10/06/2025

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TUESDAY | JUNE 10, 2025

Catcha Digital banks on ‘bold dealmaking’

Bank Negara: International reserves higher at US$119.6 billion on May 30

KUALA LUMPUR: Malaysia’s international reserves grew marginally to US$119.6 billion (RM504.4 billion) as at May 30, up from US$119.1 billion as at May 15, according to Bank Negara Malaysia (BNM). In a statement yesterday, the central bank said the reserves position is sufficient to finance five months of imports of goods and services, and is 0.9 times the total short term external debt. The main components of the reserves were foreign currency reserves (US$106.4 billion), the International Monetary Fund reserve position (US$1.3 billion), special drawing rights or SDRs (US$5.8 billion), gold (US$3.8 billion) and other reserve assets (US$2.3 billion). Total assets amounted to RM627.92 billion, comprising gold and foreign exchange and other reserves, including SDRs (RM530 billion), Malaysian govern ment papers (RM12.92 billion), deposits with financial institutions (RM4.26 billion), loans and advances (RM27.00 billion), land and buildings (RM4.58 billion), and other assets (RM49.16 billion). The central bank said total capital and liabilities amounted to RM627.92 billion, comprising paid-up capital (RM100 million), reserves (RM193.24 billion), currency in circulation (RM172.90 billion), deposits by financial institutions (RM131.81 billion), federal government deposits (RM5.44 billion), other deposits (RM82.37 billion), Bank Negara papers (RM10.56 billion), allocation of SDR (RM28.38 billion), and other liabilities (RM3.12 billion). – Bernama KUALA LUMPUR: The government will imple ment a revision of the sales tax rates and an expansion of the service tax’s scope effective from July 1 in order to strengthen the coun try’s fiscal position by increasing revenue and broadening the tax base. Finance Minister II Datuk Seri Amir Hamzah Azizan said these measures are aimed at improving the quality of the social safety net without burdening the majority of Malaysians. “The government is committed to con tinuing the reforms under the Madani Economy framework. To ensure that the majority of people are not affected by the Sales and Service Tax (SST) revision, the Madani government is taking a targeted approach to ensure that basic goods and services are not taxed. “In addition, various facilities are also being provided to mitigate the impact on micro, small, and medium enterprises,” he said in a statement yesterday. Amir Hamzah said that complementing the Madani Government’s efforts to sti mulate the economy and strengthen the social safety net, the additional revenue from the SST enhancements will go towards further public service improvements. – Bernama Revised sales tax, expanded service tax effective July 1

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

o Company adopts ‘buy-and-build’ strategy to achieve aim of becoming Southeast Asia’s No. 1 digital conglomerate

KUALA LUMPUR: Catcha Digital Bhd (formerly REV Asia Bhd) is banking on “bold dealmaking” to scale its Southeast Asian operations – even as market scepticism and macro uncertainty persist. CEO Eric Tan said Catcha Digital is aggressively pursuing a “buy-and-build” strategy to become Southeast Asia’s leading digital conglomerate. “You may have noticed we do quite a bit of acquisitions, which is not very common among public companies in Malaysia,” he told SunBiz in an exclusive interview. “We take what we call a ‘buy-and-build’ approach – starting with platform acqui sitions and then adding synergistic businesses to plug into the ecosystem. The idea is that one plus one equals three.” Tan said the ultimate goal is to become the region’s number one digital group. “Our path forward is to build two high-growth, complementary businesses – media and software.” He said Catcha Digital aims to establish its digital media division as Malaysia’s market leader before expanding regionally within the next two to three years. Meanwhile, its software segment will focus on acquiring and developing vertical specific solutions. “If a product is built for banks, it serves banks, not retailers or unrelated industries,” he explained. “We want to build a portfolio of essential software that goes deep into key sectors.” Addressing concerns over Catcha Digital’s fast-paced dealmaking, Tan said: “People are worried because they don’t understand how M&A works at this scale, and that’s a good thing. It means no one else is doing it like we are.” The group employs a stringent selection process, screening around 2,000 companies annually, meeting with 300 to 400, and acquiring only a handful. “We look for businesses with predictable revenue, strong management, and long-term sustainability. We’re not under pressure to

gital’s strategy: the acceleration of artificial intelligence and digital adoption, and a generational shift in business ownership. “We’re focused on essential, recurring revenue businesses. If one product

sell in five years. We want to be permanent owners like Warren Buffett,” Tan said. After two years of dealmaking behind the scenes, Catcha Digital has officially entered execution mode. Between January and March this year, Catcha Digital an nounced six acquisitions. This includes the completed acquisition of 51% of Nexible, and formalised deals for 92.5% of Theta Service Partner and 51% of DS Services, both pending completion. The group also acquired a 60% stake in Drive 2 Digital on May 7. Other pending deals include a 70% stake in Tastefully Malaysia – with an option to buy an additional 20% – and a 60% stake in Framemotion Studio. Despite a 12.5% year-on

slows down, another can com pensate, that’s how we build resilience.” Tan acknowledged that Catcha Digital’s model may seem unconventional, but emphasised its track record. “iProperty was built from 12 companies, iCar from five. We have the people, the process and the experience. Now, it’s about executing well.”

year drop in net profit due to higher content costs, Catcha Digital registered RM9.49 million in revenue for the first quarter of 2025, up 8% from a year earlier, mainly

Tan says Catcha Digital looks for businesses with predictable revenue, strong

management, and long-term sustainability.

driven by flag ship media unit iMedia. On outlook, Tan said the group is

prepared to navigate mac roeconomic uncertainty. “We do worry about how

external forces might affect our plans. But as the saying goes, in every crisis, there’s opportunity.” However, he pointed to two structural tailwinds supporting Catcha Di

Petronas remains steadfast in strategic transformation to drive future growth

PETALING JAYA: Petroliam Nasional Bhd (Petronas) is undergoing a strategic transformation to become a more agile and integrated company that continues to deliver safe, reliable and sustainable energy solutions, it said in a statement yesterday.

implement a general freeze on hiring activities until December 2026, with exceptions made for selected business-critical positions, which will be assessed on a case-by-case basis. “The comprehensive review of its assets, processes, expenditures and people are fundamental shifts critical for Petronas to compete and drive future growth amidst a heightening challenging market environ ment,” said Tengku Muhammad. The transformation is envisioned to better position Petronas to ensure its relevance amid a challenging energy transition, strengthen its resilience and allow it to remain competitive, even as it accelerates growth through targeted investments while creating a value centric and agile workforce.

organisation with long-term direc tion to deliver greater value. President and group CEO Tengku Muhammad Taufik Tengku Aziz ( pic ) said, “We acknowledge that this process may result in difficult but necessary workforce adjustments, with an estimation of 10% reduction from our total workforce. Petronas is striving to complete the notification process to those affected staff in stages until end of this year. Petronas

In light of complex global and domestic challenges, Petronas is conducting a thorough review of its operations – including assets, pro cesses, expenditures and work-force – to ensure it remains competitive and future ready. It said this top-down, enterprise-wide workforce assessment is aimed at aligning the

remains fully committed to managing this process with transparency, care and respect for all impacted employees.” To facilitate this exercise, Petronas will