☕️ KK Mart revives IPO plan after 'holy socks' controversy

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

A collective wealth of USD116 bil (RM458.55 bil) – Malaysia’s top 50 tycoons on the 2026 Forbes list saw their wealth grow nearly 30% from USD90 bil in 2025. Topping the list is 102-year-old Robert Kuok, who maintains his title as Malaysia’s richest person after his net worth rose 19% to USD13.6 bil. In second place are Paul Koon Poh Keong and his siblings. The Koons also took the title of the biggest gainers in dollar terms, with their net worth soaring 80% to USD9.7 bil on the back of a surge in Press Metal Aluminium Holdings’ share price. Third place went to brothers Lee Yeow Chor and Lee Yeow Seng of palm oil producer IOI Corporation Berhad, with a collective net worth of USD8.5 bil. Check out the Top 10 here, or see the full list, see here.

Singapore T20’s wealth averages about SGD5.3 mil (RM16.44 mil) – Singapore’s top 20% of households are collectively richer than all the other families combined. The average wealth of the top 20% is based on a 2023 study, which also found that the average wealth of all other households combined was about SGD3.5 mil, with the bottom 20% holding a net worth of SGD293,000. This is a reflection of how bad wealth inequality is in the city-state, which stood at 0.55 in 2025, according to its government.

A USD373 bil (RM1.47 tril) cash pile – In his last quarter as CEO of Berkshire Hathaway, Warren Buffett grew the company’s pile of cash after he led his team to remain net sellers of stocks for a 13th straight quarter. The message to shareholders in the firm’s fourth-quarter earnings report explained that Buffett just couldn’t find much worth buying, with stocks trading near record highs for years. The last time Buffett’s team bought more stocks than they sold was in the third quarter of 2022. Berkshire Hathaway reported operating profits of USD10.2 bil for the quarter, down 29% year-on-year.

3. IN MALAYSIA 🇲🇾

Bukit Bintang braces for road closures for festival week, amid criticism
Drivers heading into Kuala Lumpur should expect temporary road closures around Bukit Bintang as the city gears up for upcoming festivities. Jalan Bukit Bintang will be fully closed to vehicles from Apr 29 to May 2 for celebrations linked to Labour Day and the Rain Rave Water Music Festival, taking place in the area from Apr 30 to May 2 as part of the Visit Malaysia 2026 campaign.

Preparations will start earlier with staged road closures around the district beginning Apr 22. Partial closures will run on weekdays from 11pm to 5am between Apr 22 and Apr 28, while weekend closures are set from midnight to 7am. Traffic will be diverted through Jalan Sultan Ismail, Jalan Raja Chulan and Jalan Imbi, and the public is encouraged to consider public transport when heading into the city centre.

However, the Water Music Festival, which is ‘heavily inspired’ by Thailand’s Songkran festival, has also drawn some serious criticism locally, with the public calling for it to be scrapped over concerns that it doesn’t really fit our local cultural norms.

Watch the recent Songkran festival in Bangkok here.

KK Mart revives IPO plan after last year’s controversy
KK Mart Retail Bhd has filed for an initial public offering on the Main Market of Bursa Malaysia, reviving plans that were first announced nearly four years ago. The move was delayed following a Mar 2024 controversy involving socks bearing the word “Allah” that were sold at one of its outlets. The IPO will involve 210 mil new shares and 630 mil existing shares, offering up to a 24% stake in the company, with pricing to be determined later. A report by Dow Jones Newswires estimates the company could be valued at around RM3 bil.

Founded in 2001 by Chai Kee Kan, the group now runs 996 KK Super Mart and KK Mart outlets nationwide, most of which operate 24 hours. Proceeds from the listing will fund the opening of 302 new stores, bringing the total to about 1,290 within 15 months, as well as distribution centre expansion, digital and IT upgrades, and bank loan repayments. The company posted net profit of RM96.98 mil on revenue of RM1.57 bil, compared with net profit of RM101.6 mil and revenue of RM1.45 bil a year earlier. View prospectus here.

Malaysia hits pause on carbon tax plans for now
Malaysia is putting its planned carbon tax on hold for now, with the Natural Resources and Environmental Sustainability Minister saying the move takes into account current geopolitical tensions in the Middle East and the need to avoid adding pressure on businesses and the public. The tax was earlier announced in Budget 2026, targeting heavy emitters like iron, steel and energy as part of the shift towards a low-carbon economy. Instead, the focus will first be on building the carbon market framework under the National Carbon Market Policy (DPKK), approved on Apr 1, 2026, under the National Climate Change Policy (DPIN) 2.0, including the verification of carbon credits and the establishment of a Carbon Registry to support future trading.
Learn: Carbon Credits - What they are, how they work, and who buys them

Crime watch
RM230 mil zakat fund probe leads to multiple arrests
Three individuals, including the deputy chairman of an NGO, have been detained over the alleged misappropriation of zakat funds worth about RM230 mil. Two men in their 50s and 60s were picked up on Apr 21 during an operation by the MACC around the Klang Valley, while another suspect in his 50s was arrested earlier at about 2am after giving his statement at the Selangor MACC office. Initial findings suggest all three suspects, two of whom are company directors, are believed to have conspired from 2018 to 2024, with the NGO deputy chairman allegedly transferring the RM230 mil into a company account for investment purposes and personal use.

The probe centres on suspected misuse of public funds collected for charitable aid. During the operation, MACC also seized 18 luxury vehicles, properties worth about RM11 mil, cash, and branded watches, while 33 bank accounts containing around RM120 mil were frozen.

Rise of fentanyl-linked drug in vape shops
Police have uncovered a worrying new trend of furanylfentanyl, a highly potent synthetic drug linked to fentanyl, being sold at some vape outlets, following a nationwide crackdown. The Bukit Aman Narcotics Criminal Investigation Department launched Ops Vape 1.0, inspecting 1,670 vape outlets, with 728 found breaching regulations. A total of 20 people were arrested, including five suspects linked to the sale of furanylfentanyl, while authorities seized 18.56kg of the drug worth about RM2.8 mil, along with 8,091 vape devices, 5,257 cartridges and 19.67kg of drugs in total. Enforcement teams also confiscated 186.54kg of vape liquid without drugs, bringing the total value of seizures to RM4.6 mil.

Illicit cigarette market remains strong amid enforcement
Illicit cigarettes remain a big issue in Malaysia, making up about 60% of the market, as smuggling syndicates continue to maintain a strong hold. The cigarettes are brought in through unguarded entry points from countries like Vietnam, China and Indonesia, often using large containers that can carry up to 10 mil sticks, with profits reaching up to RM2 mil per container if sold locally. The trade is estimated to rake in about RM5 bil a year for syndicates, while the government loses billions in unpaid taxes.

This is especially evident at sea routes between Terengganu and Johor, where around 90% of smuggled cigarettes are believed to enter through speedboats and ship-to-ship transfers. Despite enforcement efforts, studies still point to weak coordination and border control gaps as reasons the problem persists.

4. AROUND THE WORLD 🌎

Powdered blood and predators
Amnesty International: Netanyahu, Putin, Trump are “predators”
Prominent global human rights group Amnesty International has published a report on the state of the world’s human rights, which makes for grim reading that highlights attacks on fundamental civil liberties in most nations. A special mention was made of the heads of Israel, Russia and the US, who Amnesty describes as leading the destruction of global human rights and “voracious predators” intent upon economic and political domination. Amnesty also calls out most governments, saying they tend to appease the “predators” rather than confront them. It said that the conduct of Israel, Russia and the US is “emboldening all of those that are tempted by similar behaviours” and that the act is allowing for the “multiplication of copycats around the world, making what the world is confronting now much more aggressive and ferocious than three to four years ago”.

The report also runs through abuses alleged in countries from Afghanistan to Zimbabwe. Not all is doom and gloom - the report also highlights hopeful events, such as the moments of “resistance” by Gen Z-led protests and the growing number of states joining South Africa’s case against Israel’s genocide at the International Court of Justice (ICJ) among others.

Read the full report here.

Powdered blood to treat soldiers on the battlefield
The Pentagon's research agency, the Defense Advanced Research Projects Agency (DARPA), has developed a form of powdered blood called FSHARP that could provide an essential blood supply to soldiers wounded on the battlefield. It is now seeking partners to continue testing it and navigate regulatory and manufacturing hurdles to become a viable battlefield tool by 2029. Access to fresh blood has become an urgent concern for military leaders and medical personnel. FSHARP could provide troops with a shelf-stable, powder-based blood substitute that can be quickly mixed and carried into combat. It has shown success in animal trials but is now entering a critical phase of moving from the lab to practical use. In the meantime, more military units are learning to do "walking blood banks" and emergency fresh whole blood transfusions, where one person immediately provides blood to a wounded comrade. However, experts say that it is merely a “band-aid” solution.

Tech:
John Ternus is Apple’s new CEO
Apple has announced John Ternus as its new CEO this Sep 1 - a long-time insider hardware boss who is now trusted to steer the company in the AI era, succeeding Tim Cook, who will move on to be the executive chairman of Apple’s board. Ternus, who joined Apple in 2001, has been a quiet but steadfast presence behind-the-scenes, helping improve its products over the years. He played a key role in reigniting sales of products such as Apple’s Mac computers, which have gained market share against PCs. Though Apple’s growth remains strong, the company has struggled to catch up in AI. Perhaps the biggest challenge Ternus will face is how to integrate AI into the iPhone, the most successful consumer product in history, and the rest of Apple’s line-up. Ternus will have to fend off Nvidia, which has announced its own personal computer, as well as rivals such as Meta Platforms, whose augmented-reality glasses have become a surprise hit with just a fraction of the capabilities – and price tag – of Apple’s Vision Pro headset.
Read: Who is John Ternus?

If you are wondering what the context for ‘orange’ is, learn more here.

Bezos’s Prometheus nears USD10 bil funding for AI lab
Project Prometheus, an AI startup by Jeff Bezos that’s developing models with the capability of understanding the physical world, is close to finalising a USD10 bil (RM39.51 bil) funding round that will value the company at a staggering USD38 bil. The project, founded by Bezos and co-founder and scientist Vik Bajaj, will use AI to accelerate engineering and manufacturing in fields like aerospace and automobiles. JPMorgan and BlackRock are among the investors in the new round. The startup was set up with an initial USD6.2 bil in funding, with some employees poached from leading AI labs like OpenAI and Google DeepMind. The project has also been recruiting AI talent in San Francisco, Zurich and London, according to employees’ LinkedIn profiles.

Beware of Booking.com scams
The Personal Data Breach Surveillance Centre (PDPC Eagle Eye), under the Office of the Personal Data Protection Committee in Thailand, has raised its highest cyber warning after scammers used leaked Booking.com reservation details to impersonate hotels and demand urgent payments. Booking.com confirmed earlier in Apr that unauthorised third parties had accessed some customers’ reservation-related data. Victims are typically approached through WhatsApp or in-app chat, told there is a payment problem or a credit card issue, and warned that their booking would be automatically cancelled within 12 to 24 hours unless they act immediately. The scam has been especially effective because the messages contain real travel information, making them look like genuine communications from a booked hotel or the platform itself. PDPC Eagle Eye urged travellers to go back to their original confirmation email and verify whether the reservation is to be paid at the property or charged in advance, and reminded that customers should never provide card numbers, CVV or OTP codes through chat, and should never transfer money into a personal account.

Shorts:

1. Japan on high alert for 'huge' second quake
   Following the magnitude 7.7 earthquake that struck off the northeast coast of Japan on Monday, the Japanese authorities continue to be on high alert and issued warnings of possibly bigger waves to residents in areas nearest the epicentre - on Japan's main island, Honshu, and the northern region of Hokkaido. Japan's meteorological agency has warned that quakes "causing even stronger shaking" could occur in the next week, producing bigger waves. Japan's precarious location on the Ring of Fire means it experiences about 1,500 earthquakes a year, and accounts for 10% of quakes measuring magnitude 6.0 or higher worldwide. Stay safe and keep informed if you are travelling to Japan.

2. Are you a gamer? You might be suitable as an air traffic controller
   The Federal Aviation Administration (FAA) in the US is said to be pitching to gamers in a new hiring campaign for air traffic controllers. The FAA said that fast-paced games may translate into useful skills such as focus, spatial awareness, quick decision-making, and handling multiple moving elements at once while on the job. The campaign uses language pulled straight from gaming culture, including phrases like “Level up your career,” while steering applicants toward the standard federal hiring pipeline for entry-level controller jobs. The FAA faces a controller shortage, with nearly 11,000 certified professional controllers and more than 4,000 people in the training pipeline, but pressure on the system remains high.

5. FOR YOUR EYES 📺

1. The history of Malaysia’s broken toll system. From the comments: RFID - Reverse, Forward, Inshallah, Detect.

2. How ASB makes money and what it owns.

Too funny not to share - for your mid-week laugh. Pingu School of English. Spotted in Kota Kinabalu.