Malaysia

KUALA LUMPUR: IJM Corporation Bhd has received the Works Ministry’s approval for the New Pantai Expressway (NPE) Extension and toll restructuring for the existing highway, marking a significant milestone in the group’s efforts to enhance urban mobility across the Klang Valley. The 15-kilometre fully elevated extension—comprising directional ramps—will be undertaken by IJM’s Infrastructure Toll Division at an estimated construction cost of RM1.4 billion. The project will be fully funded by the concessionaire without any government financing. Construction is scheduled to begin in the third quarter of 2025, with operations expected by 2029. Datuk Lee Chun Fai, Group Chief Executive Officer and Managing Director of IJM, said the approval reflects the group’s ongoing commitment to addressing congestion and improving connectivity in key urban corridors. “To support future-ready commuting, the NPE Extension will incorporate smart infrastructure features including Malaysia’s Multi-Lane Fast Flow (MLFF) tolling system, integrated real-time CCTV monitoring, smart street lighting, and a new layby equipped with electric vehicle fast-charging stations,” said Lee. In line with government goals to modernise infrastructure, the group will also maintain current toll rates on the existing NPE until the concession period expires, under the approved toll restructuring plan. IJM emphasised its commitment to working closely with the Works Ministry and other relevant agencies, pledging transparent and continuous engagement with stakeholders throughout the project’s development. — BERNAMA

KUALA LUMPUR:  Malaysia Bhd recorded an 11.5% year-on-year increase in net profit to RM211.69 million for the first quarter ended 31 March 2025 (1Q25), compared to RM189.83 million in the same period last year. The stronger performance was driven by higher contributions from both its general and life insurance segments. Revenue rose 14.3% to RM1.53 billion from RM1.34 billion previously, on the back of increased insurance revenue across both segments, the company said in a filing with Bursa Malaysia. The general insurance division delivered a pre-tax profit of RM159.7 million, supported by stronger net insurance and investment results. Meanwhile, the life insurance segment posted a higher pre-tax profit of RM126.9 million, mainly due to improved net insurance and investment returns. This was partially offset by lower other operating income from its investment-linked protection and employee benefits business. Conversely, the investment holding segment registered a pre-tax loss of RM2.9 million, primarily due to lower expenses. Looking ahead, Allianz Malaysia said it remains focused on expanding its distribution channels through agency transformation, with a strong emphasis on high-quality recruitment, agent productivity, and retention. “We are actively steering our portfolio towards a more profitable product mix to accelerate sustainable growth and enhance return on equity,” the insurer said. “We will continue to adapt our strategy in response to market changes, strengthen claims management, and enforce disciplined expense management as the key levers of our profitability strategy.” — BERNAMA

Earthworks and civil engineering services provider Wawasan Dengkil Holdings Berhad (“Wawasan Dengkil” or the “Group”) has reported a revenue of RM134.7 million for the nine months ended 31 March 2025 (9MFY25), following its recent debut on the ACE Market of Bursa Malaysia. The Group achieved a profit after tax (PAT) of RM8.2 million during the period. After adjusting for RM1.3 million in one-off IPO listing expenses, the adjusted PAT stood at RM9.5 million, with a healthy margin of 7.1%. Revenue was predominantly driven by the construction services segment, which contributed 89.6% of total revenue. The remainder came from the trading of construction materials and the hiring of machinery and commercial vehicles. On a quarter-on-quarter basis, Wawasan Dengkil reported RM40.6 million in revenue for 3QFY25, down from RM48.0 million in the preceding quarter. The decline was primarily attributed to the completion or near-completion of several construction projects and reduced trading activity. PAT for the quarter came in at RM2.1 million, or RM2.9 million after adjusting for listing expenses—comparable to 2QFY25’s adjusted PAT of RM3.4 million. Executive Director Lim Soon Yik expressed confidence in the Group’s outlook: “Our project pipeline remains robust, with 13 ongoing construction projects and an unbilled order book of RM369.6 million as at 31 March 2025. The RM27.0 million in proceeds raised from our IPO will be used to strengthen internal capabilities and support bids for larger-scale projects.” Lim also noted that the Group’s RM1.6 billion tender book, focused on civil engineering services for property development, highways, urban rail, and solar farm infrastructure, positions it well to capitalise on national infrastructure and renewable energy initiatives. “With Malaysia targeting 40% renewable energy capacity by 2035, government-led programmes like LSS5 and the upcoming LSS6 offer significant opportunities. As a specialist in early-stage earthworks, Wawasan Dengkil is strategically placed to benefit,” he added. Wawasan Dengkil was listed on Bursa Malaysia’s ACE Market on 25 March 2025 under the stock name DENGKIL (stock code: 0347).

KUALA LUMPUR: Tenaga Nasional Berhad (TNB) has declared a dividend of 51 sen per share—the highest in four years—returning more than RM2.96 billion to shareholders and reinforcing its role in fostering responsible growth and national development. The payout aligns with TNB’s 60% dividend policy and benefits millions of Malaysians, with over 60% of its shares held by Government-Linked Investment Companies (GLICs), including Permodalan Nasional Berhad (PNB), Employees Provident Fund (EPF), Khazanah Nasional, Kumpulan Wang Persaraan (KWAP), and Lembaga Tabung Haji (LTH). At its 35th Annual General Meeting, Chairman Tan Sri Abdul Razak Abdul Majid said, “These distributions ultimately reach millions of Malaysians, reinforcing national savings, retirement security, and broad-based financial wellbeing.” Beyond financial returns, TNB reaffirmed its commitment to nation-building through long-term investments in education, community development, and sustainability initiatives. In 2024, the utility giant contributed RM874.7 million in taxes and zakat, alongside RM140.9 million for programmes in education, sports, environment, and community outreach. Key initiatives include Phase 11 of its Village Street Lighting Programme, which will see the installation of over 14,000 energy-efficient LED streetlights across rural areas, enhancing safety, connectivity, and economic inclusion. President and CEO Datuk Ir Megat Jalaluddin Megat Hassan emphasised the company’s forward-looking approach: “Our strategy is clear. We aim to maintain robust performance while generating long-term value for the rakyat through responsible returns and meaningful impact.” TNB’s achievements in 2024 were underpinned by favourable macroeconomic conditions, including a strengthening ringgit and Malaysia’s 5.1% GDP growth. Strong industrial and commercial demand, spurred by RM378.5 billion in approved investments (MITI), also contributed to the company’s performance. With RM11.2 billion invested in capital expenditure last year, TNB accelerated grid modernisation to support Malaysia’s energy transition under the Ekonomi MADANI framework. Key upgrades enabled greater renewable energy integration and improved network resilience across Peninsular Malaysia. TNB also reported a Customer Satisfaction Index score of 87% and secured an MSCI ESG rating upgrade to ‘A’, reflecting its leadership in sustainability through emissions reductions, water efficiency, and renewable energy adoption. “These achievements are not just numbers—they reflect our long-standing commitment to delivering reliable infrastructure, promoting inclusive growth, and supporting national aspirations,” TNB stated.

KUALA LUMPUR: Shares of Eco-Shop Marketing Bhd (KL:ECOSHOP) opened at RM1.25 on its Main Market debut on Bursa Malaysia, marking a gain of over 10% from its initial public offering (IPO) price of RM1.13. The counter later settled at RM1.21 in early trade, with nearly 50 million shares changing hands. The upbeat debut follows a revised IPO pricing strategy, where the company trimmed its final offer price by 7% amid tepid retail demand. While the public portion was only marginally subscribed, the institutional tranche was fully taken up — supported by 10 cornerstone investors including AHAM Asset Management, Areca Capital, and Eastspring Investments. These institutions collectively absorbed over 90% of the institutional allocation. Eco-Shop’s IPO raised RM974 million in total, comprising RM392 million for the company and RM582 million for selling shareholders, including founder and managing director Datuk Seri Lee Kar Whatt and private equity firm Creador — which previously backed Mr DIY Group (M) Bhd. Founded as a fixed-price retail chain, Eco-Shop operates over 350 stores nationwide, offering more than 10,000 items — primarily priced at RM2.60 — ranging from household goods to daily necessities. Proceeds from the IPO will be used to expand the company’s distribution and retail footprint, repay borrowings, and enhance IT infrastructure. Maybank Investment Bank led the deal as principal adviser and sole underwriter, supported by UBS and RHB as joint global coordinators and bookrunners. The positive listing comes as a relief for Bursa Malaysia following several underwhelming IPO debuts in recent months. Analysts from Nomura and UOB Kay Hian had earlier issued “buy” ratings on Eco-Shop, with target prices ranging from RM1.35 to RM1.45.