Business

VELESTO Energy Berhad has entered into a sale and purchase agreement with PT Indonesia Drilling Energy for the divestment of its jack-up drilling rig, NAGA 3, for a total cash consideration of US$63 million (RM258.4 million).

Built in 2010, NAGA 3 is being sold as part of Velesto’s ongoing fleet optimisation strategy, which focuses on maintaining a technically competitive fleet in line with its position as a premium rig operator.

The disposal is expected to generate an estimated gain of RM1.4 million.

Velesto President Megat Zariman Abdul Rahim said the divestment allows the group to concentrate on premium rigs that define its competitive advantage.

He added that moving towards a more asset-light model will improve operational agility, strengthen the balance sheet, and ensure capital is deployed where it creates the greatest value.

The proceeds from the sale will reinforce core drilling operations and support shareholder returns.

The disposal is expected to be completed by the end of the first half of 2026, providing Velesto with greater flexibility in managing its fleet through a mix of ownership and leasing arrangements while prioritising rigs that meet current market requirements.

After the acquisition, NAGA 3 will be deployed in Malaysian waters through AFED TEXCAL Energy Ventures, a subsidiary of TEXCAL Energy, to support exploration and production operations—highlighting the continued demand for reliable drilling assets in the region. — TMR

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PTT Synergy Group Bhd said its wholly owned subsidiary, Pembinaan Tetap Teguh Sdn Bhd, has accepted a RM35.88 million contract from Sime Darby Property (BBR Business Park) Sdn Bhd for earthworks and ancillary works at Bandar Bukit Raja, Selangor.

The works relate to Phase 1 Package 3 of Bandar Bukit Raja Stage 4 and will commence following pre-possession on Dec 18, 2025, with completion targeted for Sept 4, 2027.

PTT said the contract is expected to contribute positively to the group’s future earnings over its duration.

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NEW YORK State has approved full casino licences for Genting Malaysia Bhd’s Resort World New York City, alongside Bally’s Bronx and Hard Rock Metropolitan Park, following a unanimous vote by the New York State Gaming Commission.

The decision marks the culmination of a decade-long process to establish full-scale casinos in the city and follows recommendations by the Gaming Facility Location Board earlier this month.

Under the approvals, the state will collect US$1.5 billion in one-off licence fees and is expected to generate billions more in tax revenue, with the projects touted as major drivers of jobs, transport funding and education support.

Genting Malaysia’s Resort World New York City will be the only casino able to commence full operations in the near term, with the licence allowing it to roll out live table games from as early as June 2026, while the other greenfield projects are not expected to open until around 2030.

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MESINIAGA Bhd has clinched a RM19.82 million contract from the Ministry of Education to provide leased IT equipment to schools in northern Sarawak.

The IT services provider said it accepted the letter of award on Dec 15 for Phase 4 of the programme, which involves supplying laptops, colour multifunction printers, projectors and charging carts on a lease-to-use basis to support teaching and learning activities in school computer labs.

The 65-month contract will take effect from Jan 1, 2026, to May 31 2031, with no provision for automatic renewal.

The group expects the project to make a positive contribution to earnings and net assets from FY2026 until the contract ends.

At the midday break on Dec 16, Mesiniaga shares were flat at RM1.35, valuing the company at RM81.5 million.

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KUALA LUMPUR —  Tenaga Nasional Bhd (TNB) chief executive officer (CEO) Datuk Megat Jalaluddin Megat Hassan (picture) has been named “MADANI Best CEO of the Year” at the inaugural MADANI Business Awards 2025 recently. 

Other corporate figures honoured included Syarikat Perumahan Negara Bhd chairman Datuk Prof Dr Mohd Azmi Mohd Lila, who received the “MADANI Nation Housing Visionary Award”, while Encorp Bhd independent non-executive chairman Mohd Yusmadi Mohd Yusoff and the Malaysian Communications and Multimedia Commission’s chief network security officer Datuk Dr Mohamed Sulaiman Sultan Suhaibuddeen were honoured with the “MADANI Corporate Reform Award”.

MADANI Business Awards 2025 Organising Committee chairman Mohd Yahya Mat Sahri said Megat Jalaluddin was awarded due to his exemplary leadership in leading the transformation of the national energy sector.

“The selection was made after the judging panel took into account his track record in driving the implementation of the National Energy Transition Roadmap (NETR), including the expansion of renewable energy (RE), modernisation of grid infrastructure through the Grid of the Future initiative, and TNB’s commitment to achieving Net Zero Emissions by 2050.

“These efforts are aligned with the government’s aspiration to build a low-carbon and sustainable economy based on the MADANI Economy framework,” he said in a statement.

During Megat Jalaluddin’s leadership tenure, TNB recorded stable operational and financial performance as a result of comprehensive digitalisation, involving the adoption of artificial intelligence, big data, grid automation and more efficient customer service platforms.

He also played a key role in the implementation of national strategic projects under the NETR, including the Battery Energy Storage System project, Large-Scale Solar initiatives, and the development of the electric vehicle ecosystem through TNB’s Electron charging network.

“These initiatives have had a positive impact on the growth of the energy industry and supported the nation’s commitment towards a green economy,” said Mohd Yahya.

TNB’s international standing has also been strengthened through the expansion of its overseas renewable energy portfolio and active participation in global utility platforms, further enhancing the company’s competitiveness and elevating Malaysia’s image on the world stage.

The award also took into account his commitment to governance with integrity, financial discipline, national talent development and the empowerment of local vendors.

“All of these reflect the core MADANI values, particularly sustainability, well-being, innovation, compassion and accountability,” said Mohd Yahya.

Mohamed Sulaiman was selected in recognition of his significant role in the development and implementation of comprehensive national network security policies, as well as the management of cybersecurity incidents to protect the country’s critical infrastructure.

Under his leadership, the MCMC has strengthened strategic collaboration among government agencies, the telecommunications industry, digital service providers and the cybersecurity community to enhance national preparedness against cyber threats.

The inaugural MADANI Business Awards 2025 recognised more than 50 Malaysian CEOs, entrepreneurs and corporate entities that have combined business achievements with social impact.

The awards ceremony was organised by the Selangor Islamic Chamber of Commerce (DPIM Selangor) in collaboration with Yayasan Wilayah Persekutuan and Yayasan Generasi Malaysia, to highlight organisations and leaders who contribute to community well-being and inclusive national development. — BERNAMA

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KUALA LUMPUR — Outgoing Malaysia Aviation Group (MAG) group managing director Datuk Captain Izham Ismail (picture) on Monday marked his final official engagement with the media, closing a chapter spanning more than four decades with the company, with gratitude, reflection and quiet emotion.

Speaking at a media briefing on MAG’s Long-Term Business Plan 3.0 (LTBP3.0), Captain Izham thanked members of the media for their role throughout MAG’s transformation journey, acknowledging the scrutiny, support and accountability that came with steering the airline through some of its most challenging years.

“This will be my last engagement with the media, and I would like to thank them from the bottom of my heart. You have been with us through the good times and the very difficult ones,” he said. 

At several instances during the session, Captain Izham appeared visibly emotional as he reflected on his tenure, describing his proudest achievement not in numbers or financial metrics, but in people.

“I am proud that I was able to develop a strong bench of leaders not just at the C-suite level, but across the organisation,” he said.

Captain Izham said the process of succession planning had been deliberate and, at times, painful, but necessary to ensure MAG’s sustainability beyond any one individual.

“My job is done. It is for them to take this organisation forward and better,” he said. 

Captain Izham expressed full confidence in his successor, Captain Nasaruddin A. Bakar and the leadership team, stressing that MAG is now in “very good hands” as it embarks on its next phase of growth under Business Plan 3.0.

MAG has appointed Captain Nasaruddin as its president and group chief executive officer (CEO), effective Feb 1, 2026, a new designation succeeding the former group managing director position. Captain Izham will retire on Jan 31, 2026. 

Beyond operational recovery and profitability, Captain Izham said Nasaruddin’s leadership philosophy had evolved to emphasise diversity, humility and service, which he believes are critical to delivering authentic Malaysian hospitality and building a resilient organisation.

“Leadership is not about survival anymore. “It is about nation-building, serving 14,000 people and enabling them to deliver the outcome,” he emphasised. 

Asked what his next plan was after retirement, the veteran national airline captain said there are no plans yet.

Captain Izham began his career with Malaysia Airlines as a pilot in 1979 and rose through the ranks to hold various key leadership roles before being appointed as the group managing director on Dec 1, 2017, making him the company’s longest-serving chief executive to date.

In 1997, he set a world aviation record when he flew Malaysia Airlines’ first B777-200 eastward from Seattle to Kuala Lumpur and back. — BERNAMA

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ANN JOO Resources Bhd’s indirect subsidiary, Gurun Heavy Industrial Park Sdn Bhd (GHIP), has entered into two joint venture agreements with Transyear Sdn Bhd to develop a total of 837,896 sqm of land in Gurun, Kedah, into Phase 1A and Phase 1B of the Gurun Heavy Industrial Park.

The projects have an estimated cost of RM82.2 million for GHIP, with expected gross proceeds of more than RM203 million.

The JVAs allow GHIP to leverage Transyear’s development expertise while minimising capital outlay and development risks.

Completion is expected within 30 months from the date of the agreements.

Its board expects the developments to contribute positively to the group’s future earnings.

GHIP, which is principally involved in manufacturing and trading of steel products as well as industrial property development, will benefit from the JV structure by unlocking the value of its land without undertaking significant development risks.

Transyear, an established property developer in northern Malaysia, will provide project management, technical expertise, and market access to ensure successful execution.

The developments are part of Ann Joo’s broader strategy to monetise its landbank efficiently while strengthening its industrial property portfolio.

By partnering with Transyear, GHIP can accelerate the development process and achieve a higher disposal value for the land compared to a direct sale. 

The board has affirmed that the JVAs are in the best interest of the group. — TMR

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PASUKHAS Group Bhd’s wholly-owned subsidiary, Midtown Engineering Sdn Bhd (MESB), has received a letter of appointment from a leading US-based multinational technology corporation to construct a data centre in Johor Bahru.

The project, valued at RM63.6 million, is scheduled to start on January 1, 2026 and is expected to be completed by January 30, 2027.

The LOA is seen as a strategic milestone for Pasukhas, expected to strengthen revenue and financial performance upon completion. — TMR

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MAYA Jaya Sdn Bhd has awarded three letters of award for the development of 56.5MWac solar photovoltaic plants under Malaysia’s fifth large-scale solar (LSS5) programme to Binastra Atlantic Sdn Bhd, a consortium between Binastra Green Energy and Solarvest’s Atlantic Blue.

The projects, valued at RM171.7 million, are located in Kuala Langat, Selangor, and Sungai Lalang, Kedah.

Binastra Atlantic, a special-purpose vehicle with Binastra holding 51% and Solarvest 49%, will see Binastra manage project funding and oversight, while Solarvest leads technical execution.

“These awards mark an important milestone for Binastra… accelerating our progress toward expanding our portfolio with a stronger pipeline of green projects… contributing meaningfully to Malaysia’s transition towards a low-carbon and resilient energy future,” Binastra MD Datuk Jackson Tan Kak Seng said.

Meanwhile on, Solarvest CEO Datuk Davis Chong Chun Shiong said the partnership underscores its commitment to advancing sustainable energy solutions… “the projects represent another key milestone as our order book strengthens to RM1.7 billion.”

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IHH Healthcare is accelerating its expansion in India following the completion of its mandatory tender offer for Fortis Healthcare Ltd and Fortis Malar Hospitals Ltd.

The group now holds a 31.17% stake in Fortis and 62.73% in Malar, positioning it to enhance operational efficiencies, drive innovation, and elevate patient care across its Indian hospital network.

Group CEO Dr Prem Kumar Nair said the completion of the Fortis open offer allows IHH to move decisively into its next growth phase.

“We are well-positioned to accelerate innovation, strengthen patient care and deliver long-term value in India’s fast-evolving healthcare landscape. Through strategic collaborations, including deeper synergies between Fortis Healthcare and Gleneagles Healthcare India, we aim to unlock operational efficiencies and elevate care delivery for patients across the country,” he said.

IHH views India as a key growth market, supported by rising incomes, broader insurance coverage, and increasing demand for complex care.

Group COO Ashok Pandit highlighted that these structural tailwinds are driving sustainable revenue growth, underpinned by consistent patient volume growth and rising clinical complexity.

The group currently operates 35 hospitals with over 5,000 beds across 11 Indian states and plans to expand capacity by more than one-third to approximately 7,000 beds by 2028, adding around 2,000 new beds while enhancing clinical excellence and geographic reach.

IHH Healthcare’s international network spans 10 countries, including Malaysia, Singapore, Turkiye, India, and China, with brands such as Acibadem, Gleneagles, Fortis, Island, Mount Elizabeth, Pantai, Parkway, and Prince Court.

Earlier this year, the group refreshed its brand identity to reflect its ambition of becoming a global healthcare leader, focusing on innovation, strategic partnerships, and stronger synergies across its healthcare ecosystem.

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