Business

UNDERGROUND utilities engineering firm UUE Holdings Bhd has secured its largest contract in Singapore to date — a S$20.9 million (RM67.3 million) job from Wee Guan Construction Pte Ltd for the supply and installation of 230kV power cables, auxiliary cables, and accessories.

The project, with SP PowerAssets as the principal, is expected to be completed by end-2027 and will involve high-density polyethylene (HDPE) pipe installation using the horizontal directional drilling (HDD) method.

With this latest win, UUE’s order book has reached an all-time high of RM521.9 million, providing strong earnings visibility over the next two to three years. The group’s total contract wins so far this year have surpassed RM362 million.

“We are pleased to receive this award from one of our long-standing customers, which reaffirms our strong execution capabilities and proven track record in meeting regional standards within Singapore. We are encouraged by this milestone, as our job scope has now expanded to a full-scale role covering the provision of materials, labour and equipment compared to the smaller HDD service packages secured previously,” UUE MD Datuk Dr Ting Kok Hwa said.

He added that the planned expansion of UUE’s in-house HDPE pipe manufacturing arm is progressing well to support its growing market share.

“With Singapore’s construction sector remaining vibrant, we believe UUE is well-positioned to accelerate its operational growth in the country,” he said.

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AGX Group Bhd said that its subsidiary, AGX Logistics (Viet Nam) Co Ltd, has signed a two-year freight forwarding and customs brokerage services agreement with VietJet Aviation Joint Stock Co to support the airline’s operations in Vietnam.

Under the agreement, which runs from Nov 1, 2025, to Oct 31, 2027, AGX Vietnam will provide round-the-clock logistics support for shipments labelled as “Aircraft on Ground” (AOG).

The total value of the contract will depend on the number of shipments handled, based on mutually agreed rates and fees.

“Partnering with an airline of this scale and reputation positions AGX to strengthen its foothold in Vietnam’s aviation logistics market, enhance its service capabilities, and capture opportunities arising from VietJet’s expanding fleet and growing route network,” said AGX CEO Datuk Ponnudorai Periasamy.

He added that the deal reinforces AGX’s regional expansion in aerospace logistics and highlights its growing footprint in ASEAN’s high-growth aviation markets.

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WESTPORTS Holdings Bhd posted a 16% year-on-year increase in net profit for the third quarter ended Sept 30, 2025 (3Q25) to RM271 million, supported by stronger gross profit and higher container throughput.

Quarterly revenue rose 31% to RM752 million from RM572.6 million a year earlier, while gross profit climbed 20% to RM454 million from RM378 million.

For the nine-month period, net profit grew 13% to RM725 million from RM641 million, with revenue up 23% to RM2.06 billion from RM1.67 billion previously.

Westports said it expects full-year container volume growth to remain in the single-digit positive range.

“The global economy continued to exhibit positive growth, albeit with a reduction in resilience and momentum, amid ongoing trade tariff changes, new vessel origination/owner fees levied in the United States, trade sanctions and possibly diverging interest rate directions between various major economies,” it said.

The port operator noted that “front-loading activities earlier in the year had provided momentum for container volume growth so far, though sustaining that pace through year-end could be uncertain.”

“Nevertheless, Asia’s economic dynamism, regional trade diversification and the container alliance’s adjusted model have provided a broad-based demand for the regional container volume requirement,” Westports added.

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BINASTRA Corporation Bhd has secured a RM188.5 million contract for mechanical and electrical fit-out works at a data centre in Cyberjaya, Selangor.

The contract, which also covers construction of a guard house and refuse room, is expected to be completed within four months from the confirmed date of site possession.

Including this latest award, its fifth in the data centre segment worth a cumulative RM1.4 billion, Binastra has secured RM2 billion in new contracts year to date, raising its total outstanding order book to RM4.7 billion.

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LOTTE Chemical Titan Holding Bhd posted a narrower net loss of RM197.86 million for the third quarter ended Sept 30, 2025, compared with RM246.42 million a year earlier, supported by stronger sales, lower depreciation, and a smaller share of losses from associate Lotte Chemical USA Corp.

Quarterly revenue rose 26% year-on-year to RM2.45 billion from RM1.95 billion, driven by increased supply to the Lotte Chemical Indonesia New Ethylene (LINE) project in Merak, which began commercial operations on Oct 15.

For the first nine months, pre-tax loss narrowed to RM517 million from RM924 million, while revenue slipped 5% to RM5.37 billion due to lower sales volume and selling prices.

President and CEO Jang Seon Pyo cautioned that product oversupply and weak downstream demand will continue to pressure prices and margins, though the group remains focused on key markets in Malaysia, Indonesia and Southeast Asia. — TMR

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The Selangor project marks a key step in Solarvest’s regional RE expansion 

by RUPINDER SINGH 

SOLARVEST Holdings Bhd has strengthened its regional renew- able-energy (RE) footprint with a key milestone at Energy Taiwan 2025, as its wholly owned subsidi- ary Atlantic Blue Sdn Bhd secured a turnkey engineering, procurement, construction and commissioning (EPCC) contract for a 60 megawatt (MW) solar project under the Large Scale Solar 5 (LSS5) programme in Kuala Langat, Selangor. 

The contract was formalised through a letter of award (LOA) signed between Nextree Synergy Sdn Bhd and Atlantic Blue during the Energy Taiwan 2025 event. 

The project is scheduled to achieve commercial operation by October 2027. 

Nextree Synergy is a special purpose vehicle comprising Solarvest’s wholly owned subsidiary, Nextree Sdn Bhd (60%); Chailease International Co (M) Ltd (30%), a subsidiary of Taiwan’s leading leasing group Chailease; GreenRock Energy Co Ltd (5%), a RE firm based in Taiwan; and Servex (M) Sdn Bhd (5%), a subsidiary of Acer Inc. 

This development builds on the strategic partnership formed in 2024 between Solarvest, Chailease and GreenRock, first announced at the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2024. 

The collaboration underscores the growing Malaysia-Taiwan cooperation in advancing clean energy initiatives and highlights Solarvest’s expanding role as a regional RE enabler across the Asia-Pacific region. 

To support its expanding portfolio, Solarvest recently proposed a private placement of up to 10% of its issued shares, which is expected to raise gross proceeds of up to RM254 million. 

The funds will be used to finance ongoing solar projects, including the Nextree facility. 

This follows the group’s partnership with Brookfield to develop 1.5 gigawatts (GW) of RE projects in Malaysia, a move that Solarvest said demonstrates growing investor confidence and reaffirms its regional growth trajectory. 

Main Market-listed Solarvest has evolved from a one-stop solar photovoltaic (PV) system provider into a clean energy group with a presence in eight Asia-Pacific markets. 

The company has accumulated a RE portfolio exceeding 3,200MW (ongoing and completed) and is expanding into green hydrogen, battery storage, energy efficiency, low-carbon mobility and RE certificates.

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• This article first appeared in The Malaysian Reserve weekly print edition

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NESTLÉ (M) Bhd appears to be regaining lost ground in the domestic market following the 2024 boycott, but analysts at CGS International Securities (M) Sdn Bhd believe the stock remains expensive relative to its earnings outlook. 

In a recent report, the research house maintained its ‘Reduce’ call on Nestlé while raising its target price (TP) to RM92 (from RM88 previously), after factoring in stronger sales recovery and a higher return on equity assumption of 110.3%. 

Nestlé’s results for the third quarter ended Sept 30, 2025 (3Q25), were broadly in line at the earnings before interest and tax (EBIT) level, but revenue came in stronger than expected. Core net profit rose 33.5% year-on-year (YoY) to RM114 million, lifting its nine-month earnings to RM387 million, up 3.5% from the previous year and account- ing for about 70% of CGS International Securities’s full-year forecast. 

Revenue climbed 9.4% YoY to RM5.2 billion, driven by a faster-than-anticipated rebound in market share. 

Domestic sales grew 7%, while export revenue surged 18%, supported by new product launches, including a coffee concentrate produced in Malaysia for regional markets. 

However, gross profit margin slipped to 30.1% from an earlier projection of 33%, indicating that Nestlé may have resorted to price discounting to regain customers. Still, savings elsewhere helped keep its EBITDA margin steady at 14.6%. 

In a post-results briefing, Nestlé’s management said the company had made “great strides in recovering lost market share” across product categories and regions, though it did not provide specific figures. 

CGS International Securities has trimmed its FY25 earnings estimate by 2.5% due to higher tax expenses but raised its FY26-FY27 forecasts by between 5.6% and 9.6%, reflecting stronger revenue momentum. 

Even with these upgrades, the brokerage sees Nestlé’s valuation as demanding, noting its FY26 price-earnings ratio of 39.7 times — high even after accounting for a projected 16% compound annual growth rate (CAGR) in core earnings between FY25 and FY27. 

CGS International Securities expects growth in revenue and earnings to normalise after the recent rebound, which could dampen investor enthusiasm following the stock’s 21.7% gain over the past three months. 

“We reiterate our ‘Reduce’ call on Nestlé with an increased TP of RM92, as we see its valuation as rich even after accounting for the recovery in earnings and export-driven growth,” CGS International Securities said. 

Potential re-rating catalysts, it added, include stronger export sales, accelerated domestic market share gains and a sharper-than-expected recovery in margins. — TMR

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• This article first appeared in The Malaysian Reserve weekly print edition

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Progress depends on working together and ensuring no Malaysian is left behind 

by AKMAR ANNUAR 

TRANSFORMATION was the defining word at Permodalan Nasional Bhd’s (PNB) recent flagship PNB Knowledge Forum (PKF) 2025, where global thinkers, business leaders and youth advocates gathered to explore how Malaysia can renew its institutions, economy and communities for a fast-changing world. 

The forum carried the theme Transformation and featured an In Conversation session with Prime Minister (PM) Datuk Seri Anwar Ibrahim, alongside addresses by PNB group chairman Raja Tan Sri Arshad Raja Tun Uda and president and group chief executive Datuk Abdul Rahman Ahmad. 

The programme combined economic analysis, corporate strategy and personal reflection that offered a panoramic view of how transformation unfolds across systems, organisations and lives. 

In his opening remarks, Raja Arshad said transformation must be viewed as a national undertaking that goes beyond financial reform. 

He explained that PNB’s own trans- formation journey is rooted in inclusive wealth-building, ensuring that all Malaysians benefit from progress. 

“Transformation is no longer just about adaptation, it is about rethinking how we work, lead and create value at every level. 

“While we raise the ceiling of economic growth, we must also raise the floor of living standards, so that no Malaysian is left behind,” he said. 

Raja Arshad added that Malaysia’s transformation under Anwar’s leadership is not limited to economics but includes leadership governance, institutional integrity and societal equity — pillars that define the Madani Economic Framework. 

He also highlighted national initiatives such as the Public Listed Companies Transformation Programme (PLCT), the Malaysia Digital Economy Blueprint (MyDIGITAL) and the National Energy Transition Roadmap (NETR) as complementary efforts to build a fairer, more resilient economy. 

“This expansion holds a special meaning as it reflects our deepened commitment to nation-building. True transformation must extend beyond boardrooms and institutions, resonating with all Malaysians,” he said, referring to the forum’s inclusion of Amanah Saham Nasional Bhd (ASNB) unitholders and Celik Madnani students. 

Abdul Rahman explained that PNB chose “transformation” as its theme because global and domestic realities are reshaping every facet of life. 

He noted that the geopolitical landscape has been redefined since the change in the US presidency, while technology and artificial intelligence (AI) continue to transform how people live, work and invest. 

“At PNB, transformation is embedded in our strategic direction and operational philosophy. We recognise that organisations must continuously transform, adapt and innovate to deliver meaningful value,”
he said. 

He pointed out that Malaysia’s economic strategy, through the Madani framework, the New Industrial Master Plan 2030 (NIMP 2030) and subsidy rationalisation, aims to balance competitiveness with inclusivity to ensure sustainable, equitable growth. 

For corporate Malaysia, Abdul Rahman said the need for change is urgent, noting that total shareholder returns on the FTSE Bursa Malaysia KLCI (FBM KLCI) over the past decade have been anaemic, lagging even fixed deposit returns. 

“To avoid another lost decade, Malaysian companies must transform to deliver better shareholder value,” he added. 

Abdul Rahman outlined how PNB has evolved from a domestic, equity-focused investor into a global, multi-asset fund house. 

The transformation has strengthened its ability to deliver sustainable returns while improving investor accessibility through digitalisation and product diversification. 

PNB distributed RM14.5 billion in income last year — its highest in five years — bringing total distributions to RM263.7 billion since its inception. 

“Every transformation we undertake must be directed towards delivering better outcomes for our unitholders. Ultimately, we are enhancing the financial lives of Malaysians across generations,” he said. 

The Lego Lesson in Staying Creative

Lego Group former head of Global Brands Christian Majgaard brought an industry perspective on transformation, drawing from the toy company’s reinvention from wooden bricks to programmable robots. 

“For Lego, the value is creativity. The robot is a success because we are not only designing structures; we are also designing behaviour,” he shared. 

Majgaard explained that Lego’s trans- formation from a physical toy brand into a creative learning ecosystem required new partnerships and cultural humility. 

He described how the company collaborated with institutions such as the Massachusetts Institute of Technology (MIT) to create Lego robots, which now feature in educational programmes in over 50 countries. 

He added that transformation must be guided by focus and restraint. 

“You don’t manage the project; the project manages you,” he said, advising leaders not to change everything at once. Majgaard’s presentation emphasised strategic balance by keeping what works, deleting what no longer serves and introducing the new only when it adds genuine value.

He also reminded companies that innovation should not come at the expense of stability, citing Lego’s success in aligning creativity with commercial resilience. 

Brewing Transformation from the Ground Up

Zuspresso (M) Sdn Bhd (Zus Coffee) COO Venon Tian shared the company’s rapid growth from a start-up into one of Malaysia’s fastest-expanding coffee chains, crediting digital readiness and an agile business model as the main drivers. 

“We were very fortunate because the business was digitally built from day one. In 2023, we managed 1,065 stores and that milestone reminded us that systems, training and product discipline must grow with scale.” 

Tian said Zus Coffee’s concept was built around accessibility, selling premium-quality coffee at affordable prices. 

He added that transformation for the company meant balancing growth with consistency, from logistics to quality assurance. 

He also reflected on the lessons from scaling during the pandemic, when the brand’s mobile app and in-house delivery operations helped maintain customer engagement despite restrictions. 

Tian stressed that transformation is not just about expansion but about “repeating small actions that compound into big results.” 

Youth-led Transformation, Climate Action

Sustainability leader and Bye Bye Plastic Bags founder Melati Wijsen reminded the audience that transformation is driven by courage and community as much as by capital and technology. 

“Transformation requires bravery, the courage to ask big questions. All three levels, namely government, private sector and people, must be activated and respected at the same time to push for transformation,” she said. 

Wijsen, who started her campaign against plastic waste at age 12 in Bali, shared that true change often begins outside institutional frameworks through curiosity, care and collaboration. 

She encouraged participants to imagine a world where every business invests in a “department of failure” to normalise experimentation and accelerate innovation. 

She also highlighted her initiative Utopia, which offers workshops and masterclasses to empower students aged 12 to 25 to become changemakers in their own communities.

Her story illustrated how youth-led movements can translate activism into structured programmes, bridging personal conviction with collective transformation. 

From Policy to Practice 

The PM’s session, titled In Conversation with Anwar Ibrahim, served as the day’s anchor. 

He cautioned that while transformation may begin with policy, its success depends on the endurance of institutions and the moral courage of those who serve within them. 

“It is easy to pass policies, but it is very difficult to carry them through. People expect policies to meet high expectations, but in order to move to a better situation, we must give them the freedom to act,” he said. 

Anwar said transformation requires wisdom and patience — qualities often tested in a political climate of immediacy and polarisation. 

“Be patient. If you want to filter all that wisdom, you will be devoid of that wisdom,” he said. 

He also spoke about character and empathy as the foundation of national renewal, noting that leadership must model compassion and awareness in order to bridge divides within society. 

“Support each other, see each other and act together.” 

His remarks reflected the government’s broader commitment to institutional reform under the Madani Economy, which integrates moral and structural change across ministries and state agencies. 

A Connected National Narrative 

This year’s PKF marked the forum’s most inclusive edition yet, bringing together over 600 participants from policymakers and fund managers to university students under one agenda of transformation. 

PNB said the shift from its annual Minggu Saham Amanah Malaysia (MSAM) to PKF as a flagship event reflects its intent to position the forum as a national platform for dialogue, linking capital markets with civic understanding. 

Throughout the day, speakers explored transformation through four lenses — economic, geographic, organisational and personal — showing how shifts at each level reinforce one another. 

The underlying message was that progress is not linear but layered and that transformation succeeds only when anchored in equity, creativity and institutional trust. 

For PNB, the forum was as much a reflection as it was a declaration, a reminder that transformation is not an endpoint but an ongoing process. 

Raja Arshad concluded by saying that Malaysia’s success will depend on collective responsibility and consistent reform. 

For Abdul Rahman, the next phase of transformation involves deepening financial literacy, strengthening governance and ensuring that PNB’s ecosystem remains inclusive for future generations. 

“Let the insights shared today spark meaningful change in your organisations and communities,” he said. 

He urged everyone to keep transforming with purpose — not merely for the sake of change, but to improve the lives of millions of Malaysians and help them realise their hopes and aspirations. 

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• This article first appeared in The Malaysian Reserve weekly print edition

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ENGINEERING services group AWC Bhd has secured a RM99.1 million contract from TM Technology Services Sdn Bhd (TMSSB), a wholly owned subsidiary of Telekom Malaysia Bhd (TM), for the provision of integrated facilities management (IFM) services for TM’s data centres (DCs) and buildings in TM Central 1. 

The five-year contract, awarded to AWC’s wholly owned subsidiary Ambang Wira Sdn Bhd, will commence on Nov 1, 2025, and run until Oct 31, 2030. 

AWC group CEO and president Datuk Ahmad Kabeer Mohamed Nagoor said the project represents an important milestone for the group. 

“We are honoured to be chosen by TM to undertake this project. This win is a testament to our proven track record and strong expertise. The group will be providing comprehensive IFM services — covering operations, maintenance and support for TM DCs and buildings in TM Central 1. 

“Beyond being another major facilities management job, this project marks our first venture into the management of mission-critical, technology-driven infrastructure — facilities where reliability, uptime, and technical precision are of utmost importance. It also showcases our ability to integrate engineering excellence with facilities management expertise,” Ahmad Kabeer said. He added that the group’s facilities division is gaining strong traction alongside its environment and engineering divisions.

“This brings the total contracts announced in financial year 2026 (FY26) to around RM194 million,” he said. “This contract provides clear earnings visibility for the next five years and further reinforces our recurring revenue base. In FY25, around 45% of our revenue was recurring in nature.”

As at end-June 2025, AWC’s orderbook stood at RM597 million, excluding the three contracts announced in FY26. 

“More importantly, this award positions AWC at the forefront of Malaysia’s rapidly expanding digital infrastructure ecosystem and aligns with our long-term strategy to move our facilities division into higher-value, performance-based contracts that support DCs, telecommunications companies (telcos), and other advanced technology assets,” said Ahmad Kabeer. — TMR

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• This article first appeared in The Malaysian Reserve weekly print edition

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COUNTRY Heights Holdings Bhd’s external auditor UHY Malaysia has raised a material uncertainty over the group’s ability to continue as a going concern, after it posted a net loss of RM286.8 million for FY2025 and recorded liabilities exceeding assets by RM526.3 million at group level.

Despite this, the auditor did not modify its opinion on the financial statements.

UHY also highlighted an impairment of RM10.19 million in trade receivables as a key audit matter due to uncertainties over recoverability.

Country Heights said it plans to undertake cost-rationalisation, asset realisation, fundraising, debt restructuring and credit-control measures to stabilise its finances, targeting progress within 12 to 18 months.

The board said it believes the group will be able to continue as a going concern under its ongoing strategic restructuring and capital management plans. — TMR

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