Business

SUNWAY Bhd’s proposed voluntary takeover offer for all 3.51 billion shares in IJM Corp Bhd will close on April 6, giving IJM shareholders until 5 pm that day to consider the offer.

Sunway has nominated its indirect wholly owned subsidiary, Fortuna Gembira Enterprise, as the recipient of the offer shares.

The offer, priced at RM3.15 per share, is conditional on Sunway receiving valid acceptances resulting in it holding more than 50% of IJM’s voting shares.

Assuming full acceptance with no adjustments, the total consideration is estimated at about RM11 billion, to be settled through a combination of cash and new Sunway shares.

Sunway said the proposed acquisition is expected to be completed by the third quarter of 2026. –TMR

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PROPEL Global Bhd has signed a memorandum of understanding (MoU) with Sabah Energy Corporation Sdn Bhd (SEC) and Reservoir Link Energy Bhd to jointly explore the development of a modular gas power plant in Sabah.

The collaboration aims to provide a cost-efficient, low-emission, and rapidly deployable energy solution to support industrial growth and grid stability across the state.

Under the MoU, the parties will jointly undertake feasibility studies, social and environmental impact assessments, power system studies, transmission connectivity planning, financial modelling, and land matters, with SEC providing support.

A joint working group will be established within 30 days to oversee the activities.

The project will be implemented under a zero-capital expenditure structure fully borne by Reservoir Link, with detailed commercial and ownership terms to be defined in a subsequent joint venture agreement.

The MoU is valid for two years, with exclusivity in Sabah during the term and for two years thereafter.

Propel Global executive director and CEO Angeline Lee said the partnership reflects the group’s commitment to cleaner, reliable energy solutions for Sabah, integrating LNG regasification with modular generation technology to achieve cost savings, carbon emission reductions, and support the state’s industrial and economic development.

Reservoir Link executive deputy chairman Thien Chiet Chai said the collaboration will strengthen Sabah’s energy resilience, diversify the group’s income beyond traditional oilfield services, and position it as a long-term contributor to the state’s transition from diesel to cleaner energy sources.

The initiative underscores both groups’ focus on sustainable energy infrastructure, strong governance, and environmental and social safeguards to deliver lasting benefits for Sabah’s communities and industries. –TMR

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PTT SYNERGY Group Bhd has secured a RM34.05 million contract from Sime Darby Property Bhd for earthworks and ancillary works at the Bandar Bukit Raja development in Klang, Selangor.

The contract was awarded to PTT Synergy’s wholly owned subsidiary, Pembinaan Tetap Teguh Sdn Bhd, by Sime Darby Property (BBR Business Park) Sdn Bhd.

It involves earthworks and related works for Phase 1 Package 4 (i32, i33 and C21) at Bandar Bukit Raja Stage 4 in Mukim Kapar, according to a filing with Bursa Malaysia.

PTT Synergy said the acceptance of the letter of acceptance was in the ordinary course of business and conducted on an arm’s length basis under normal commercial terms.

The pre-possession date is Jan 29, 2026, with possession commencing on March 3, 2026. Completion is scheduled for March 2, 2027 for i33, and Aug 2, 2027 for the overall package.

Shares in PTT Synergy closed 2 sen or 1.45% lower at RM1.36 today, valuing the group at RM595.7 million.

Sime Darby Property ended unchanged at RM1.50, giving it a market capitalisation of RM10.2 billion. —TMR

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GLOMAC Bhd has appointed Fateh Idzham Datuk Seri Fateh Iskandar, better known as FD Idzham, as group ED, marking the entry of the third generation into the property developer’s leadership.

FD Idzham, 28, is the grandson of Glomac founder Tan Sri Datuk Mohamed Mansor Fateh Din, who is the group’s non-executive chairman, and the son of group MD and CEO Datuk Seri Fateh Iskandar.

He holds a Master’s degree in Innovation, Entrepreneurship and Management from Imperial College London and a BA (Hons) in Business Management Finance from Middlesex University, London.

He began his career at Maybank Investment Bank Bhd, where he worked in client coverage and investment banking, with exposure to Malaysia’s capital markets, sovereign-linked institutions and corporate clients.

He later took on senior management roles within Glomac and its subsidiaries, contributing to group strategy, diversification initiatives and oversight of the group’s core property development business.

“FD Idzham brings strong capital markets perspective, institutional engagement experience and operational oversight capabilities, which will support the group as we sharpen our portfolio focus, maintain capital discipline and deliver sustainable value for stakeholders,” Fateh Iskandar said.

Fateh Iskandar is Glomac’s largest shareholder with a 29.93% stake, followed by Datuk Fong Loong Tuck (13.75%), Mohamed Mansor (13.72%) and Shapadu Capital Sdn Bhd (13.27%).

Shares in Glomac closed down one sen or 2.9% at 33.5 sen today, valuing the company at RM268 million. –TMR

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SARAWAK state-owned carrier Air Borneo has placed a firm order for eight ATR aircraft from Franco-Italian turboprop manufacturer ATR.

The agreement covers five ATR 72-600s and three ATR 42-600s, with purchase rights for a further four aircraft. Deliveries are scheduled between 2027 and 2029, ATR said today.

Signed at the ongoing Singapore airshow, the deal marks a key milestone in Air Borneo’s transformation into Sarawak’s state-owned airline and its takeover of the rural air services (RAS) network serving remote communities across Sarawak, Sabah and Labuan.

Finalised in late 2025, the order supports the airline’s long-term fleet renewal strategy following the Sarawak government’s acquisition of MASwings in 2025 and its subsequent rebranding as Air Borneo.

The airline currently operates eight ATR 72-500 aircraft inherited from MASwings. The new-generation ATR 600 series will form the backbone of a more efficient and resilient RAS operation in East Malaysia.

Air Borneo said the ATR 42-600 and ATR 72-600 will enhance passenger comfort, operational reliability and service capability. The aircraft feature advanced avionics, modern navigation systems and improved cabin interiors, and are equipped for medical stretcher operations. They are optimised for reliable service across Borneo’s diverse regional and rural routes.

The agreement also includes four purchase rights, providing options for future growth beyond the RAS network, including potential regional expansion within the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area. — TMR

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KUCHING — AirBorneo is offering a 20 per cent discount on normal fares for the upcoming 2026 Chinese New Year.

In a statement today, the Sarawak state-owned airline said the discount applies to bookings made on Feb 1 to Feb 5, 2026, for travel from Feb 6 to Feb 28, 2026.

AirBorneo chief executive officer Megat Ardian Wira Mohd Aminuddin said the promotion is designed to support travellers returning home for the holidays.

“This discount reflects our commitment to making homecoming travel more accessible during the festive season,” he said.

According to the statement, customers can book through the airline’s website, call centre and ticketing counter at the airports with terms and conditions apply.

The Sarawak-owned carrier currently serves 21 destinations, maintaining connections to remote communities in Sarawak and Sabah. The airline plans to continue expanding its services while maintaining critical Rural Air Services (RAS) network.

AirBorneo began commercial operations with its inaugural flight on Jan 2, 2026, after completing the acquisition from MASWings on Jan 1, 2026. — BERNAMA

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BANGKOK — Malaysian coffee chain Zus Coffee plans to open 50 outlets in Thailand in 2026, following its official debut in the Kingdom on Friday.

Co-founder and group chief operating officer Venon Tian said the company spent about six months to seven months on research and development to better understand the Thai market ahead of its launch.

“Entering a diverse and competitive market such as Thailand is meaningful for us as a brand from a relatively smaller nation.

“We plan to open 50 stores here in 2026 to strengthen our presence in one of Southeast Asia’s most mature coffee markets,” he told Bernama.

Tian said the expansion builds on Zus Coffee’s growing footprint across Malaysia, Singapore, the Philippines and Brunei, as well as its upcoming entry into Indonesia.

Earlier, Malaysian Ambassador to Thailand Datuk Wan Zaidi Wan Abdullah attended the launch ceremony at Dusit Central Park, a shopping mall in Bangkok.

Zus Coffee is currently one of the fastest-growing coffee chains in Southeast Asia, operating more than 1,000 outlets and employing over 8,000 people across the region.

Focusing on its home market, Tian said the group plans to open 200 new outlets in Malaysia this year, in line with strong consumer demand.

“While our vision is to expand beyond ASEAN, Malaysia remains where everything begins. With 200 new stores planned this year, we will also enter two new markets – Indonesia and Pakistan – in the first quarter,” he said.

Meanwhile, Wan Zaidi encouraged more Malaysian companies to expand into Thailand, citing strong demand and positive reception for Malaysian brands.

“Malaysian brands, especially in the food and beverage sector, should emulate Zus Coffee by expanding into Thailand, as the market here is larger and Malaysian products are very well received,” he said.

Founded in Malaysia in 2019, Zus Coffee has scaled its app-first, new retail operating model across Southeast Asia and aims to operate 1,300 outlets by the end of 2026. — BERNAMA

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KUALA LUMPUR — Steel Hawk Bhd’s wholly owned subsidiary, Steel Hawk Engineering Sdn Bhd (SHESB), has bagged four contracts worth a total of RM41.3 million for electrical infrastructure works related to Tenaga Nasional Bhd (TNB). 

The works include underground cabling as well as substation construction and upgrading works in Perak and Pahang.

Steel Hawk said SHESB received the letters of award yesterday, dated Jan 28, 2026, from Ibrahim & Sons Engineering Sdn Bhd (IBSE). “The contracts are expected to contribute positively to the earnings of Steel Hawk Group for the financial year ending Dec 31, 2026,” it said in a stock exchange filing.

According to the filing, the contracts comprised two projects for the installation of 33 kilovolt (kV) and 11kV aluminium XLPE underground cables and accessories.

The remaining two projects involve the construction of main intake substations and related buildings for TNB, with durations ranging from about nine months to two years.

Steel Hawk said the contracts are not expected to expose the company to any distinctly new risks, as it is already actively involved in similar services within the Steel Hawk Group.

It added that none of the directors or major shareholders, or persons connected to them, has any direct or indirect interest in the contracts. “The board of directors of the company is of the opinion that the contracts are in the ordinary course of business and are in the best interest of the company,” it said. — BERNAMA

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PETROLIAM Nasional Bhd (Petronas) aims to sustain domestic production at approximately two million barrels of oil equivalent per day (MMboe/d) in the next three years through continued investment in exploration, deepwater development and enhanced oil recovery.

The national oil firm, which released its activity outlook for 2026-2028 today, said resource optimisation projects from producing assets such as Belud, Sepat and Kurma Manis continued to play a critical role in supporting Malaysia’s energy security, creating sustained demand for technical services and innovative solutions from oil and gas services and equipment (OGSE) partners.

“At the same time, decarbonisation initiatives under the BIGST (Bujang, Inas, Guling, Sepat and Tujoh) cluster were progressing to advance Petronas’ net zero carbon emissions by 2050 pathway, enabling lower-carbon operations in Peninsular Malaysia,” it said in a statement today.

Given anticipated margin pressure and persistent volatility in its downstream segment, Petronas said it would prioritise operational excellence, supply chain resilience, and product diversification, while deepening its expansion in specialty chemicals and biofuels, with a biorefinery targeted to commence operations in the second half of 2028.

“The outlook also highlights product innovations such as thermal intelligent fluids Petronas Iona for electric vehicles and Iona Tera for data centre cooling, designed to meet evolving customer needs amid the global shift towards sustainability,” it said.

For gas and maritime, in support of the group’s advocacy of gas as a key transition fuel, Petronas said it would continue to ensure a reliable supply of natural gas and liquefied natural gas (LNG), while improving efficiency and reducing emissions across its operations.

“Key priorities include fleet rejuvenation, investments in lower-emission shipping solutions and continued development of its LNG portfolio and regasification capacity to support Malaysia’s evolving energy needs,” it added.

Petronas is looking to grow its LNG portfolio by advancing a third floating LNG facility in Sipitang, Sabah, and expanding into new supply nodes such as Canada, under the gas and maritime segment.

The outlook also highlights progress under Petronas’ cleaner energy solutions, with Gentari having achieved more than 8.5 gigawatts of global renewable energy capacity and matured 175 kilotonnes per annum of clean hydrogen opportunities.

Petronas said its energy transition initiatives are being structured to systematically develop Malaysian OGSE competencies in emerging domains, from carbon capture and storage to renewable energy infrastructure, positioning the domestic industry to participate in high-growth markets beyond traditional oil and gas. — BERNAMA

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KUALA LUMPUR — Indah Water Konsortium Sdn Bhd (IWK) today clarified that a one per cent charge on property value imposed on developers connecting to the public sewerage system is for the Sewerage Capital Contribution (SCC) Fund.

In a statement, IWK said the contribution is regulated and payable to the National Water Services Commission (SPAN) to support the national sewerage infrastructure.

IWK explained that it has been appointed by SPAN as the Certifying Agency for Sewerage Works Approvals under Section 174 of the Water Services Industry Act 2006 (Act 655) for all states in Peninsular Malaysia and the Federal Territory of Labuan, effective Jan 1, 2008.

“Under the Water Services Industry Act (WSIA) 2006, all developments approved for connection to the public sewerage system are required to contribute to the Sewerage Capital Contribution Fund (Kumpulan Wang Sumbangan Modal Pembetungan, KWSMP).

“This contribution funds government-led upgrading, enhancement, and maintenance of the national sewerage infrastructure. It reflects the cost of essential sewerage system improvements required to support sustainable development and environmental protection,” the statement said. 

IWK confirmed that the SCC is a statutory contribution towards public infrastructure and is separate from sewerage service charges paid by customers to IWK.

It said the requirement is stipulated under P.U.(A) 72 of 2025, Water Services Industry (Sewerage Capital Contribution Fund) (Amendment) Regulations 2025.

“IWK fully supports the government’s efforts to ensure Malaysia remains a competitive investment hub and will continue to collaborate with authorities, utility providers, and industry stakeholders to address cost concerns while ensuring sustainable and reliable public sewerage infrastructure,” it added.

The clarification was issued in response to a query by Petaling Jaya Member of Parliament Lee Chean Chung about concerns among foreign investors about the charge. — BERNAMA

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