Malaysia

Gamuda Bhd and Perbadanan Kemajuan Negeri Perak (PKNPk) have been appointed by the Perak state government to jointly develop and operate water treatment and distribution infrastructure in Kerian, Northern Perak. The project is part of the Northern Perak Water Supply Scheme (NPWSS), a strategic initiative with an estimated development value of RM5 billion. Launched by the Perak state and federal governments, the scheme is designed to address persistent water shortages affecting irrigation, domestic and industrial needs in the region. Under the appointment terms, the Gamuda-PKNPk joint venture will undertake the development and operation of the infrastructure on a minimum 40-year concession basis. The joint venture will supply treated water to the upcoming Kerian Integrated Green Industrial Park, while surplus treated water will be channelled to the neighbouring state of Penang. The NPWSS includes the transfer of 1,500 million litres per day (MLD) of raw water from Sungai Perak to the Bukit Merah Dam, with 500 MLD allocated for immediate irrigation needs in Northern Perak. The remaining water will be treated for domestic and industrial use across the state. The privatisation agreement is expected to be finalised within 90 days of the appointment to ensure the timely implementation of the scheme, which is targeted for completion by 2030. The project remains subject to approvals from the relevant regulatory authorities. Gamuda Engineering Sdn Bhd executive director Faris Mohd Yusof said the appointment represents a significant milestone in Northern Perak’s long-term water security strategy. “We are pleased to have been entrusted with the opportunity to jointly develop a key component of the NPWSS scheme for our home state of Perak. We are committed to ensuring the critical delivery of water for the state with a focus on local workforce and community development,” he said. Faris highlighted the group’s expertise in water-related infrastructure, referencing past projects such as the Skim Bekalan Air Fasa 3 Sungai Selangor and the Smart Tunnel. He added that Gamuda’s experience in water treatment plants, distribution networks and tunnelling positions the group strongly to deliver the essential infrastructure. Gamuda has also played a role in other major water infrastructure developments, including the RM4 billion Sungai Perak Raw Water Transfer Scheme, slated to begin construction in 2026, and the RM1.97 billion Sungai Rasau Water Supply Scheme Stage 1, which is currently underway and expected to complete by mid-2025. Additionally, the group holds a 75 per cent stake in the Ulu Padas hydroelectric project in Sabah, valued between RM3 billion and RM4 billion, with commercial operations scheduled for 2030. -The Star

Zelan Bhd, a PN17 company, has appointed Faizal Yusof as its new chief executive officer. The 46-year-old industry veteran brings over 23 years of experience spanning engineering, construction, and infrastructure to the helm of the construction engineering firm. In a filing with Bursa Malaysia, Zelan’s board expressed confidence that Faizal’s leadership, strategic insight and deep sector expertise will play a pivotal role in steering the company’s turnaround and supporting its ongoing PN17 regularisation plans. Faizal succeeds Mohd Ariff Abd Samat, who resigned in November last year after just three months as CEO to pursue other opportunities. Since then, Shareena Shahril had been serving as acting CEO. Zelan was classified under Practice Note 17 (PN17) in May 2023 after its external auditor, Nexia SSY PLT, issued a disclaimer of opinion on the company’s audited financial statements for the year ended 31 December 2022. -The Star

Solarvest Holdings Bhd has announced the appointment of Daniel Bernd Ruppert as its chief investment officer (CIO), effective immediately. In a filing with Bursa Malaysia, the group said Ruppert, 50, has already played an active role in shaping Solarvest’s investment strategies and has  represented the company at numerous official functions. With his formal appointment, Ruppert will now take on full responsibilities as a member of the senior management team. He will oversee the group’s investment strategy, including asset management, acquisitions and divestments, risk oversight and strategic capital deployment. Solarvest highlighted Ruppert’s extensive experience, noting he brings over 15 years in investment banking and business management to the role. The company said his expertise is expected to enhance the group’s growth trajectory and strengthen its position in the renewable energy sector. -The Star

BASF Petronas Chemicals Sdn Bhd has agreed to pay RM52 million to Petronas Gas Bhd, marking the full and final settlement of a long-standing dispute concerning electricity supply arrangements between the two companies. According to a filing by Petronas Gas with Bursa Malaysia, the settlement was concluded in the ordinary course of business and negotiated on an arm’s length basis. The company emphasised that the resolution is fair, reasonable, and conducted on normal commercial terms, while safeguarding the interests of minority shareholders. Petronas Gas stated that the agreement reflects ongoing commercial collaboration with BASF Petronas and allows both parties to avoid an extended dispute resolution process. The settlement helps mitigate potential uncertainties in revenue recognition and financial expectations. The dispute stems from a sale and purchase of electricity agreement entered into on 21 December 1998, along with supplementary agreements. Between 2018 and 2019, disagreements emerged regarding certain provisions of the electricity agreement, ultimately leading to the negotiated resolution announced. The RM52 million payment draws a line under the matter, reinforcing the commitment of both parties to maintain stable and commercially sound business relationships. -Bernama

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