☕️ Which nationalities granted the most MY citizenship and PR?

1. MARKET SUMMARY 📈

Bursa Malaysia recorded a 20th consecutive week of net selling by foreign investors, with net outflow of RM881.5 mil, no thanks to Trump. Benchmark KLCI index is down 6.45% YTD. Brace for more volatility.

2. NUMBERS AT A GLANCE 🔢

10,266 patients awaiting kidney transplants – As of November last year, kidney transplant patients formed the largest group on Malaysia’s organ waiting list, followed by smaller numbers awaiting heart, liver, heart-lung, and lung transplants. Despite the high demand, only 960 deceased donors have contributed to saving lives since 1976, resulting in 3,024 organs and tissues donated. Last year, 15,304 new organ donor pledgers were registered, bringing the total number of pledgers to 398,000 since 1997. Find out how to be an organ donor here.

55,904 potholes repaired – Last year, over 50,000 potholes on federal roads nationwide were patched up, with 3,955 repaired in Peninsular Malaysia and 51,949 in Sabah, Sarawak, and Labuan. The Works Ministry highlighted that potholes are monitored through an online system, ensuring repairs are completed within 24 hours to three days of identification. This initiative underscores efforts to improve road safety and infrastructure maintenance across the country.

USD100 bil (RM441 bil) in total donations – Bill Gates, Melinda French Gates, and Warren Buffett have collectively contributed approximately USD100 bil to the Gates Foundation since its inception in 2000. Gates revealed that he and French Gates donated USD59.5 bil by the end of 2023, while Buffett contributed USD39.3 bil. Notably, Buffett has gifted nearly 57% of his Class A Berkshire Hathaway shares to the foundation and his family’s charities since 2006. While these shares were valued at USD56 bil at the time of donation, they are now worth USD189 bil, reflecting the immense growth and impact of their philanthropic investments.

3. IN MALAYSIA 🇲🇾

Malaysia’s citizenship policies under scrutiny

China Chinese Citizens: The Home Ministry has clarified that Chinese nationals made up less than 1% of those granted Malaysian citizenship between 2010 and 2024, countering claims of mass naturalization. In a parliamentary reply, the ministry stated that only 0.91% of approved citizenships in the past 14 years were for individuals from China. Indonesians comprised the largest group at 23.52%, followed by Indians (6.76%), Thais (5.02%), and Filipinos (2.77%). Meanwhile, 61.02% were categorized under "others."

The ministry did not disclose the total number of approvals but reaffirmed that allegations of 1.2 mil Chinese nationals being granted citizenship were baseless. The Home Minister previously stated that since 2013, only 203 Chinese nationals had been granted citizenship. On permanent resident (MyPR) status, the ministry reported that Filipinos made up 35.55% of recipients, followed by Indonesians (26.38%) and Thais (8.73%). MyPR is issued under the National Registration Regulations 1980 and must be registered within 30 days of eligibility.

Children Citizens: Meanwhile, children born overseas to Malaysian women with foreign spouses; who were under 18 before last year’s law amendment can now apply for citizenship via registration.

The Federal Court recorded a consent order; following an out-of-court settlement between Family Frontiers, six Malaysian mothers, and the government. This resolves a years-long legal battle over citizenship rights and the ruling allows these children to register under Article 15(2) of the Federal Constitution. This applies retrospectively to those born before the Constitution (Amendment) Bill 2024 was passed in October 2024, though the Bill has yet to be gazetted. The case stems from the government's appeal against a 2022 Court of Appeal ruling over a matter of semantics, or simply put language, which denied automatic citizenship to such children, citing that “father” in the Constitution did not extend to mothers. The High Court had earlier ruled that Article 8(2) prohibits gender discrimination, allowing the word “father” to include “mother.” In response, the government amended the law to address the gap.

Malaysia x Nuclear Power 
Malaysia must sign and ratify at least eight key IAEA protocols before considering nuclear energy for electricity generation, said Science, Technology, and Innovation Minister Chang Lih Kang. While Malaysia has ratified agreements like the Treaty on the Non-Proliferation of Nuclear Weapons and the Convention on Early Notification of a Nuclear Accident, and others, such as the Vienna Convention on Civil Liability for Nuclear Damage, remain pending. To address this, the government has targetted to expedite the Atomic Energy Licensing Amendment Bill 2025. Chang emphasized that Malaysia is still in the exploratory stage, but the Malaysian Nuclear Agency has 300 experts ready if the country decides to proceed.
Having nuclear reactor in our backyard is probably a bad idea, but we do admit our reason is more emotional than logic. Not that we don’t trust the technology. We just don’t trust our lack of maintenance culture and mentality. 

Biz: New airlines, Ekuinas cashing out, Khazanah’s EV charging venture

• New airline in town set to launch late-2025
  Malaysia is set to welcome a new airline, Ascend Airways Malaysia Sdn Bhd, which is expected to begin operations by the end of 2025. Unlike traditional carriers, Ascend Airways will focus on Aircraft, Crew, Maintenance, and Insurance (ACMI) services for cargo and passenger transportation. The airline is part of Avia Solutions Group (ASG), the world's largest ACMI provider, headquartered in Dublin, Ireland. Last November, Ascend Airways received conditional approval for an Air Service Permit (ASP) from the Malaysian Aviation Commission (Mavcom). It is now in the process of obtaining an Air Operator Certificate (AOC) from the Civil Aviation Authority of Malaysia (CAAM). CAAM CEO confirmed that after securing the AOC, Ascend Airways must obtain a full ASP before operations can commence, a process that takes at least 90 days. Let’s hope the regulators have done sufficient and proper due diligence on this new player. We don’t want another MYAirline episode. 

• Ekuinas sells 75% stake in Medispec, 3.5x ROI
  Malaysian state-owned private equity Ekuiti Nasional Bhd (Ekuinas) has sold its 75% stake in pharmaceutical distributor Medispec (M) Sdn Bhd to an undisclosed buyer, securing a 36.9% internal rate of return (IRR) and a 3.5x money multiple. While the transaction value was not disclosed, Ekuinas originally acquired Medispec in 2021 at an enterprise value of RM88.5 million. Under Ekuinas’ stewardship, Medispec saw an average annual revenue growth of 19.5% and an 11.1% increase in EBITDA from FY2021 to FY2024. Medispec represents over 35 pharmaceutical manufacturers, supplying private clinics, hospitals, and pharmacies nationwide. Ekuinas CEO stated the exit aligns with its strategy of disciplined portfolio management, allowing reinvestment into high-growth sectors. To date, Ekuinas has made 48 direct investments across key industries, including healthcare, education, and retail.
  Learn: What is IRR?

• Khazanah backs Yinson GreenTech’s EV charging expansion
  Yinson GreenTech, the green technology arm of Yinson Holdings Bhd, has secured an investment (also undisclosed) from Khazanah Nasional Bhd to expand Malaysia’s EV charging infrastructure. The investment, made through Khazanah’s Dana Impak, will accelerate the growth of chargeEV, Yinson GreenTech’s charging business. CEO Lim Chern Yuan stated that as of December 2024, pay-per-use revenue had increased fivefold, while charging sessions doubled compared to the previous year.

4. AROUND THE WORLD 🌎

Trump’s World: US - Ukraine - Israel

Trump-Ukraine: Renegotiate
The upcoming talks between Ukraine and the US will be between two delegations without the national leaders, though Ukrainian President Zelenskyy will be meeting the Saudi Crown Prince the day before. This meeting, also the first official meeting between the two countries since a certain disastrous Oval Office visit, will focus on a bilateral minerals deal and how to end the war. Zelenskyy said Ukraine is fully committed to constructive dialogue and believes “realistic proposals are on the table”. However, US officials will be using the meeting to see if Ukraine is willing to make material concessions to Russia to end the war, and also to see if Kyiv wants peace “to the extent they should”, according to US President Trump. Looks like mismatched expectations, honestly. At least there’s a bit of a goodwill gift, since Trump has “just about” reinstated intelligence-sharing with Kyiv.

Racing against a government shutdown
Trump’s foreign policy issues come at a time when his homefront remains at risk of a government shutdown. However, there is a six-month stopgap bill meant to keep the government afloat until the end of the fiscal year offered by the Republicans, and it has received the grudging support of the Democrats who would support it rather than further destabilise the government at a time when Musk has axed more than 100,000 federal workers.

Israel wants to cut electricity to Gaza
Israeli Energy Minister Eli Cohen has announced that all of Gaza’s electricity supply to be cut off on Sunday in a bid to pressure Hamas into releasing the remaining hostages it holds. The primary effect of cutting the power to Gaza would not be the lack of lights, though. Instead, Gaza’s desalination plants would not be able to function, leaving Gaza at the mercy of aid supplies to get clean drinking water. Interesting note, the Israeli government has stated it has not ruled out cutting off water supplies. This is a siege, not a ceasefire.

Canada has a new PM (to Trump, a new governor) 
And his name is Mark Carney. The former central banker took 86% of the party votes to become the leader of Canada’s ruling Liberal Party, beating former Finance Minister Chrystia Freeland. However, he is required to hold a general election by Oct 20, 2025, though sources report there may be an election “in coming weeks”.

Of note is that Carney is a political novice, but believes his experience as the governor of two G7 central banks means he would be the best candidate to “deal with Trump”, who has threatened annexation and has set up punishing tariffs. For a more in-depth look at just who Mark Carney is, check this out, courtesy of BBC.

Biz: Chagee IPO, Ford’s USD4.8 bil German investment, Saudi’s Neom

• Chagee announces IPO on heels of Mixue’s debut
  Chinese fresh-tea maker Chagee has secured approval for an IPO in the US, where it is planning to issue 64.7 million ordinary shares and list them on either NASDAQ or the New York Stock Exchange. Valuation is not known yet. However, no listing date has been confirmed. This comes on the heels of rival Mixue’s debut on the Hong Kong Stock Exchange, where Mixue raised USD444 mil and its shares soared over 43% on its first trading day. Its founder Zhang Junjie revealed at an industry event in May that Chagee's first quarter sales had hit CNY5.8 billion (USD799 mil), and that its full-year revenue was expected to surpass that of Starbucks in China.

• Ford to pump USD4.8 bil into German business
  The move to inject funds into its flagging German operations comes as a bid to revive Ford’s European business. The aim is to strengthen the brand’s ability to compete with a “fresh product portfolio”, according to Ford’s vice chair. The funds will go towards recapitalising the operations of its Ford-Werke arm, to simplify governance, reduce costs, and drive efficiencies. Meanwhile, more than half a million passengers are missing their flights in Germany, as workers go on strike to demand higher pay, more vacation days, and restrictions on temporary contracts.

• What happened to Neom?

  Reports are saying that Saudi Arabia’s Neom project, which was envisioned as a futuristic, carbon-neutral linear city by the crown prince, has become a financial sinkhole. With Saudi Arabia having already forked over USD50 bil for a project plagued by delays and cost overruns, it can only be bad news when it is reported that the project will likely need another 55 years of construction and an additional USD8.8 tril, according to an internal audit. Still, consulting firm McKinsey stays happy from its involvement, as it is reported to be earning over USD130 mil annually for planning and validating some of the project’s financial projections.

Shorts

1. Singapore is Lady Gaga’s only stop in Asia in latest tour

   Lady Gaga will be performing for four nights in Singapore as part of her Mayhem tour, though this will be her only stop in Asia. Ticket pre-sales begin on Mar 18, 2025, while general sales open on Mar 21. Lady Gaga last performed in Singapore in 2012. No explanation why she’s skipping SG’s neighbour.

2. Deliveroo exits Hong Kong due to Meituan pressure

   The London-based delivery company will be selling some of its Hong Kong assets to FoodPanda and close the others, having faced stiff competition and price wars in Hong Kong from FoodPanda and KeeTa, a subsidiary of Chinese food delivery giant Meituan. HK generated 5% of its gross transaction value for Deliveroo. The Deliveroo app will remain active there until Apr 7, 2025.

5. FOR YOUR EYES 📺

1. Shah Alam experienced a hailstorm on Sunday. Hailstorm explained to you like you are 5 and like you are an adult.

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2. Where do senior citizens go to date online? Carbon Dating. Dad jokes ❌ Grand dad jokes ✔️ Here’s a senior citizen doing stand-up comedy.

donttellcomedy

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