☕️ MACC chief Azam Baki back in the spotlight over shareholding

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Four times. That’s how many times the term ‘science’ appeared in the National Education Plan, according to Petaling Jaya MP Lee Chean Chung. The MP said this was a sign that the plan did not sufficiently prioritise science, technology, engineering, and mathematics (STEM) education. Meanwhile, the term ‘mathematics’ only appeared eight times, compared to 33 times for ‘language’, 12 times for ‘equity’, and 11 times for ‘unity’. Lee called for the Education Ministry to outline a clearer roadmap to empower STEM, lest the country be left behind. Lee also pointed out that Malaysia’s Programme for International Student Assessment (Pisa) scores were a poor showing. Malaysia’s reading score was 388 in 2022, below the average of 476. For science, Malaysia scored 416 against an average of 485, and scored 409 for mathematics against the average of 472.

26th in SEA and 109th in Asia. University Tunku Abdul Rahman (UTAR) achieved those rankings in the latest QS Asia University Rankings (view here). These achievements mark a steady rise for the university, which had been ranked between 251 and 300 about a decade ago. The university was also honoured with the QS Rating 5 Plus Stars Outstanding Award during the QS Higher Education Summit Asia Pacific 2026. UTAR was the only institution to receive this high distinction, which recognises universities that achieved five-star ratings across all nine categories being assessed.

53.9%. As of mid-December 2025, that is the total percentage of SPM holders who are opting for the Technical and Vocational Education and Training (TVET) pathway, placing Malaysia well on its way to its target of 70% by the end of the 13th Malaysia Plan. According to Deputy PM and Rural and Regional Development Minister Ahmad Zahid Hamidi, there were 439,000 TVET students nationwide enrolled across 1,398 institutions as of mid-December 2025.

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3. IN MALAYSIA 🇲🇾

On graft matters: Isa Samad, Azam Baki

Former Felda chairman Isa Samad sent back to prison
Back to jail - The Federal Court has reinstated the conviction of former Felda chairman Mohd Isa Samad over RM3.09 mil in graft linked to Felda’s RM160 mil purchase of the Merdeka Palace Hotel & Suites in Kuching, Sarawak. The court sentenced the former UMNO man to six years’ jail and fined him RM15.45 mil, restoring the High Court’s decision after the Court of Appeal had acquitted him. The ruling, issued by a unanimous three-member bench, found that the appellate court failed to properly assess the facts, noting Mohd Isa did not rebut the presumption that the gratification was corrupt. The judges also rejected the Court of Appeal’s view that there was no evidence of solicitation, citing messages sent through Mohd Isa’s former special officer, including a “salam” to businessman Ikhwan Zaidel, as supporting the prosecution’s case. Mohd Isa was first convicted on Feb 3, 2021, and the Court of Appeal overturned the ruling on March 6, 2024, before the prosecution’s final appeal succeeded.

Azam Baki back in the spotlight over shareholding
Bloomberg reported that Azam, 62, owned 17.7 mil shares in Bursa-listed Velocity Capital Partner Bhd., worth around RM800,000, which were bought and sold within 2024. MACC said a recent media report on chief commissioner Azam Baki is misleading and unfounded, noting he has fully complied with all asset declaration requirements to the Public Service Department covering income and asset transactions. Government rules cap public servants’ shareholdings at 5% of a company’s paid-up capital or RM100,000 in value, with declarations required at purchase, sale, and every five years. However, exception can be given with the approval of the Chief Secretary to the Government, according to Deputy Law Minister M Kulasegaran.

Velocity Capital, now focused on financial services and moneylending, has seen its share price fall 50% since last March to 4.5 sen. The company has changed name six times since listing and attracted multiple shareholding changes over the years - more here. The company itself Azam’s tenure as MACC chief has been extended three times past retirement, with his current contract ending in May. 4 years ago, Azam Baki was embroiled in a similar issue, later claiming his younger brother used his trading account.

Biz

Khazanah’s FY2025 performance: +5.2%
The sovereign wealth fund posted a 5.2% portfolio return in 2025, driven mainly by strong international markets, lifting its seven-year rolling annual return to 6.1%, while profit from operations rose 9.8% to RM5.6 bil. The stronger RM trimmed international public equity returns to 11.7% in RM terms from 23.6% in USD terms, though still above the previous year. Khazanah Nasional flagged possible pressure on the USD in 2026 that could soften gains from its overseas investments, after the RM rallied 10.3% last year.

Khazanah ended 2025 with RM156 bil in assets and declared RM2 bil in dividends to the government, while maintaining a focus on portfolio diversification and national priorities. The fund invested in over 8,000 companies globally, with more than half of its investment on Bursa Malaysia, 20% in global public equities with nearly three quarters of its total assets in Malaysia.
View charts: Total dividends, total assets, profit from operations

Sunway Healthcare gears up for IPO
Sunway Healthcare Holdings plans to release the prospectus for its Main Market listing by end-March, as it moves ahead with one of the larger healthcare IPOs in recent years. The group has appointed six banks as joint underwriters. The IPO will offer up to a 17.1% stake. Sunway Healthcare, the country’s largest private hospital in Sunway City Kuala Lumpur, is raising funds to support an expansion programme exceeding RM1.6 bil, including a RM766 mil, 401-bed hospital in Iskandar Puteri and upgrades worth nearly RM850 mil, as it aims to grow capacity to over 3,400 beds by 2032. Proceeds from the offer for sale will go to existing shareholders Sunway Bhd and GIC, with GIC’s stake reduced from 16% to 7.5% after the listing.
Learn: Role of an underwriter in an IPO

Shorts

1. Michelle Yeoh gets a star on the Hollywood Walk of Fame

   Michelle Yeoh will receive a star on the Hollywood Walk of Fame on Feb 18, the second day of Chinese New Year, in a ceremony hosted by the Hollywood Chamber of Commerce. Yeoh was first announced as a Walk of Fame honouree in June 2023, following her Best Actress Oscar win for Everything Everywhere All at Once. Since then, the 63-year-old Ipoh-born actress has appeared in Wicked: For Good and is set to feature in Avatar 4 and Avatar 5, the Prime Video series Blade Runner 2099, and the short film Sandiwara, which premieres at the Berlin International Film Festival on Feb 13.

2. E-voting: Making it easier for Malaysians abroad to vote
   The Election Commission (EC) is exploring ways to make voting easier for Malaysians overseas, including possible e-voting before the next general election. It is reviewing short- and long-term options for overseas postal voting and consulting political parties and stakeholders before making changes. Currently, eligible Malaysians abroad, including those living, working, or studying overseas, as well as civil servants and students posted abroad must register in advance and return ballots by post via diplomatic missions or international mail within a set timeframe.

4. AROUND THE WORLD 🌎

Israel used weapons to evaporate thousands of Palestinians
An investigation by Al Jazeera Arabic, The Rest of the Story, has revealed that Gaza’s Defence have documented 2,842 Palestinians who have “evaporated” since the war began in October 2023, leaving behind no remains other than blood spray or small fragments of flesh. Experts and witnesses attribute this phenomenon to Israel’s systematic use of internationally prohibited thermal and thermobaric weapons - often referred to as vacuum or aerosol bombs capable of generating temperatures exceeding 3,500 degrees Celsius. According to the investigation, the intense heat is often generated by tritonal, a mixture of TNT and aluminium powder used in US-made bombs like the MK-84, implicating not just Israel but also its Western suppliers. An expert says that under international law, the use of weapons such as the ones mentioned, which cannot distinguish between combatants and non-combatants, constitutes a war crime. The world watches as Israel continues to act with impunity to this day.

Macron urges Europe to act like world power
French President Emmanuel Macron has urged Europe to unite and start acting like a “world power” in the field of economy and finance, defence and security and democratic systems. He said that Europe is now on their own, citing threats of the accelerating climate change, uncertainty of the US support, the loss of cheap energy from Russia and also China, which is becoming an increasingly fierce rival. Similar calls in the past have met scepticism from Germany and other countries, which feel France wants to use Europe to bear a financial burden they were unable to take up. According to Macron, the 27-member EU needs EUR 1.2 trillion a year to invest in the vital sectors of security and defence, clean energy, and artificial intelligence.

Tech

MrBeast enters finance - acquires Gen Z fintech app
Jimmy Donaldson, aka MrBeast, has added yet another entity to his sprawling business empire by acquiring Step, a Gen-Z-focused financial service platform. The 27-year-old YouTube megastar said that he wishes to give millions of young people the financial foundation he never had, as he was not taught about investing, building credit, or managing money when he was growing up. Though Step offers credit and debit cards and interest-bearing accounts, it is technically not a bank, but rather a financial services platform backed by Evolve Bank & Trust. The deal value wasn’t disclosed. Step has raised USD500 mil in funding and has grown to over 7 mil users.

Australia warns Roblox over child grooming fears
Australia has written to Roblox requesting an urgent meeting to address reports of child exploitation on the platform and demand an explanation on the steps taken by the gaming giant to keep children safe online. Australia’s internet regulator, the eSafety Commissioner, has also been asked to explore taking “urgent measures” against the company. However, Roblox was deemed exempt from a ban on under-16s joining social media sites, which came into effect on Dec 10 last year. A 2024 report by Hindenburg Research described Roblox as an “X-rated paedophile hellscape” that exposed children to grooming and pornography. Roblox has been banned by other countries, including Qatar, Iraq and Turkey, primarily over child safety concerns. The US states of Texas and Louisiana have sued the app for the same reason.

Shorts

1. 2025 Corruption Perceptions Index shows worrying trend of declining scores

   The Corruption Perceptions Index 2025, organised by campaign group Transparency International, has identified an overall global deterioration, with 31 countries improving their score, while 50 declined. Denmark ranks at the top with the lowest levels of corruption, while South Sudan ranks at the bottom. The report identified backsliding in established democracies like the UK and the US and lamented the “worrying trend” of declining scores. It added that the world needs principled leaders and strong, independent institutions that act with integrity to protect the public interest, yet, too often, we are seeing a failure of good governance and accountable leadership. Good news - Malaysia sits at no 54 out of 182, and has shown improvement since 2024. Download the full report here.

2. Guangzhou is protecting yum cha tradition

   In an effort to preserve the tradition of yum cha (enjoying dim sum with tea), the city of Guangzhou in China is introducing a certification system for restaurants who keeps the authenticity of making dim sum by hand and do not use prepackaged or frozen products. The move came amid growing concerns that restaurants are serving premade food. The Chinese market for yum cha, which originated in Guangzhou and other regions, totalled CNY 47.7 bil (USD 6.87 bil) in 2024. As more people see value in the yum cha experience with friends and family, the market is projected to reach CNY 52.1 bil this year.

5. FOR YOUR EYES 📺

About skin colour. culture

1. The Art of Fahmi Reza

2. Interesting perspective: reframing racism as being descriptive, rather than an identity.

3. Good bait to catch attention, followed by sound logic and respect towards others’ preferences (i.e. makan babi).

4. Do we need to be religious to say the word ‘Alhamdulillah’?