☕️ 2 mega IPOs upcoming: MMC Port Holdings, Sarawak Energy

1. MARKET SUMMARY 📈

Gold keeps going up, up, up (it’s our moment - got it?) in a 45% rally this year, exceeding USD3,800 and hitting new all-time high. The US Treasury’s gold reserve (largest in the world) now surpassed USD1 tril (RM4.2 tril). Weirdly, the US records the value of gold on its balance sheet at 90x less than its current price.
View: World’s largest gold stash

2. NUMBERS AT A GLANCE 🔢

Concerts are expected to add almost RM1.7 bil to Malaysia’s economy this year, with the country fast emerging as one of the region’s preferred destinations for international performances. This is seen not just in the number of concerts, but also in the increasing number of stars appearing on Malaysian stages, such as Bollywood playback superstar Arijit Singh, up-and-coming K-pop girl group Babymonster, K-pop icon G-Dragon, and Cantopop superstar Jacky Cheung. According to the Communications Ministry, Malaysia is on track to host 450 concerts this year. And probably a similar growth in the number of protests as well.

PAS Central Committee member Shahidan Kassim said that, according to the party’s spiritual leader Hashim Jasin, PAS has enough PM candidates to fill four lorries. Yes, hyperbole, but too funny not to include if one knows how PAS has ruled the country and some states. This comes after his statement that there was no need for the party to name its PM candidate early, as it would see that person targeted by political opponents. The topic of PM candidacy comes after recent calls by PAS members for the party to lead the Perikatan Nasional coalition instead of Bersatu. PAS President Abdul Hadi Awang also said the party was ready to lead a multi-racial Malaysia while upholding the supremacy of the Federal Constitution.

Malaysia also jumped eight spots to reach the 25th position in the IMD World Talent Rankings in 2025, and ranked fifth in the Asia-Pacific region, after Hong Kong, Singapore, Taiwan, and Australia. Human Resources Minister Steven Sim attributed this success to the holistic approach by his ministry as the main facilitator of Malaysia’s talent ecosystem. This approach coordinated labour policies, skills development initiatives, industrial training programmes, as well as collaboration with industries and academia. More initiatives are already in the pipeline to strengthen the development of future talent.

3. IN MALAYSIA 🇲🇾

Bersatu: Civil War
In the weeks following the rather contentious Bersatu annual general meeting, it seems as if more political machinations are at play as Bersatu supreme council member Wan Saiful Wan Jan is now facing allegations of attempting to topple party president Muhyiddin Yassin - by means of gathering Statutory Declarations (SDs). In response, Wan Saiful denied the allegation, explaining that the SDs were signed by 120 division chiefs in support of a succession plan agreed last year, with several attempts made to hand these SDs over to Muhyddin, including during the annual general meeting.

Furthermore, Wan Saiful announced his plan to file a counter-report against 2 senior Bersatu leaders - party secretary-general Azmin Ali and party information chief Tun Faisal Ismail Aziz. Wan Saiful claimed that the “skewed narrative” of his attempts to bring down party president Muhyiddin Yassin came from Azmin, adding Azmin had threatened the Kuala Langat and Kuala Selangor division chiefs by withholding their letters of candidacy for the upcoming election, unless they withdrew their SDs. Separately, Wan Saiful named Tun Faisal as the party leader who had reported him to the disciplinary committee, having made false accusations in relation to Wan Saiful’s SDs.

Meanwhile in PKR: former minister Rafizi Ramli kept up his slew of criticisms towards PKR, particularly the rather rapid rise of former MIC treasurer-general R. Ramanan to become one of the party’s 4 vice-presidents. Appearing on a podcast episode, Rafizi claimed that PKR had long been plagued by a culture of “hidden hands” which saw some members who jockeyed for powerful party positions in the background. Rafizi also explained that the internal party drama and criticism started with his refusal to participate in the party’s culture of “backroom deals and hidden influence”. Notably in the podcast, he had (rather controversially) mentioned his ability to topple the government, claiming he could lead more MPs out of PKR, as compared to Azmin during the Sheraton Move. Stay tuned for more political theatrics, folks.

Macam-macam syndicate - MACC busts tyre smuggling activities
A series of joint raids conducted in the Klang Valley, Johor and Penang by the Malaysian Anti-Corruption Commission (MACC) Special Operations Division, in collaboration with the Inland Revenue Board, BNM and Royal Malaysian Customs Department, uncovered tyre smuggling activities, as well as forged import and export documents. These seized assets were estimated to have cost the Malaysian government approximately RM350 mil in tax revenue dating all the way back to 2020.

According to a MACC source, following the raids, the agency managed to freeze private banking and company accounts involving an estimated value of approximately RM70 mil. The same source also stated that the raids had targeted companies that import tyres, warehouses and tyre storage containers.

During the raid, it was found that one of the premises was storing various types of tyres in 12 containers, stacked vertically as high as a 4-storey building. The business premises were also found to have stored various types of tyres from various local and foreign manufacturers, with some of them sold for as low as RM85.

2 mega IPOs upcoming: MMC Port Holdings, Sarawak Energy
While Malaysia was Southeast Asia’s leader for initial public offerings (IPOs) with USD940 mil (RM3.96 bil) raised in 1H2025, it may well be on track to retaining the title in 2H2025, provided Bursa Malaysia hits its target of 60 IPOs for FY2025.

MMC Port Holdings: Malaysia’s largest container port operator (operating 6 major ports nationwide and 3 cruise terminals) has received regulatory approval for its proposed listing on Bursa Malaysia’s Main Market. This IPO exercise, which could raise about USD2 bil (RM8.43 bil), will take approximately 6 months to complete. The shareholders will be smiling big if this materialises - the entire proceeds raised will go to privately-held MMC Corporation Bhd, controlled by tycoon Syed Moktar Al-Bukhary.

Sarawak Energy: The Kuching-based state-owned company is exploring the possibility of listing its power generation business in possibly one of the largest listings on Bursa Malaysia. It is Sarawak’s primary electricity provider, with a customer base of more than 800,000 accounts. It owns 3 major hydroelectric plants at Batang Ai, Bakun and Murum with Baleh under construction. The company is 38.68% owned by Delegateam Sdn. Bhd. - a wholly-owned subsidiary of the Sarawak government - and 61.32% by Sarawak State Financial Secretary. It recorded revenue of RM7.3 bil and net profit of RM1.34 bil in 2024. For comparison, Tenaga Nasional Bhd. generated RM32.9 bil revenue and RM2.22 bil net profit in FY2024.
View chart: Profit After Tax FY2019 - FY2024

Shorts

1. Kuala Lumpur sources urgent solution for abandoned cars issue

   DBKL is considering a solution to solve its massive abandoned car problem across the city - by outsourcing the disposal job to licensed scrap metal dealers. Authorities reported receiving 4,510 complaints related to abandoned vehicles across the Federal Territories, with 80% of these cases reported in KL. Shockingly, residents of low-cost public housing areas such as Kampung Muhibbah and Sri Aman report hundreds of derelict cars occupying parking bays, attracting pests, and being used as makeshift rubbish bins.Due to slow enforcement, the problem has even spread to private condominium car parks and commercial districts.

2. Coming soon: 24/7 social protection for workers

   According to Prime Minister Anwar Ibrahim, workers will soon benefit from a new form of social protection that covers injuries sustained outside of working hours. This protection, dubbed the Non-Employment Injury Scheme, aims to strengthen Malaysia’s legal framework and enhance protection for all workers, including those in remote or flexible arrangements. This bodes well for Malaysia, which is preparing for an ageing society, where 1 in 7 Malaysians is projected to be above age 60 by 2030. 

4. AROUND THE WORLD 🌎

China's new K visa: Yay or nay?
The new visa programme from Beijing looks to pull in young STEM graduates who are currently scrambling for alternatives after US President Trump declared a new USD100,000 fee for US H-1B visas. The programme is likely to not only attract foreign talent, but also portray China as a country welcoming foreign investment and talent. This also marks the latest of China’s moves to boost foreign investment and travel, in stark contrast to how the US is raising barriers. The timing of the K visa is exquisite, according to the chief strategist at Geopolitical Strategy, as it comes right as Trump raised the fee for US visas. One particularly attractive feature of the K visa is that there is no requirement for a sponsoring employer, which was regarded as one of the biggest hurdles for the H-1B visa. However, the K visa is not without its weaknesses. Chinese authorities offered vague guidelines on age, educational background, and work experience, while offering no details on financial incentives, employment facilitation, permanent residency, or family sponsorship. Furthermore, most Chinese tech firms operate in Mandarin, limiting opportunities for non-Mandarin speakers.

Bu$ine$$

EA goes private in USD55 bil buyout
Gamemaker Electronic Arts Inc has agreed to sell to a group of private investors, in a deal that values the firm at about USD55 bil, which also makes it the largest leveraged buyout on record. The consortium features names like Silver Lake Management (also buying TikTok US) and Saudi Arabia’s Public Investment Fund, with the latter already owning a 9.9% stake in the firm. The buyout of EA comes at a time when the video game industry is seeing sluggish growth. EA has also gone through multiple rounds of layoffs and has been looking for new areas of growth to attract players who have gravitated toward free-to-play franchises.
Learn: What is a Leveraged Buyout?

Jaguar Land Rover secures loan guarantee, restarts production
The UK automaker will be able to start making cars again after it saw a GBP1.5 bil (RM11.3 bil) loan guarantee from the UK government. However, the carmaker is still struggling with the fallout of the cyberattack that forced the company to halt production. With the loan guarantee, some sections of production operations will resume in the coming days. This also comes as Jaguar Land Rover looks to raise a further GBP2 bil from banks to shore up its finances after the month-long shutdown.

Closer to home

Former Thai PM seeks royal pardon
Former Thai PM Thaksin Shinawatra has submitted a petition for a royal pardon for his one-year jail sentence. The request could lead to a reduction in his jail time, which was initially 8 years before being commuted to one year by the King. The petition is an option open to all prisoners who have completed their legal cases. Thaksin was charged with conflict of interest and abuse of power cases while he was the PM from 2001 to 2006.

UN-backed report: Myanmar military repurposed Rohingya lands for security outposts
The report, supported by first-hand accounts and satellite images, found that the Myanmar army destroyed Rohingya villages, mosques, burial sites, and farmland to build security outposts. This was part of a systematic ethnic cleansing, and disproves the Myanmar army’s previous statement that it did not commit genocide against the Rohingya. The report by the Independent Investigative Mechanism for Myanmar also alleged the military had knowledge of Rohingya land rights and tenure, which points towards the destruction and construction of property on those lands being purposefully planned.

Shorts

1. Trump: US to impose 100% tariff on movies made outside the country
   The US president’s tariff, which would upend Hollywood’s global business model, signals Trump’s willingness to extend protectionist trade policies into cultural industries. This follows Trump’s social media post where he claims the US movie industry is losing ground to international competition. This raises uncertainty for studios that are heavily dependent on international box-office revenue and cross-border co-productions.

2. ICE uses Pokemon theme song in deportation video

   The US Department of Homeland Security released a video showing several operations and raids with agents entering buildings and arresting illegals. The background music used is none other than the Pokemon theme song, with the video even including parodies of Pokemon cards showing detained individuals. The Pokemon Company stated that the company was not involved in the creation or distribution of the content, and explicitly stated that permission was not given to be used in the video. Watch here.

3. Delhi, northern India report spike in H3N2 influenza cases

   Doctors say that H3N2 is the predominant influenza variant in the region, with at least one person showing flu-like symptoms in 69% of households in the area. A consultant for hospitals said that the increasing numbers are proof that the virus is circulating extensively. Children, the elderly, pregnant people, and people with chronic conditions tend to be the hardest hit.

5. FOR YOUR EYES 📺

Hari ini di Malaysia

1. PM Anwar jokingly nicked a woman’s phone.

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2. Scary scene of 20 motorcyclists attacking a Perodua Myvi. Police are investigating the case, still trying to determine the cause.