Malaysia undertakes further review on the inclusion of high-performance AI chips of US origin into the SIL of the STA 2010,” said the ministry. Miti reinforced Malaysia’s zero-tolerance policy toward the circumvention of export controls or participation in illicit trade. It emphasised that individuals or entities found in breach of the STA 2010 will be subject to strict legal action. The ministry underscored that Malaysia remains committed to facilitating investment and trade aligned with international standards and multilateral commitments. It also cautioned that all operating entities must adhere to international obligations to avoid potential secondary sanctions that could impact their commercial interests. “Malaysia will not tolerate any misuse of its jurisdiction for the purposes of illegal trade,” Miti affirmed, reiterating its resolve to ensure a secure, transparent, and rules-based trading environment. Stephen Innes, Managing Director of SPI Asset Management, commented that while the new directive does not directly disrupt Malaysia’s growing AI and data centre ecosystem — which continues to be underpinned by infrastructure expansion, strategic cloud partnerships and local talent — it signals an era of enhanced compliance oversight. “If you want to play in the AI sandbox, you now need to watch your sourcing, disclosure and compliance trail more carefully,” Innes told Bernama. He added that although multinational tech firms may absorb the regulatory shift with relative ease, smaller local enterprises and startups could face headwinds without strong legal frameworks in place. Malaysia’s established role in chip testing and packaging may, however, buffer the broader industry from serious operational disruption. “This law forces the industry to mature quickly in terms of compliance infrastructure. The upside is that it may accelerate Malaysia’s push toward more transparent, globally integrated standards,” he said. Echoing a similar sentiment, economist Professor Geoffrey Williams observed that the regulatory update represents a more cooperative stance compared to previous trade negotiations. “This will deliver a much better chance of lowering the 25% reciprocal tariffs and is better than taking a belligerent stance. It is a closer win-win engagement,” Williams said. He noted that the United States has voiced concern over potential rerouting of AI chips to China via third-party countries within ASEAN, in contravention of US export restrictions. Malaysia’s move, therefore, signifies a key step in the direction of harmonised regional controls. “Getting better coordinated regulation across ASEAN is a positive response to address US concerns, and Malaysia is playing a key role in this,” Williams added, noting that the measure is unlikely to affect the country’s legitimate data centre and AI operations, aside from clamping down on illicit activity. -The Star
Malaysia’s Wholesale and Retail Sales Reach RM154.3 Billion in May-DOSM
Malaysia’s wholesale and retail trade sector recorded a total sales value of RM154.3 billion in May 2025, representing a 4.4 per cent year-on-year increase, according to the Department of Statistics Malaysia (DOSM). In an official statement, Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin attributed the growth to robust performances in the retail and wholesale trade sub-sectors. The retail trade segment posted RM67.1 billion in sales, marking a 4.9 per cent or RM3.1 billion increase compared to the same period last year. Similarly, wholesale trade rose to RM68.2 billion, up 4.7 per cent or RM3.1 billion year-on-year, underscoring consistent business activity along the supply chain. Online retail sales also registered growth, with the corresponding index rising 2.2 per cent year-on-year. However, on a seasonally adjusted basis, the index recorded a 3.4 per cent month-on-month decline. In terms of volume index, the sector recorded a 4.1 per cent year-on-year increase. This was led by a 5.8 per cent rise in the wholesale trade volume index, followed by a 3.7 per cent increase in the retail trade index. Digital payment trends further reinforced the sector’s expansion. Malaysia saw a significant uptick in e-money transactions, which surged by 70.2 per cent to RM21.5 billion in May 2025. Real-time retail payments reached RM289.4 billion, indicating rising demand for immediate payment capabilities. Financial process exchange (FPX) transactions also experienced notable growth, increasing by 21.1 per cent to RM39.2 billion, reflecting expanded use of online banking services. Credit card payments remained stable at RM18.7 billion, while debit card usage grew eight per cent to RM14.1 billion. Datuk Seri Dr Mohd Uzir noted that these figures highlight the ongoing transition towards digital payment systems, aligned with evolving consumer behaviour and the broader digital transformation of Malaysia’s financial ecosystem. -Bernama
Maybank Extends US$150 Million Sustainability-Linked Loan to AT&S Malaysia
Malayan Banking Bhd (Maybank) has extended a sustainability-linked loan (SLL) valued at US$150 million to Austria Technologie & Systemtechnik Malaysia Sdn Bhd (AT&S), marking a significant milestone in sustainable finance for the region. In an official statement, Maybank confirmed that the facility represents the first SLL issued by a Malaysian and Southeast Asian commercial bank to AT&S. It is also the inaugural SLL extended by a domestic financial institution to a multinational corporation operating within Malaysia’s semiconductor industry. The loan will support the development of AT&S’s first high-end integrated circuit substrate manufacturing facility located in the Kulim Hi-Tech Park, Kedah. The project will incorporate advanced equipment and closed-loop recycling systems, in line with AT&S’s rigorous sustainable energy framework. Embedded in the SLL are environmental performance targets, including a commitment by AT&S to reduce its annual greenhouse gas emissions by 31% by 31 March 2028, benchmarked against its financial year 2022 levels. Maybank stated that this financing aligns with its broader strategy to mobilise sustainable finance and contribute to regional decarbonisation efforts, particularly in high-growth sectors such as semiconductors. -Bernama
Carlo Rino Eyes Global Expansion, Seeks New Investors
Maybank Picks Chua Bee Geok As New Group COO
JLand Introduces Ibrahim Technopolis Innovation Hub
