☕️ Eco-Shop set to raise RM419 mil, with RM7 bil market cap

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

81.3% – The price of nasi lemak, a popular Malaysian dish, has surged by this significant percentage over the last 13 years, increasing from MYR 2.03 in 2011 to MYR 3.68 in 2024. This price hike considerably outpaces the national inflation rate of 28.7% during the same period. The Department of Statistics Malaysia's (DOSM) 2024 Consumer Price Index (CPI) report underscores the substantial increase in staple food prices compared to the average rise in the cost of goods and services. Other Malaysian favourites have also experienced sharp price increases — chicken satay (over 100%, from RM0.51 to RM1.09), roti canai (71.1%, from RM0.90 to RM1.56), and white rice (73.7%, from RM1.14 to RM1.98).

6,479,952 – This was the impressive number of visitors who explored the British Museum in 2024, making it the most-visited attraction in the UK for the second consecutive year. This figure represents an 11% increase compared to the museum's 2023 numbers. Overall, the UK's leading visitor attractions experienced a 3.4% rise in visitor numbers year-on-year. Those of you planning to visit Kuala London this year, you might just want to put this as a place to visit. What exactly is there to see? Well, in typical colonial British style, stolen artifacts from other countries.

90% – While both China and Australia possess rare earth reserves, China dominates the crucial refining stage, accounting for this overwhelming percentage of global rare earth processing. This gives China significant control over the supply chain of these 17 elements, which are vital for technologies like electric vehicles and advanced weapons systems. In contrast, although Australia mines a substantial 33% of the world's lithium, it refines and exports only a small fraction, further highlighting China's dominance in critical mineral processing.

3. IN MALAYSIA 🇲🇾

Biz

Malaysia’s biggest IPO in eight months: Eco-Shop aims big
Eco-Shop Marketing Bhd has launched Malaysia’s largest IPO in eight months, targeting to raise RM419.87 mil, giving it a market cap of RM7 bil at debut and is backed by ten cornerstone investors, including AHAM, RHB, and Kenanga. The listing is set for May 23 (assuming Trump doesn’t mess with the markets).

Founded in 2003, the RM2.60 store chain now runs 358 outlets and will use the funds for distribution expansion (RM200 mil), debt repayment (RM100 mil), retail growth, IT upgrades, and working capital. Post-IPO, founder Lee Kar Whatt’s stake drops from 80.3% to 73.1%, while Creador-backed AMSB’s falls from 10% to 1.9%.

Also, the listing signals a bold move for Eco-Shop as it takes on MR DIY, aka its biggest competitor in Malaysia’s booming discount retail sector. From humble beginnings as a RM2.60 store chain, Eco-Shop has grown into a nationwide force with 358 outlets. With fresh capital and private equity backing from Creador (interestingly, who also invested in MR DIY), the company is now ramping up expansion into rural and suburban markets. It’s planning new distribution centres in Selangor, Sabah, and Sarawak, while upgrading its digital infrastructure to support operations. All this comes on the back of explosive growth: net profit jumped from RM27.1 mil in FY2022 to RM177.3 mil in FY2024, with revenue reaching RM2.4 bil.
Can’t seem to find the prospectus on the regulators’ site. Will share once we come across it.

Ex-Maybank CFO fooled in deepfake fraud attempt
Anyone can be a scam victim. Even if you are some C-suite of a large bank. A former Maybank Malaysia CFO is at the centre of an Industrial Court case involving a wild case of executive impersonation and a near-miss USD985,000 (RM4.77 mil) fraud. On Apr 24 2024, she received WhatsApp messages on her personal phone allegedly from Maybank Singapore CEO Alvin Lee and later from Maybank Malaysia’s Group CEO, instructing her to approve a large transfer to a Hong Kong entity. A convincing five-minute Zoom call with the “CEO” followed, raising no suspicions. According to the article, only after JP Morgan delayed the transaction did she contact the real Alvin Lee and realise the scam, cancelling the transfer just in time. While no money was lost, the bank issued her a show-cause letter and launched an internal inquiry, now pending before the court.

In response to The Edge’s exposé, Maybank issued a statement on Apr 26 distancing itself from the article, calling it unauthorised, inaccurate, and incomplete. The bank emphasised that the allegations tied to its former CFO are confidential and currently under legal proceedings at the Industrial Court, warning that the article’s publication undermines the integrity of the process. Maybank said it is now seeking legal advice.

Perak Bersatu rift deepens over assembly seating shakeup
Tensions within Perak Bersatu are rising after a controversial request by division chief Ahmad Faizal Azumu to rearrange the seating of two assemblymen, Zainol Fadzi Paharudin and Nadziruddin Bandi, in the state legislative assembly. 16 of the 24 chapter heads signed statutory declarations (SDs) calling for Faizal’s leadership to be reviewed or replaced. While Faizal claimed the move was to accommodate Nadziruddin, recently appointed Perak Bersatu’s secretary, some party members suspect it was a strategic move to position Nadziruddin as acting opposition leader after the suspension of PAS’s Razman Zakaria. The SDs were submitted to Bersatu’s deputy president, Hamzah Zainudin, last week, but Hamzah has downplayed suggestions that the dispute signals deeper party divisions. Faizal’s actions, reportedly causing embarrassment to party president Muhyiddin Yassin, have added further complexity to the situation as the party awaits further direction from Hamzah.

Shorts:

1. CLP exam results slammed for alarming failure rates 
   A damning report by the Legal Profession Qualifying Board revealed that only about 20%–25% of 1,174 candidates passed the 2023 Certificate in Legal Practice (CLP) exam, with failure rates soaring above 45% for all five papers - general paper, civil and criminal procedure, evidence, and professional practice (the latter seeing a 65% failure rate). Examiners pointed out their poor command of English, rote memorisation of model answers, failure to understand questions, and a general lack of preparation, with quite a number of candidates scoring zero marks. Many couldn’t apply basic legal principles or cite relevant authorities, leading the board to recommend a six-month internship before candidates sit for the exam. AI to be blamed? Is it making us dumber? More under For Your Eyes section.

2. SST expansion postponed as govt fine-tunes details

   The expansion of the Sales and Service Tax (SST), initially set for May 2025, has been postponed, according to a Finance Ministry spokesperson. The ministry is now fine-tuning the guidelines and tax rates to ensure smooth implementation. While basic food items like rice and vegetables remain exempt, premium products such as salmon and avocados will be taxed. Additionally, the service tax will rise from 6% to 8%, and new taxable services, including B2B transactions, will be included. Finance Minister II Amir Hamzah Azizan has estimated that the expanded SST scope could bring in an extra RM5 bil in revenue. With this delay, businesses are left in a holding pattern, hoping for clarity before the new tax regime takes effect.

4. AROUND THE WORLD 🌎

Amnesty International calls Trump a 'super-accelerator' of human rights deterioration
Amnesty International advocacy group has recently published “The State of The World’s Human Rights” 2025 report, and issued its "strongest warning ever" about the state of human rights in the world today. Among many disturbing findings, one of it is the red flag on Trump, who in his first 100 days "has been disastrous for human rights, in the US and internationally”. The blistering report highlights key global themes, such as violations of international humanitarian law during armed conflicts, repression of dissent, discrimination, economic and climate injustices, and misuse of technology. Besides highlighting the effects of Trump’s government on world human rights issues, the report also highlighted concerns about China regarding its measures against freedom of expression and cultural repression. It said that governments across the world, "particularly powerful ones, continue to undermine the international rules-based system and authoritarian practices spread across different continents," and called for the world to "wake up" so that "noxious trends do not mutate into a toxic new normal”.

AI in the workplace

KPMG’s Trust in AI Report: half of workers said they hide AI usage from bosses
Apparently, the usage of AI in the workplace is quite rampant, but not everyone is owning up to using it. According to a recent study by KPMG and the University of Melbourne, 58% of people now intentionally use AI for work, with about a third doing so at least once a week. More than half of employees (57%) are hiding their usage and present the AI work as their own. However, only 47% say they have received any training, and 66% said that they use AI without evaluating the accuracy of the responses.

For context, the survey studied 48,340 people across 47 countries between Nov 2024 and Jan 2025. Sadly, the study also found that employees feel that unless they start using these new tools, they'll be left behind, putting their jobs at risk. To address this, experts are saying that organisations have to provide better AI training and governance, including foundational training on what AI is and its ethical and responsible use. A role-based training could also be useful so that everyone understands how to use the technology to increase productivity and avoid errors.
View study: Trust in AI: Global Insights 2025

Duolingo's CEO said AI will be used to decide the future of its workforce
Duolingo’s CEO Luis von Ahn is committed to making the company AI-first. In a memo to its employees posted on LinkedIn, Von Ahn outlined his plans, stating that AI will replace contractors, influence hiring, and limit headcount growth in the company. In early 2024, Duolingo laid off 10% of its contract workers because it began using AI to generate content. It also made similar AI-related cuts in 2023. So, technically, these moves are not new to the company. Duolingo's stock has risen 68% in the last year, partially on the growth of its paid premium tiers. The company is also diversifying from language offerings by trialling chess and launching music courses. Note that Von Ahn is not the only tech executive embracing AI - Uber, Shopify, LinkedIn and Meta top executives have also expressed their commitment to using AI widely within their companies.

Satellite stuff

Amazon launches first satellites for Project Kuiper 
Amazon’s Kuiper broadband internet is now set to rival SpaceX’s Starlink, as the company launches its first 27 satellites that will form its constellation in space. The satellites are the first of 3,236 that Amazon plans to send into low-Earth orbit for Project Kuiper, a USD10 bil (RM44 bil) effort unveiled in 2019 to beam broadband internet globally for consumers, businesses and governments. Devices that are required for Kuiper include a vinyl record-sized antenna that will communicate with the satellites, as well as a smaller terminal whose size compares to its e-book Kindle device, all under USD400 each. Arguably Amazon’s biggest bet underway, the project has positioned its service as a boon to rural areas where connectivity is sparse or non-existent. Its chairman, Jeff Bezos, is confident that Kuiper can compete with Starlink, given the “insatiable” demand for internet in the world.

New satellites will measure world's 1.5 tril rainforest trees
Meanwhile, scientists continue to harness technology for valuable research, including this latest endeavour that will measure the carbon on more than 1.5 tril trees in the world’s rainforests. Last week the European Space Agency (ESA) successfully launched a first-of-a-kind satellite which uses a special radar system to reveal what lies beneath the rainforest canopy, with hopes to better understand the importance of rainforests in storing carbon and the impact of deforestation.

Its antenna uses a P-band radar, which has a very long wavelength, allowing it to see deeper inside forests and reveal branches and trunks obscured by the canopy. The 1.2-tonne satellite will use an approach similar to that used in a CT scan, and analyse slices through the trees on repeat passes to build up a picture of how much woody material is present. Currently, scientists are only able to measure individual trees but with huge challenges. Understanding the forests and trees that govern the planet will help humans to understand the processes behind climate change that are crucial today and in the future.

Shorts:

1. Gaza ceasefire talks still going on amid worsening famine 
   Security sources in Cairo, Egypt, are saying that the ongoing talks for the next ceasefire in Gaza are on the verge of a significant “breakthrough” (dunno how times we heard this), albeit no comments from Hamas or Israel so far. Qatar's PM said in essence that Hamas is willing to return all remaining Israeli hostages if Israel ends the war in Gaza, but Israel wants Hamas to release the remaining hostages without offering a clear vision on ending the war. Meanwhile, dozens of vital local community kitchens in Gaza are potentially closing down within days, unless aid is allowed into Gaza, removing the last consistent source of meals for most of the 2.3 mil population. And the talks go on…

2. Mastercard adds stablecoin settlement support for merchants 
   Mastercard has announced that it will start to allow merchants to receive payments in stablecoin, a form of cryptocurrency, amid increasing global regulatory clarity on the digital assets that are usually pegged to fiat currencies. A new law is in motion in the US, which will form a regulatory framework for stablecoins in the country once it is passed. Standard Chartered Bank estimated in a recent report that the stablecoin market could surge to USD2 tril (RM8.7 tril) within the next three years after its expected passage.
   Fun fact: Tether (USDT) is the largest stablecoin pegged to the US dollar and has USD143 bil in circulation. Its financials are wild - with just a team of nearly 200 people, it generated USD1.2 bil in second-quarter profit.

5. FOR YOUR EYES 📺

1. Cognitive offloading, AI slop, algorithmic complacency - important terms we need to know with our growing dependence on generative AI.

2. With 1 in 8 deaths in Indonesia caused by tobacco use,1 in 4 of its population smokes, with 8.7% youth smoking prevalence and Indonesian snokers spending as high as 50% of their income on tobacco products, makes us wonder how advance Indonesia will be in an alternate universe where smoking doesn’t exists and how will their money be spent otherwise. Oh well, it could be on other vices.