Business

IJM Corporation Bhd has denied allegations of money laundering following recent media reports.

“IJM refutes any allegations of money laundering,” the company said in a statement today. IJM refutes any allegations of money laundering,” the company said in a statement today.

“Since 2012, IJM’s investments in the UK have been funded primarily through facilities raised from Malaysian financial institutions and subsequently remitted to the relevant project special-purpose vehicles in the UK. These investments have undergone the Company’s established business evaluation and internal governance processes,” it added.

IJM added that its chairman, Tan Sri Datuk Krishnan Tan, met officers from the Malaysian Anti-Corruption Commission (MACC) this afternoon and “continues to cooperate fully with the authorities.”

It also confirmed that “other IJM personnel who have been requested to provide information are also cooperating fully as part of the process.”

Regarding reports about a “company advisor,” the company said the individual “was, in the past, engaged on a professional basis to provide advisory services in relation to a limited number of corporate transactions.”

IJM also addressed speculation of a UK probe, stating that the company and its UK associates “are not aware of any investigation by the UK’s Serious Fraud Office (SFO). We have not been approached and any reports suggesting otherwise are inaccurate.”

The company noted its commitment to corporate governance, saying it “remains committed to upholding strong standards of corporate governance, transparency and integrity. Business operations continue as usual”.

Any material developments, it added, will be announced through Bursa Malaysia in accordance with disclosure requirements. — TMR

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DAYANG Enterprise has appointed a unit of Shin Yang Group to build a 91-metre maintenance work boat for RM117.7 million, expected by January 2028.

Dayang will use internal funds for the deposit and is negotiating bank financing for the balance, ensuring no undue repayment burden. The group operates seven vessels, while its 63.4%-owned Perdana Petroleum owns 14 more.

Shares fell 2 sen (1.13%) to RM1.75, valuing the company at RM2.03 billion. — TMR

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SARAWAK-OWNED airline AirBorneo Holdings Sdn Bhd plans to launch services linking East Malaysia with Peninsular Malaysia later this year, before expanding to regional destinations in South-East Asia from 2027.

Sarawak Minister for Tourism, Creative Industry and Performing Arts Datuk Seri Abdul Karim Rahman Hamzah said the expansion would be carried out in phases, subject to aircraft availability, regulatory approvals and board endorsement, an online news portal reported.

“At present, AirBorneo is still operating within Sarawak, Sabah and Labuan, continuing the Rural Air Services previously operated by MASwings,” he stated.

Currently, the airline currently operates eight ATR aircraft and six Twin Otter planes, which are suited for rural and short-haul routes but insufficient for longer-distance services to the Peninsula, he said.

“When larger aircraft arrive, the main focus will be on connecting Sabah, Sarawak and Peninsular Malaysia, including Kuala Lumpur (KL),” he said, adding that at least three jet aircraft are being planned within the next year, subject to board approval and availability.

He said AirBorneo could begin serving regional destinations such as Thailand, Indonesia, Singapore and the Philippines from 2027, depending on operational readiness, before considering broader expansion.

Abdul Karim also said the airline is being positioned as a strategic infrastructure asset for Sarawak, with success measured by its contribution to connectivity, tourism and economic development rather than profitability alone.

Meanwhile, AirBorneo CEO Megat Ardian Wira Mohd Aminuddin said the airline’s management is finalising its network and fleet strategy, which will be presented to the board in stages.

“Our priority is to serve the community, strengthen regional connectivity and build a strong and sustainable airline, with Sarawak as the core,” he added.

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AIRASIA X Bhd (AAX) has unveiled a new management structure and several key leadership appointments, marking a major milestone following the completion of its acquisition of the aviation business from Capital A Bhd.

In a statement today, the long-haul low-cost carrier said the revamped structure is aimed at strengthening execution and governance as the group integrates its short-haul and long-haul operations under a single unified entity.

Veteran AirAsia executive Bo Lingam has been appointed Group CEO to provide overall strategic direction for the consolidated aviation business.

He is supported by Farouk Kamal, who takes on the role of deputy Group CEO, overseeing corporate functions and operations while driving performance across the group.

On the financial side, Low Kar Chuan has been appointed CFO, while Lavinia Louis assumes the role of head of Group Finance.

Meanwhile, Benyamin Ismail has been named GM and will continue to serve as the accountable manager for the day-to-day operations of the AAX airline entity.

AAX chairman Datuk Fam Lee Ee said the appointments underscore the board’s focus on leadership depth.

“With Bo’s proven leadership and deep understanding of the business, we are confident AirAsia X is in good hands,” he said.

Bo said the unified structure would enable the group to drive greater efficiency and strengthen its network.

“With both our short-haul and long-haul capabilities now under a single unified structure, we can deliver a more seamless travel experience for our guests,” he said.

The leadership changes follow the completion of AAX’s acquisition of AirAsia Bhd (AAB) and AirAsia Aviation Group Ltd (AAAGL) from Capital A, a transformative transaction valued at approximately RM6.8 billion.

The deal consolidates the group’s airline operations, including those in Thailand, Indonesia and the Philippines, under the AAX umbrella, effectively separating the airline business from Capital A’s digital and aviation services portfolio and positioning AAX as a pure-play aviation group.

To facilitate the acquisition and strengthen its capital base, AAX also announced the successful listing of 606.06 million placement shares and 2.31 billion consideration shares.

Looking ahead, the company said it is evaluating a potential name change to better reflect its status as a consolidated aviation group, subject to regulatory and shareholder approvals.

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KKB Engineering Bhd has secured six contracts worth a total of RM80 million for the supply of steel pipes, fittings, poles and galvanised structural components.

In a bourse filing today, the Sarawak-based group said it received orders from several clients, including QC Construction & Engineering Sdn Bhd, Bumia Sdn Bhd, EPR (Kuching) Sdn Bhd and Global Rail Sdn Bhd, as well as through its subsidiaries Harum Bidang Sdn Bhd and KKB Industries (Sabah) Sdn Bhd.

Deliveries are scheduled between 2Q26 and 1Q27, with most orders expected to be completed by 3Q26, subject to variation orders.

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FAVELLE Favco Bhd has secured three new contracts worth a combined RM76.3 million to supply tower and offshore cranes.

In a bourse filing today, the group said the contracts were awarded to its wholly owned units Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd, with deliveries scheduled by end-2026 and the first quarter of 2027.

The contracts are expected to contribute positively to the group’s earnings and net assets for the financial year ending Dec 31, 2026 and beyond.

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KUALA LUMPUR — About 84 per cent of chief executive officers (CEOs) in Malaysia plan to expand beyond their traditional industry boundaries over the next three years, targeting adjacent and fast-moving sectors, according to PwC’s 29th Global CEO Survey – Malaysia. 

The survey noted that these fast-moving sectors include retail (22 per cent), consumer goods and services (16 per cent) and technology (14 per cent), among others.

Meanwhile, the number of Malaysian companies entering entirely new sectors has surged to 76 per cent over the past five years, a significant leap from 42 per cent in 2025.

“This appetite for reinvention is reinforced by bold deal-making ambitions, with 51 per cent planning at least one major acquisition in the next three years, surpassing both Asia Pacific (28 per cent) and global (45 per cent) averages, despite a cautious global mergers and acquisitions (M&A) outlook,” it said. 

However, only 33 per cent of CEOs in Malaysia are confident about their company’s revenue growth over the next 12 months, a double-digit decline from last year.

The survey found that skills shortages (35 per cent), cyber risks (33 per cent) and technological disruption (33 per cent) are the top concerns for CEOs in Malaysia.

Trade-related pressures, on the other hand, remain relatively contained. Only 24 per cent report feeling highly exposed to tariff risks, a figure that is close to the Asia Pacific average. 

On artificial intelligence (AI), the survey said 23 per cent of CEOs in Malaysia reported that AI has driven additional revenue over the past 12 months, while 17 per cent are seeing cost reductions. 

However, 26 per cent said AI has increased their cost base.

“2026 is shaping up as a decisive year for AI. A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots. 

“That gap is starting to show up in confidence and competitiveness — and it will widen quickly for those that do not act,” said PwC global chairman Mohamed Kande. — BERNAMA

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BAKER Tilly Malaysia has appointed Kumar Jai (picture) as managing partner for its corporate recovery and restructuring practice, taking over from Patrick McPhee who is retiring from his executive role.

He joined the firm in 2008 as an associate consultant, when the practice operated under the Ferrier Hodgson brand.

Baker Tilly Malaysia’s corporate recovery and restructuring practice traces its roots back to Ferrier Hodgson, which commenced operations in Malaysia in 1998 and rebranded as Baker Tilly in 2021.

The division, supported by a team of five licensed liquidators, is one of the largest insolvency practices in Malaysia and is at the forefront of corporate recovery, restructuring and insolvency services in the market, the statement added.

The division, supported by a team of five licensed liquidators, is one of the largest insolvency practices in Malaysia and is at the forefront of corporate recovery, restructuring and insolvency services in the market, the statement added.

In the same statement,  Baker Tilly Malaysia group managing partner Andrew Heng said corporate recovery and restructuring play an important role in the wider economy, helping preserve enterprise value, protect livelihoods and support business continuity during times of financial stress

“Kumar’s appointment reflects both his long-standing contribution to the firm and our confidence in his leadership,” he said.

Kumar holds a Bachelor’s Degree in Commerce (Accounting & Finance) from Curtin University, Western Australia.

Patrick will continue to support the firm in an advisory capacity as senior advisor, the company said. — TMR

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KUALA LUMPUR — AHAM Asset Management Bhd (AHAM Capital) has declared RM1.39 billion in income distribution for the financial year 2025 (FY2025), spanning 84 wholesale and retail funds.

In a statement today, the company said distributions were declared across a broad range of strategies and asset classes, including equities, bonds and mixed asset funds.

Deputy managing director and chief fixed income officer Esther Teo said AHAM Capital’s flagship Select and World Series funds delivered yields ranging between 4.0 per cent and 8.0 per cent.

“This reflects a disciplined investment approach across multiple strategies that we manage.

“We believe income will continue to play a critical role in portfolio resilience by providing stability and compounding potential, particularly in periods of elevated uncertainty,” she added.

 Looking ahead to 2026, she said the company remains constructive on the fixed income outlook.

She noted that under the company’s base-case scenario, inflation is expected to remain well-contained, while expectations for United States interest rate cuts remain intact.

“Fixed income markets are likely to remain broadly stable, even as the pace of global rate cuts moderates from the levels seen in 2025,” she said.

As at Dec 31, 2025, AHAM Capital’s total assets under administration (AUA) reached RM101.5 billion, surpassing the RM100 billion mark for the first time since its operation in 2001.

Total AUA comprises assets under management, investment advisory, and those under distribution. — BERNAMA

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