☕️ PN deregistered by RoS - how now?

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

34.1% – According to Health Minister Dr Dzulkefly Ahmad, only that proportion of ambulance responses nationwide met the ministry’s targeted response time for critical cases in 2025. This falls short of the 50% benchmark, and he said that urgent steps are being taken to improve response times, including beefing up ambulance capacity. The target is that response times should not exceed 15 minutes for critical, life-threatening, and priority cases. The minister also told the Dewan Rakyat that the Health Ministry was strengthening ambulance activation and response times together with emergency specialists as well as the Next Generation Malaysian Emergency Response Services 999 (NG-MERS 999) system, Malaysia's modernised digital emergency response platform developed by Telekom Malaysia and the Ministry of Communications. This follows a query after a recent road crash victim had to wait almost an hour before an ambulance arrived, despite the nearest healthcare facility being less than 500m away.

61.24% – That’s how much of Malaysia’s pharmaceutical market by value comprises imported products, a situation that places Malaysia at risk of medicine supply disruptions. According to MBSB Research, Malaysia’s overall reliance on foreign sources for finished pharmaceutical products and active pharmaceutical ingredients (APIs) was estimated at about 80%, with the country’s pharmaceutical imports reportedly increasing from between RM3.5 bil and RM4.5 bil in 2015 to RM12 bil last year. It was also reported that China and India were the main sources, with the two nations supplying between 80% and 85% of pharmaceutical ingredients. This high dependence exposed Malaysia’s healthcare system to international logistics disruptions, geopolitical conflicts and raw material shortages, which have driven up the prices of imported medicines and APIs by up to 50%. Supply pressures are also expected to intensify as Malaysia moves towards becoming an ageing nation by 2036, alongside a rise in non-communicable diseases such as diabetes and hypertension. Malaysia’s pharmaceutical market is projected to expand from RM15.7 bil in 2025 to more than RM21.4 bil by 2030.

RM203.2 mil – Sarawak’s medical tourism sector generated that amount last year, a 27% growth from RM160.2 mil in 2024. The state also recorded RM109.9 mil generated by the sector in the first half of 2026 alone, up from RM90.6 mil in the same period of 2025. Healthcare traveller arrivals also rose 4% to 48,480. This was shared by the Tourism, Creative Industry and Performing Arts Ministry at the inaugural Borneo Global MediTourism Congress and Expo held recently. In response to the growing demand, Sarawak plans to expand its healthcare and hospitality infrastructure. In Kuching alone, there are five private hospitals in operation, with three more in development. The state is also expanding its accommodation capacity beyond its existing 13,000 hotel rooms to better meet the demand from international patients and accompanying family members.

3. IN MALAYSIA 🇲🇾

Rafizi raises concerns over public funds amid Zetrix AI share price plunge
Bersama co-founder Rafizi Ramli has urged PM Anwar Ibrahim to explain how much public money may be at risk following a sharp fall in Zetrix AI’s share price. The company, formerly known as MyEG Services Bhd, saw its shares drop 93.4%, from 75.5 sen on Apr 1 to just five sen on Oct 19. Rafizi said public funds including EPF, KWAP and Urusharta Jamaah had invested in the company, with potential losses estimated at RM472 mil if they still held their previously reported shares. However, their latest holdings remain unknown, meaning the actual losses have yet to be confirmed. He also raised questions about Zetrix’s involvement in the RM1.05 bil National Integrated Immigration System (NIISe) project. Zetrix was named as a technology partner for the project but sold its entire 16.9% stake in main contractor HeiTech Padu on Sept 2. Rafizi is now calling for clarity on how much the public funds have lost, how many Zetrix shares they still own and which company is currently providing the technology for the immigration system. View Bersama’s statement here.

Politics
Azmin Ali blames PAS for Perikatan Nasional’s deregistration
Bersatu secretary-general Mohamed Azmin Ali has blamed PAS for Perikatan Nasional’s (PN) deregistration, saying the party failed to follow the law and the coalition’s own rules. His comments came after the Registrar of Societies (RoS) cancelled PN’s registration on Oct 20 after finding its explanations for alleged violations unsatisfactory. The dispute centres on Bersatu being left out of PN’s Supreme Council meeting on Jul 16, which Azmin said denied the party its right to attend, speak and vote. He argued that this went against PN’s constitution and showed a lack of transparency in how the coalition was being run. Bersatu had filed a complaint with the RoS on Aug 11, which Azmin said was meant to ensure proper management rather than weaken the coalition. He warned that the deregistration could seriously affect PN’s future.

PN situation ahead of Melaka election
With PN now officially deregistered by the RoS just weeks before the Melaka state election, questions arise about how the coalition will contest the polls. For now, the coalition cannot use its official logo in the Melaka election, although its member parties can still contest under their own party symbols. PN now has 30 days to appeal the RoS decision to the Home Minister. PN also challenged its earlier suspension in court. On Oct 13, the High Court allowed the case to continue but refused to temporarily lift the suspension. The situation continues to shift, with PN and Barisan Nasional recently avoiding contests against each other in some state elections.

Biz:
SD Guthrie denies involvement in Indonesia forest fires
Malaysian palm oil company SD Guthrie has denied allegations that it was responsible for forest fires in Indonesia, which have contributed to the haze affecting Malaysia and Singapore. The accusations came after Indonesian environmental group WALHI named Sime Darby, the company’s former name, among businesses suspected of involvement in the fires. However, SD Guthrie said its investigations found no fires on its plantations or evidence that its employees had started any. The company also stressed that it has followed a strict no-burning policy since 1985.

To prevent and control fires, its Indonesian subsidiary, Minamas Plantation, has over 1,000 trained firefighters and uses drones and heat-detecting equipment to monitor affected areas, spending around RM800,000 every month. Between Jan and Sept, its teams helped put out more than 2,400 fires, most of which occurred on nearby community land rather than company plantations. SD Guthrie emphasised that helping to put out these fires does not mean it was responsible for starting them.

Serba Dinamik founder wanted under Interpol Red Notice
Serba Dinamik Holdings founder Mohd Abdul Karim Abdullah is now on Interpol’s Red Notice list as Malaysian authorities seek to locate and arrest him over alleged financial misconduct. PM Anwar Ibrahim confirmed the move in Parliament, with Abdul Karim’s whereabouts still unknown. The case dates back to 2021, when he was charged over allegedly falsifying financial information involving Serba Dinamik, a Sarawak-based oil and gas services company. Charges against the company and several executives were later withdrawn in 2022 after they agreed to pay a compound. Further investigations by the Securities Commission led to new charges in early 2026 involving alleged false statements and transactions linked to Sarawak Consolidated Industries Bhd (SCIB).

Anwar also raised concerns over how major corporate cases were handled by previous governments, questioning why stronger action had not been taken. He stressed that no one should be above the law because of their wealth or influence (sure), reaffirming the government’s commitment to fighting corporate crime and protecting investors.

To recap, for falsifying RM6.01 bil of revenue, Karim got away with just RM3 mil compound. It’s a criminal offence that would have brought a maximum jail term of 10 years and max fine of RM3 mil if one is convicted of the offence. For comparison, in the case of Transmile (Robert Kuok’s Kuok Group was an investor with 28.5% stake), its former CEO was sentenced to one-year jail and fine of RM300k for inflating profits by up to RM510 mil.

Big Caring Group plans RM2.45 bil share sale ahead of Nov listing
Big Caring Group, one of Malaysia’s largest pharmacy chains, is reportedly looking to launch its initial public offering (IPO) worth around RM2.45 bil in late Oct, with plans to list on Bursa Malaysia’s Main Market by mid-Nov. The move would allow investors to buy shares in the business, which could be valued at over RM6 bil. 

Big Caring was founded in 2006 by pharmacists Lee Meng Chuan and his wife Lim Sin Yin, starting with one outlet in Damansara Uptown before growing to more than 600 pharmacies nationwide. Despite uncertainty in global financial markets, the company reportedly secured support from several major investors who have agreed to buy shares ahead of the public offering. To the uninitiated, the ‘Caring’ is indeed the Caring you have in mind, which BIG acquired in 2023 for ~RM850 mil from 7-Eleven.

4. AROUND THE WORLD 🌎

Indonesia to install nuclear reactors 1,400 km from Kota Kinabalu
Indonesia's state-owned company, PT Pembangkit Listrik Nuklir and Russia’s state-owned energy conglomerate, Rosatom State Corporation, have signed an agreement to facilitate the first-ever export of Russian expertise in civilian nuclear power. Following the deal, Indonesia will be installing two FPU-100 floating power plants in North Maluku - about 1,400km from Kota Kinabalu - within five years. The plants will have a combined capacity of 200MW to supply electricity to the northern part of Halmahera Island in North Maluku. Indonesia has included nuclear power in its 2025 National Energy Plan, recognising it as a key instrument to ensure long-term energy security and achieve carbon neutrality by 2060. View North Maluku on map here.

Forest fire can’t handle, food safety can’t handle, stock market can’t handle, how can we, and other neighbours trust them with handling radioactive materials?

In Malaysia, our nuclear energy ambitions have been revived after being disbanded in 2018. Phase 1 of the International Atomic Energy Agency (IAEA) Milestones Approach has resumed to assess the feasibility of adding nuclear power to the national grid. In Nov 2024, the nuclear task was assigned to the Malaysia Programme Office for Power Electricity Reform (MyPOWER) Corporation, a special-purpose agency under the Energy Transition and Water Transformation Ministry, overseen by Deputy PM Fadillah Yusof.

Trump open to three-way meeting with Xi, Putin next month
Trump has said that he is open to three-way arms-control talks with China’s President Xi and Russia’s President Putin as soon as next month. The White House has reportedly been considering a possible meeting between the leaders focused on denuclearisation on the sidelines of the ​Nov 18-19 Asia-Pacific Economic Cooperation summit in China. If it happens, the meeting would be an unprecedented move and a major diplomatic gambit for Trump. The three-way meeting would raise alarm from Europe to Asia over private deals that could weaken Washington's transatlantic and Indo-Pacific alliances.

But a deal struck between the three countries could also lower global tensions - an end to Russia's war in Ukraine could resolve the biggest threat in decades to European security, while a deal on arms would bind the three nations with the biggest ​stockpiles of nuclear weapons.

Biz:
Singapore's Sea to enter cloud services and weigh fintech arm IPO
Singapore internet giant and Shopee owner Sea Ltd is planning to offer cloud services to businesses around the world, under a new arm called Sea Cloud, and is currently weighing a public listing of its financial technology (fintech) arm Monee, aimed to bolster growth and revive a plunging stock.

A new battleground for Sea’s next stage of growth is also forming an ocean away from its home turf — in Brazil — as the Singaporean company looks to expand its Shopee online empire. Last year, Sea pledged to double down on artificial intelligence (AI), betting that this would help the company hit a trillion-dollar market capitalisation. Big dreams.

Anthropic IPO biggest winner
Former Google CEO Eric Schmidt now owns around 1% of Anthropic, thanks to his early investment in the start-up. This sets him up for one of the largest individual windfalls from the company’s imminent public market debut. Investors indicated earlier in Oct that a fair valuation for the company is in the USD1.8 tril - USD2 tril (RM7.35 tril - RM8.16 tril) ballpark; the high end of that range would value Anthropic at more than 4,300 times its Series A funding round. At that value, the Anthropic stake would boost Schmidt’s net worth by almost 40% to nearly USD80 bil. Even using Anthropic’s most recent valuation of USD965 bil, Schmidt adds nearly USD10 bil to his existing fortune of USD57.5 bil. Anthropic is set to begin formally marketing its IPO as soon as the week of Nov 9, putting it in line to begin trading before the US Thanksgiving holiday.

Shorts:

1. Australian MP hit by car in apparent deliberate attack
   Australian independent MP Helen Haines has been struck by a car outside her electorate office in north-east Melbourne - an incident that appears to be deliberate, according to PM Anthony Albanese. Haines underwent surgery in a Melbourne hospital and sadly has lost one of her legs. Victoria Police has arrested a suspect, who reportedly campaigned widely on environmental issues, including advocating against logging. Australian Home Affairs Minister Tony Burke said there had been an increase in reports of harassing and threatening behaviour towards lawmakers in the 2025-26 financial year, compared with 951 for the previous year.

2. Hanoi trims iconic milk flower tree due to overpowering scent
   Hanoi authorities have launched a large-scale programme to prune and relocate hundreds of its iconic blackboard trees, known as hoa sua, meaning “milk flower” in the local language, due to their overpowering fragrance on the city’s nearly 9 mil residents. Also known as pulai and devil's tree elsewhere in Asia, the blackboard tree can grow as tall as 60 metres. At dusk, the trees release a pungent, sweet scent from their greenish-white flowers, peaking in Sept and Oct. The trees have adorned Hanoi's boulevards since they were introduced during French colonial rule in the late 19th century, inspiring hit songs and poetry for decades.

5. FOR YOUR EYES 📺

Little science fact

1. Eyes hurt when looking at the sun during noon but not during sunset - why? Even then, still do avoid looking at sunset directly.

2. Clouds floating in the sky, looks light. But, it can weigh the equivalent of six-figure elephants.

3. NASA’s Hubble caught the galaxies ‘smiling’.

It’s just Wednesday? Some motivation for you - Rustam Nabiev, a former Russian soldier holds a Guinness World Records for the first double amputee to reach the summit of Mount Everest (May 20,2026) using only his arms and hands. He lost his legs when an army barracks collapsed, killing 24 of his fellow servicemen. His IG here. Man has some sense of humour. Keep fightin’!