06/03/2025

BIZ & FINANCE THURSDAY | MAR 6, 2025

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Sunway Construction secures RM1.5b deal for RTS TOD works in Bukit Chagar KUALA LUMPUR: Sunway Construction Group Bhd has secured a contract worth an estimated RM1.5 billion from Sunway Integrated Properties Sdn Bhd to undertake construction works related to a Rapid Transit System Transport Oriented Development (RTS TOD) project in Bukit Chagar, Johor. It said wholly owned subsidiary Sunway Construction Sdn Bhd (SCSB) accepted a letter of award yesterday from Sunway Integrated Properties, an indirect wholly owned subsidiary of Sunway Bhd. Part A of the contract involves the construction and completion of a multistorey park and ride building for the RTS TOD project, drop-off and pick-up facility, immigration customs and quarantine complex connection, the perimeter ring road and retaining walls. Part B involves the construction and completion of a retail mall, podium and top side property at the Bukit Chagar station. “The notice to proceed (NTP) will be issued to SCSB in separate phases, each corresponding to the commencement of different parts of the works,” Sunway Construction said in a filing with Bursa Malaysia yesterday. Following the signing of the letter of award, the first NTP has been received for Part A works, with yesterday as the starting date. The first section is expected to be completed by November 2026 and Part A works by November 2027. “The commencement and completion dates for Part B works will be confirmed in the subsequent NTP, to be issued at a later date,” said Sunway Construction. Barring any unforeseen circumstances, the group expects the works to contribute positively to its earnings for the financial year ending Dec 31, 2025 onwards. – Bernama PPB Group expects core business to perform satisfactorily this year KUALA LUMPUR: PPB Group Bhd anticipates its core business segment, grains and agribusiness, will continue to perform satisfactorily in 2025, bolstered by the group’s expertise in grain sourcing and technical capabilities. Group managing director Lim Soon Huat expressed confidence in the company’s ability to navigate the complexities of the sector despite anticipated challenges and uncertainties in the global grain market. These challenges are primarily driven by potential adverse weather conditions in key grain-producing regions, evolving government policies, and shifts in trade dynamics, he said. “To stay ahead in the market, our key priorities include adopting competitive pricing strategies to retain customers and expand our market share, and remain committed to delivering high quality products to our customers. “We are also driving operational efficiency through plant modernisation and automation which will optimise costs while enhancing product quality and consistencies,“ he said during a media briefing on the group’s financial performance for 2024 and outlook for 2025 yesterday. For the financial year ended Dec 31, 2024, PPB recorded a lower net profit of RM1.22 billion compared to RM1.39 billion in the preceding year, while revenue declined to RM5.39 billion from RM5.72 billion, mainly due to the absence of contributions from its divested Indonesian flour operations in 2023. Meanwhile, Lim shared that PPB’s film and exhibition segment is showing promising signs of sustained growth in 2025. – Bernama

BIG innovation drive in govt-linked companies Amir Hamzah with Mosti, Cradle and GLC leaders during the launch of Bengkel Inovasi GLC at the Finance Ministry in Putrajaya yesterday.

This effort, aligned with our GEAR-uP initiative, underscores the government’s focus on building a future-ready economy.” To ensure impactful results, the programme will leverage Mosti’s National Technology and Innovation Sandbox (NTIS) and Cradle’s extensive startup ecosystem networks to identify and support high potential innovation projects. Mosti secretary-general Datuk Dr Aminuddin Hassim said BIG reflects their unwavering commitment to integrating advanced tech nologies, fostering entrepreneurial thinking, and creating opportunities for sustainable growth. “By bridging the gap between GLCs, startups, and innovation leaders, this programme will unlock transformative solutions to address industry challenges, empower local talent, and drive progress in high-growth, high-value industries. In doing this, we hope to elevate Malaysia’s innovation ecosystem, position the nation as a regional hub for cutting-edge ideas, and contribute meaningfully to the broader Madani Economy vision,” he added.

o Finance Ministry, Mosti and Cradle Fund team up to launch Bengkel Inovasi GLC initiative

PETALING JAYA: The Ministry of Finance (MoF), in collaboration with the Ministry of Science, Technology, and Innovation (Mosti) and Cradle Fund Sdn Bhd, yesterday launched the Bengkel Inovasi GLC (BIG), a transformative programme aimed at driving innovation across all government-linked companies. With a RM15 million allocation under Budget 2025, this initiative represents a strategic step in advancing Malaysia’s economic reform agenda to “Raise the Ceiling” under the GEAR-uP initiative, in alignment with the Madani Economy framework. GEAR-uP is a national initiative that unites government-linked entities to drive growth in key economic sectors, supporting Malaysia’s structural reforms under the Madani Economy. In its first phase, six leading GLICs pledged RM120 billion in domestic direct investments over five years, focusing on high-growth, high value industries such as energy transition, advanced manufacturing and technology ventures. These investments aim to build new PETALING JAYA: Aeon Co (M) Bhd has signed a memorandum of understanding (MoU) with Pacific Trustees Bhd, the trustee of KIP Real Estate Investment Trust (KIP REIT), for the expansion of Aeon Mall Kinta City in Perak. The MoU was signed by Pacific Trustees director Edward Cheah and Aeon managing director Naoya Okada at Aeon Mall Taman Maluri in Kuala Lumpur. Aeon Mall Kinta City, which is the first Aeon Mall in Perak, started operations in 1997. It will undergo significant upgrades, including the introduction of new retail lots, improved common areas, and enhanced facilities. The expansion is expected to be completed within three years from the signing of the agreement. In addition to the expansion, Aeon has signed a term of renewal for the existing building and will master lease the new space. As part of the MoU, Aeon is set to enter into an even longer lease, underscoring its long-term commitment to the location and strong partnership with KIP REIT. KIP REIT CEO Valerie Ong Pui Shan said, “The expansion of Aeon Mall Kinta City underscores the group’s commitment to sustainable growth through AEIs. By enhancing property value and attracting quality tenants, we are positioning our portfolio for long-term success.”

economic ecosystems, enhance nation building, and uplift both Malaysia’s economic stature and the rakyat ’s quality of life. BIG is designed to empower GLCs by fostering collaboration with startups, accelerating the adoption of cutting-edge technologies, and strengthening Malaysia’s economic competitiveness. By bridging the gap between corporate players and the startup ecosystem, the programme supports the nation’s aspiration to become one of the top 20 global startup ecosystems by 2030 while generating high-value jobs and sustainable growth. Minister of Finance II Datuk Seri Amir Hamzah Azizan said that BIG is aimed at cultivating an ecosystem where innovation fuels economic transformation. “This is another strategic growth lever that complements ongoing initiatives to catalyse domestic market growth and raise the ceiling under the Madani Economy framework. By enabling greater synergy between GLCs, investors and startups, we aim to drive industry leadership and unlock new growth opportunities.

Cradle Group CEO Norman Matthieu Vanhaecke said BIG is designed to foster meaningful collaboration between corporate Malaysia and the startup ecosystem, driving the adoption of groundbreaking technologies and creating new opportunities for economic growth. Aeon Mall Kinta City to be expanded, upgraded

From left: Ong, Okada, Cheah and Aeon Co (M) Bhd deputy managing director Tsugutoshi Seko at the MoU signing ceremony.

committed to delivering an upgraded shopping destination that meets the demands of modern consumers while reinforcing Aeon Mall Kinta City as the preferred shopping destination especially in Perak. We are grateful for the opportunity to work with KIP REIT and Pacific Trustees, whose support has been instrumental in making this expansion possible.”

She added that they are pleased to support Aeon’s vision of creating an upgraded retail destination in Perak. “The extended lease term reflects the strength of our partnership and reinforces our commitment to driving long-term value for our unitholders,” said Ong. Okada said, “This expansion is a strategic step forward in Aeon’s growth journey. We are