☕️ Luxury retailer Valiram family acquires RM1.1 bil stake in The Exchange TRX mall, office

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD2 bil (RM8.13 bil). That’s the largest charitable donation made in 2025. It came from one of America’s biggest philanthropists, Nike co-founder Phil Knight, who pledged the amount to cancer research at the Knight Cancer Institute. The institute was named after Knight and his wife, Penny, following a donation of USD100 mil in 2008, and they have since donated millions more. Knight’s net worth sits at USD31.2 bil. Another big donor is the Oracle of Omaha, Warren Buffett himself. He donated more than USD1.3 bil across four foundations. Notably, Buffett remains one of the world’s leading philanthropists at age 95, and has a net worth of USD150 bil, though he maintains a frugal lifestyle.

Next, a bit of homegrown pride, as Oriental Kopi sold 530,791 bowls of their signature chicken hor fun in a year, setting a new record in the Malaysia Book of Records. That’s an average of 1,450 bowls sold per day. The business is already a multiple national record holder, having set records for most egg tarts sold in a year at over 10.5 mil units, most cups of kopi sold in a year at over 2.7 mil cups, and most Polo buns sold in a year at 855,805 units.

Malaysia is not without its philanthropists, and one of them is Sunway Group founder and chairman Jeffrey Cheah, who has been recognised in the Forbes Asia Heroes of Philanthropy list for a fifth time. He is also the founder and trustee of the Jeffrey Cheah Foundation, which has awarded more than RM967 mil in scholarships and grants to tens of thousands of students, and is on track to surpass RM1 bil by 2026. Recently, Cheah also pledged RM500 mil over five years to establish one of Malaysia’s largest education endowments. Assuming he leaves nothing behind like Chuck Feeney (secretly gave away all USD8 bil of his wealth), Cheah has USD4.7 bil (RM19.2 bil) more to go, according to Forbes, ranking him as Malaysia’s 9th richest person.

3. IN MALAYSIA 🇲🇾

Agrobank system glitch raised the RM165 mil question
Agrobank is investigating a recent system glitch that reportedly involved losses of up to RM165.75 mil, with sources saying around 718 accounts across 19 banks and e-wallets were allegedly linked to the issue. Bank Negara Malaysia stressed that no customer funds or data were affected, and all banking services are running normally, while the incident appears to be tied to the bank’s in-house payment system connecting to the real-time retail payments platform managed by PayNet.

The matter stems from internal technical processes and is being reviewed as part of its standard governance procedures. Speculation over hacking or scams circulated after a Nov 13 report, though the exact cause remains unclear.

Fully owned by the Minister of Finance Inc, Agrobank posted a profit before tax and zakat of RM215.25 mil on RM1.12 bil revenue for FY2023 and continues to support Malaysia’s agriculture sector and rural communities through its nationwide network.

Malaysian firms in line for Ukraine’s USD500 bil rebuild
Ukraine is inviting Malaysian construction firms, including Gamuda Bhd, to take part in post-war reconstruction projects worth at least USD500 bil (RM2.03 tril), covering hundreds of bridges, thousands of km of roads, and entire cities like Bakhmut that was flattened by the Russia-Ukraine war. Ukraine’s Ambassador to Malaysia Hennadii Nadolenko highlighted Malaysia’s expertise in highways, tunnels, bridges and concession-based infrastructure as an ideal fit for Ukraine’s rebuilding needs, noting that European firms are expected to dominate early project awards and that Malaysia could play a leading role rather than just subcontracting. Nadolenko added that opportunities extend beyond construction to IT and high-tech collaboration, leveraging Ukraine’s engineering and IT capabilities alongside Malaysia’s advanced digital infrastructure. He confirmed that outreach has begun with Malaysian authorities, including Investment, Trade and Industry (MITI) Minister Johari Abdul Ghani, to coordinate participation by Malaysian companies.

Billion Ringgit Deals

Japan’s Amova moves to take control of AHAM Asset Management
Japan-based Amova Asset Management Co Ltd (Amova AM) is moving to take control of AHAM Asset Management Bhd (AHAM Capital), boosting its stake from 20% to 97.7%, pending regulatory approvals and usual closing conditions. The deal is estimated to value the company around RM2.6 bil to RM3 bil. AHAM is the country’s second-largest asset management with assets under management (AUM) just over RM100 bil, closely behind Public Mutual’s RM102 bil AUM as at end-2024. This translates to a price-to-AUM of about 3%. In 2022, private equity firm CVC Capital bought Affin Bank’s 63% stake in AHAM for RM1.42 bil., valuing AHAM at RM2.25 bil.

The company also has stakes in private equity firm Bintang Capital and digital wealth platform Versa Asia. For the financial year ended Dec 31, 2024, the company reported net profit of RM115.4 mil on revenue of RM484.3 mil - a juicy net margin of 23.8%.

Luxury retailer Valiram family acquires RM1.1 bil stake in The Exchange TRX mall, office
Australian developer Lendlease has secured a new Malaysian capital partner for The Exchange TRX in a transaction valued at about RM1.1 bil, involving the retail and office components of the development. Luxury retailer Valiram family is said to be the Malaysian family office acquiring a 40% stake in the retail mall and the full 60% interest in the office asset. Lendlease will retain a 20% interest in the mall and continue managing the assets, while keeping its 60% stake in the residential plots and completed hotel. The Exchange TRX mall, which opened in 2023, recorded RM2.64 bil in sales and welcomed 45 mil visitors in its first year. The mall was valued at about AUD4.5 bil in 2024, according to the Lendlease 2024 annual report. The Valiram Group was founded in 1935 by Jethanand Utumal Valiram as a textile trader and has now grown to a luxury retailer with more than 350 stores in Southeast Asia, representing 200+ renowned brands such as Kate Spade, Tumi, Victoria’s Secret, etc.

Shorts:

1. Ex-aide clears the air on anti-smoking bribery claims 
   Following up on the alleged bribery claims linked to the drafting of the anti-smoking law, former health minister Dr Zaliha Mustafa’s ex-political secretary, G. Sivamalar, lodged a report with MACC on Dec 23. She clarified that no serious or explicit offer was made, as Dr Zaliha refused to meet anyone seeking to withdraw the Generational End Game (GEG) provision, and no discussions took place. Sivamalar said her report was meant to highlight Dr Zaliha’s integrity and that she is ready to assist MACC if needed.

2. 5,000-Year-Old skeletons return to Penang

   Nearly a century after being taken abroad, 41 ancient human skeletons from the Guar Kepah shell middens, believed to be around 5,000 years old, are set to return to Penang next month. Unearthed by British archaeologists between 1851 and 1934, the remains were kept at the National Natuurhistorisch Museum in Leiden before repatriation talks began. Malaysian representatives recently travelled to the Netherlands to receive the skeletons, now under the National Heritage Department, ahead of a handover with the Tourism, Arts and Culture Ministry. They will be housed at the Guar Kepah Archaeological Gallery in Kepala Batas, whose official opening, expected in the first quarter of 2026, was delayed pending their return. Curious if this was put up on auction, how much would it fetch?

3. 75-year-old hit with daily RM20k fine over RM60 mil asset dispute with wife

   The High Court has slapped a daily RM20,000 fine on a 75-year-old man for failing to split his matrimonial assets with his wife following their judicial separation. Justice Sumathi Murugiah gave him 30 days to comply or face jail, saying he had breached post-trial and consequential orders. The case goes back to a Nov 24 2024 ruling awarding the 73-year-old wife half of the couple’s assets of around RM60 mil. Subsequently, the husband refused to cooperate on property valuations, prompting a Feb 25 order for him to cover the valuer’s fees. The original judgment also ordered a 38-year-old co-respondent to pay RM200,000 for her role in the collapse of the couple’s 50-year marriage after the husband admitted to an affair in Sep 2022.

4. AROUND THE WORLD 🌎

Trump’s world
Trump still has his eyes on Greenland
Trump is adamant that the US must have Greenland, citing it as vital to Washington’s national security and its defence interests, and “not for the minerals”. To further boost his campaign, Trump has appointed a special envoy for the “efforts”, Louisiana Governor Jeff Landry, who said he would make the Arctic territory “a part of the US”.

Landry’s statement drew a sharp rebuke from Danish Prime Minister Mette Frederiksen and Greenland’s Prime Minister, Jens-Frederik Nielsen, who issued a joint statement asserting that “Greenland belongs to Greenlanders”. The European Union (EU) swiftly rallied behind Denmark, declaring “full solidarity” with Copenhagen and emphasised that “territorial integrity and sovereignty are fundamental principles of international law”.

Fun fact: Did you know that Greenland has massive untapped natural resources, including iron ore, lead, zinc, diamonds, gold, rare earth elements, uranium and oil? Now we know why.

The Trump brand: New US battleships with Trump’s name, lawsuit from Kennedy Center Trustee
The president on Monday announced plans for a ‌new “Trump class” of battleships, which he said would be larger, faster and “100 times more powerful” ‌than any previously built, forming the centrepiece of what he called an expanded “Golden Fleet” aimed at cementing US naval dominance. Trump – who has previously criticized the appearance of US warships – will be personally involved in the designs. He said the ships will weigh more than 30,000 tons, larger than current destroyers, and be equipped with the latest technology, including artificial intelligence and directed energy lasers.

Meanwhile, John F Kennedy Center for the Performing Arts has sued Trump for adding his name to Washington’s premier art venue without approval from Congress. It appears that the board, consisting of Trump as a self-appointed chairman and a group of his supporters serving as trustees voted last Thursday to change the name of the centre to The Donald J Trump and The John F Kennedy Memorial Center for the Performing Arts. A centre spokeswoman, Roma Daravi, said in a statement that Trump’s name was added because he “saved the institution from financial ruin and physical destruction”. Ironically, since Trump took over the centre in Feb, ticket sales have plunged and a number of artists have refused to perform there. Oh, the humanities!

Myanmar is having an election after five years of civil war
The military junta of Myanmar will be holding its first election on Sunday, five years since the military ousted the last elected government and triggered a civil war. While it might seem like Myanmar is easing back into “democracy”, international monitors have dismissed the phased month-long vote as a rebranding of martial rule, citing a ballot stacked with military allies and a stark crackdown on dissent.

A resident said that “almost no one is interested in this election” and another said that the military is just trying to legalise the power they took by force. The junta’s remarks on state media promoted polls as a chance for reconciliation, while admitting the military "will continue to play a role in the country's political leadership" after results are in. Under Myanmar's current constitution, 25% of parliamentary seats are reserved for the armed forces.

Meanwhile, the United Nations reported yesterday that the junta is using violence and intimidation to force people to vote, while armed opposition groups were using similar tactics to keep people away. Dozens of individuals have reportedly been detained under an “election protection law” for exercising their freedom of expression. Displaced people from several parts of the country also reported that they are forced to vote, despite being in an unsafe situation. The UN also said that there are no conditions for the exercise of the rights of freedom of expression, association or peaceful assembly that allow for the free and meaningful participation of the people.

Sad that it is always the people who become victims.

Shorts:

1. Sinkholes threatening Türkiye's agricultural heartland 
   Farmers and environmental experts in Türkiye are now concerned about the appearance of hundreds of sinkholes in the Konya basin agricultural region, largely attributed to dwindling rainfall and receding groundwater. The sinkhole appearance has accelerated in recent years, with the total now approaching 700. Konya’s groundwater is receding at a pace of 4 to 5 metres per year, compared to half a meter per year in the 2000s. At the same time, Konya has an extremely high water demand. Have a look at the drone footage of the massive sinkholes here. Likes aliens paid a visit.

2. Wildfire-hit town wins EUR468 mil in Spain's Christmas lottery 
   Spain’s Christmas lottery, known as El Gordo, has brought hope to the Spaniards in the northwest of the country, where the jackpot handed hundreds of millions of euros only months after a wildfire devastation. A single ticket, or décimo, costing USD20 (RM81.28) is worth EUR400,000 (RM1.9 mil) if it bears the winning number, in this case 79432. Décimos come in strips of 10, and when many strips of the same number are sold to a group of neighbours or workmates, there is potential for a massive jackpot. People of La Bañeza, a town in the center of the wildfire, shared out EUR468 mil from the win, while another town that was heavily affected by the summer fires, Villablino, also took a massive share of the jackpot, receiving EUR200 mil.

5. FOR YOUR EYES 📺

Christmas stuff

1. Sculpture: Time-lapse of a giant snowman measuring 19 m (h) x 14 m (l) 11 m (w) (height: think a 6-storey building tall) getting built using a record 3,000 cubic metres of snow in China’s ice city, Harbin.

2. Music: Jingle Bells, Thai-style.

3. Politics: North Korea Supreme Leader Kim Jong Un with his daughter (likely to be the next Supreme Leader).

Merry Christmas, folks! We will be taking tomorrow and Friday off, so see you again next Monday.