☕️ MOF's RM1.1 bil investment in Sapura Energy not a bailout but a "strategic investment" - Fahmi

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

In Malaysia, 90% of the 85,283 total HIV patients are male, according to the Global AIDS Monitoring Report 2024. The highest prevalence is among individuals aged 20 to 29 (44%), followed by those aged 30 to 39 (31%). Selangor recorded the most cases in 2023, with 1,062 infections, trailed by Kuala Lumpur (357), Sabah (320), Sarawak (248), and Johor (236). The report also revealed that 84% of patients (71,927 people) are aware of their status, having been notified through the national surveillance system.

The Malaysian government raised RM45.9 mil last year through the sale of special vehicle registration number plates, Transport Minister Loke Siew Fook revealed. The funds, generated from bidding on series like “GOLD,” “FFF,” “EV,” “PETRA,” and “MADANI,” were partially used to support programs for those in need. Notably, Yang di-Pertuan Agong Sultan Ibrahim secured the “GOLD 1” plate for RM1.5 mil, the highest bid in the “GOLD” series, launched to mark Malaysia’s 50th Federal Territory Day.

As of Feb 2, Malaysia has recorded 5,153 commercial crime cases, resulting in losses exceeding RM260 mil (average RM50.5k per case), according to Comm Ramli Mohamed Yoosuf, director of Bukit Aman’s Commercial Crime Investigation Department (CCID). While the number of cases has risen by 26% compared to the same period last year, the total losses have decreased by 7% from RM279.8 mil in 2023. Online scams remain the leading contributor to commercial crimes, highlighting the ongoing challenge of combating digital fraud in the country.

3. IN MALAYSIA 🇲🇾

Ex-BNS boss walks free in RM21 mil LCS scandal
Former Boustead Naval Shipyard (BNS) managing director, Ahmad Ramli Mohd Nor, has been discharged not amounting to an acquittal (DNAA) on three counts of criminal breach of trust (CBT) involving RM21.08 mil linked to the Navy’s Littoral Combat Ship (LCS) project. The Sessions Court granted the discharge after a medical report from Hospital Kuala Lumpur (HKL) declared the 81-year-old unfit to stand trial. His lawyer argued that Ahmad Ramli was unable to defend himself due to his mental condition. The charges, filed in 2022, alleged that Ahmad Ramli approved unauthorised payments to foreign companies between 2010 and 2011. If convicted, he could have faced up to 20 years in prison, caning, and a fine. While legal processes must account for health conditions, many will question if justice is truly being served in one of Malaysia’s biggest defence procurement scandals.

Journalist or scapegoat? Nantha Kumar’s fight against corruption
Malaysiakini journalist B Nantha Kumar is set to be charged at the Shah Alam Sessions Court this Friday over allegations of receiving a RM20,000 bribe. He denies the accusation, calling it an attempt to silence him and halt his corruption exposés. According to Nantha, he was investigating a migrant worker syndicate and had been working with a state immigration director to gather evidence. He claims the bribe was offered to him, not solicited, and that his arrest was a setup. Malaysiakini has suspended him with full benefits pending an independent inquiry, which it promises will be transparent.

Furthermore, Nantha Kumar claimed he was framed while investigating a migrant worker syndicate at KLIA. His reports, published in Malaysiakini in Feb, exposed Pakistani agents’ involvement. Following this, he was contacted by a state immigration director and a Home Ministry officer, who asked him to act as an undercover agent to gather evidence. Nantha says he later met the agents at a restaurant, where they claimed someone had demanded RM400,000 to "settle" the issue and offered him RM50,000, with RM20,000 upfront, which he refused. On Feb 28, at Concorde Hotel in Shah Alam, an agent handed him an envelope which Nantha claims he intended to submit as evidence, but MACC officers arrested him moments later. If his version is true, this isn't just about one journalist, it’s about whether the system punishes those exposing the truth instead of those exploiting it.

Malaysia Leads Southeast Asia in QS World University Rankings 2025
Malaysia is the most represented Southeast Asian country in the QS World University Rankings by Subject 2025, with 277 subject entries across 55 disciplines, up from 241 last year. This surpasses Thailand (136), Indonesia (128), and Singapore (99). With broad faculty areas included, Malaysia’s total entries reached 334.

The country also leads in ranked institutions (27) and new entries (51). Malaysia secured 11 global top 50 entries and 46 in the top 100. Universiti Teknologi PETRONAS (UTP) ranks 16th in Petroleum Engineering, while Taylor’s University is 20th in Hospitality & Leisure Management. Five institutions, including UM, UPM, UCSI, UTM, and Taylor’s, entered the top 100 for the first time. A QS press release (Mar 12) noted strong research performance but declining Employer Reputation (ER) scores. Computer Science & Information Systems had the highest number of entries (20). The rankings assess 18,300+ academic offerings from 1,700+ universities worldwide, forming part of the widely referenced QS World University Rankings portfolio.
View list: QS World University Rankings 2025: Top Glo bal Universities

Biz

• Skyechip eyes RM1 bil IPO amid Malaysia’s semiconductor boom
  Semiconductor designer SkyeChip Sdn Bhd is considering a Malaysian IPO as early as the second half of this year, potentially valuing the company at over RM1 bil, according to sources. The final size and timing of the listing remain under discussion. Founded in 2019, SkyeChip stands to gain from Malaysia’s aggressive semiconductor expansion, which includes a RM1.11 bil deal with SoftBank’s Arm Holdings for chip-related licenses. The government aims to drive local chip design and boost semiconductor exports to RM1.2 tril by 2030.

• Sapura Energy secures RM1.1 bil lifeline from MOF 
  Debt-laden Sapura Energy Bhd has secured a RM1.1 bil investment from the Ministry of Finance (Inc) via Malaysia Development Holding Sdn Bhd (MDH). The funds, in the form of redeemable convertible loan stocks, are designated solely for settling vendor payments, benefiting over 2,000 local suppliers mainly SMEs that got hit hard by financial strain.
  In 2018, PNB pumped RM2.68 bil into the company, becoming its largest shareholder with a 44.13% stake. However, PNB has since ruled out further capital injections. Last month, Sapura secured creditors’ approval and court backing for a massive debt restructuring plan aimed at exiting its PN17 classification.

  This ain’t a bailout, but a “strategic investment”, says government spokesperson Fahmi Fadzil. In its Q3 FY2025 ending Oct 31, 2024, the company recorded a loss of RM293.1 mil (view earnings here).
  Read: What went wrong at Sapura Energy (The Edge)

Shorts

1. Penang’s Mutiara line LRT moves forward with land acquisitions

   The Penang government will acquire 100+ land lots for the Mutiara Line LRT project, with construction starting in Q3 2025. The State Legislative Council approved the acquisition, which includes private and state-owned land. The 29.5km LRT line will have 21 stations, including one on Penang South Reclamation Island-A (PSR-A), and extend from Komtar to Penang Sentral. The project is set to begin operations in 2031.

2. Shocking collapse at Masjid Jamek LRT amid storm

   A wall panel at Masjid Jamek LRT station collapsed this late afternoon following heavy rain and strong winds. The station structure remains intact, and no casualties were reported. Train services are operating as usual, with cleaning and repair work underway. A special committee will investigate the cause, and extra security personnel have been deployed. And we want to build nuclear power plants?

4. AROUND THE WORLD 🌎

Ukraine, Tesla, and Tariffs

Russia awaits details after Ukraine accepts US ceasefire deal
The Kremlin said it was awaiting details from the US about a proposal for a 30-day ceasefire with Ukraine, after Ukraine accepted Washington’s terms following “critical peace talks” in Saudi Arabia. This has resulted in Washington lifting its pause on military aid and intelligence sharing with Kyiv. Ukrainian President Zelenskyy has stated that he is “very serious” about the ceasefire, and sees the resumption of aid and intelligence as positive signs. It is also reported that the US and Ukraine will be concluding a minerals deal “as soon as possible”. This comes after an Oval Office confrontation between Zelenskyy and US President Trump, along with US Vice President Vance. Of note is that, despite Russia constantly pressuring Ukraine, Trump has never pushed for the demilitarisation of Ukraine. An interesting

Violence against Tesla “domestic terrorism”, says Trump
Back home, Trump has called violence against Tesla dealerships “domestic terrorism”, and that perpetrators will “go through hell”, showing support for his ally and Tesla’s CEO, Elon Musk. This follows activists staging “Tesla Takedown” demonstrations in protest of Musk’s brutal sweep of federal workers along with the cancellation of contracts that fund humanitarian programmes globally. This also comes after Trump made another show of support by buying a Tesla of his own – a red Model S that retails for about USD80,000. Trump also refused to take a discount from Musk and was photographed holding notes with the prices of several Tesla models.

Drugs, for better or worse

• Study: MDMA might have protected Nova survivors from PTSD 
  Neuroscientists working with the survivors of Hamas’ Oct 7, 2023, attack on the Nova music festival are seeing early signs that MDMA, also known as ecstasy, may have provided some psychological protection against trauma. The drug was associated with more positive mental states both during and after the event and could contribute to how MDMA may be used to treat psychological trauma. The research tracked the response of more than 650 survivors, of which two-thirds were under the influence of hallucinogenic drugs before the attacks took place.

• Doctors did not warn of "risky sex" side effects, say patients 
  Patients prescribed medications for movement disorders, including restless leg syndrome, are claiming that their lives have been severely affected when doctors did not warn them about serious side effects that would lead them to seek out risky sexual behaviour, with 20 women saying this has “ruined their lives”. The drugs were already shown to be linked to “deviant sexual behaviour” though there was no explicit reference to this side effect in patient leaflets. The risky behaviour also manifested in other ways, such as an uncontrollable urge to gamble, which led to a woman accumulating debts of more than GBP150,000 (RM859,718).

Fashionably social

• BeReal sees expansion opportunity among Japan’s youth
  French social media platform BeReal, identified as a Gen Z hotspot, saw over 4.5 mil monthly active users in Japan (global user base of 40 mil users) , making it the second biggest market for BeReal. 83% of those users are aged between 14 to 27, with 90% of them actively creating content. BeReal’s CEO estimates that about 30% of high schoolers and students in Japan use the app every day, and is aiming to take that up to 100%. It was also reported that BeReal hopes to quickly open an office in Japan in order to be close to the users as well as potential partners such as brands, agencies, and advertisers. BeReal was acquired by French game developer Voodoo last year for EUR500 mil (USD541 mil).

• Zara owner “optimistic” about US in face of tariffs 
  The fashion brand expects to keep growing in the US, which is the second-biggest market for the fast-fashion retailer after Spain. This comes as the brand reported a slower start to first-quarter sales. According to Zara CEO Oscar Garcia Maceiras, the brand’s parent, Inditex, sources its products from 50 countries and is thus well-positioned to adapt to tariffs. Over the start of its first quarter, Inditex saw its sales grow only 4%, compared to an 11% growth in the same period last year.
  

  

  Inditex net sales by concept in 2024. Figures in EUR’bil

Shorts:

1. Manchester United to build “iconic” GBP2 bil (RM11.46 bil) stadium 
   The stadium is meant to replace the club’s home at Old Trafford, though is reported to be built nearby. The stadium will be able to seat 100,000 spectators and is hoped to be completed in five years. A football finance expert shared that the development can be financed because “income from a multi-functional stadium will more than outweigh the additional interest costs”. Co-owner Sir Jim Ratcliffe said he wants the club’s new home to be the “world’s greatest stadium”.

2. Philippine cemetery chain named world’s most expensive property stock
   Golden MV Holdings has its stock trading at 100 times book value with a share price that has surged over 130% in the past year, making chairman and controlling shareholder Manuel Villar Jr the richest person in the Philippines with a net worth of USD24 bil (RM106.33 bil). While the firm is a real estate company that deals with affordable housing, it made its name as a cemetery chain. The recent surge is due to its plans to build a new business hub for the Philippines.

3. South Korea’s richest man - the rise of the Asian Buffett of Merkshire Hathaway
   Finance tycoon Cho Jung-ho, chairman of Meritz Financial Group, is now South Korea’s richest man, having displaced Samsung Electronics executive chairman Lee Jae-yong. Cho’s net worth hit USD8.9 bil (RM39.43 bil) at the end of trading on Mar 6, 2025, with Lee ending the day at USD8.7 bil. As to why he is likened to Warren Buffett, Cho ramped up the insurance business he inherited and expanded a holding company model, a similar path to Buffett’s own growth. This also led to Meritz being nicknamed Merkshire Hathaway.

5. FOR YOUR EYES 📺

1. Why plant-based meat, or fake meat CMI

2. Need some thrill to kickstart your Thursday morning — here’s a man wingsuit-ing in darkness (with the help of flare).