11/05/2026

BIZ & FINANCE MONDAY | MAY 11, 2026

15

Lestari activates operating platform with first investment

Saaem Sabah to strengthen local companies’ engagement in oil and gas sector KOTA KINABALU: Saaem Sabah Sdn Bhd signed a memorandum of understanding (MoU) with SAA Engineering and Marine Sdn Bhd (SAAEMSB) and a letter of intent (LoI) with the Malaysian Malay Chamber of Commerce (DPMM) Sabah branch to strengthen the involvement of local companies and Sabah Bumiputeras in the growing oil and gas (O&G) sector. Saaem Sabah managing director Nasaruddin Salim said the collaboration was a strategic step in supporting Sabah’s economic development agenda, parti cularly in the O&G sector. “Sabah has enormous potential in the energy and petroleum sectors due to its position as one of the country’s major oil and gas producing states. Also the development of this industry can benefit the state’s economy, local companies and people. “The collaboration signed today not only focused on business development but also on efforts to build a more inclusive, sustainable and competitive industrial ecosystem through capacity development of local companies, empowerment of human capital and increased participation of Sabah Bumiputera entrepreneurs in the O&G industry value chain,“ he said during the signing ceremony here on Saturday. Also present were SAAEMSB managing director Mohammad Saufi Yusof and DPMM Sabah branch head Datuk Sapawee @ Sapawi Tussin. Nasaruddin said SAAEMSB, which hails from Terengganu and has extensive experience in the O&G industry in Malaysia, brings technical expertise and invaluable industry experience. “We believe this experience and expertise can help strengthen the development of the O&G industry in Sabah through knowledge sharing, technical development, technology transfer and improving the capabilities of local companies to be more competitive.” He added that both parties will work together to strengthen industrial development, open up collaboration opportunities and help empower Sabah’s O&G vendors and contractors. “At the same time, the LoI with DPMM Sabah is also an important step in strengthening the network of cooperation with the local entrepreneurial community in line with Sabah’s economic develop ment aspirations.” – Bernama

PETALING JAYA: Lestari Cooling Energy Sdn Bhd, a joint venture platform between Stonepeak, an alternative investment firm specialising in infrastructure and real assets, Kumpulan Wang Persaraan (Diper badankan) (KWAP), Malaysia’s public sector pension fund and KJ Technical Services Sdn Bhd (KJTS SB), a wholly owned subsidiary of KJTS Group Bhd, has activated its operating platform with its first investment into assets owned by KIP Real Estate Investment Trust (KIP REIT), comprising a 20-year cooling services agreement covering eight KIPMall sites. The total capital deployment across the eight KIPMall sites amounts to about RM23 million. Through a novation arrange ment between Pacific Trustees Bhd (acting solely in its capacity as trustee for KIP REIT), KJTS SB and Lestari, Lestari is assuming the asset ownership and capital invest ment role for the project. KJTS SB will continue to provide operation and maintenance (O&M) services and chilled water supply across the

Dana Iklim+, which supports climate solutions and investments aligned with Malaysia’s transition towards a low-carbon economy. “This marks an important inflection point for Lestari Cooling Energy as it takes shape as an operating platform. With an initial base of revenue-generating assets and further capacity coming onstream, the platform now has real scale and visibility. Our focus is to invest with discipline in high quality cooling infrastructure, building a portfolio that delivers stable, recurring cash flows while advancing energy efficiency and broader sustainability outcomes. We look forward to growing alongside our partners,” said Lestari director Azura Azman. KIP REIT CEO Valerie Ong said that, for them, having the right long term partner is critical in supporting the operational efficiency, reliability, and long-term sustainability of their malls and this arrangement further strengthens the infrastructure sup porting their retail assets while ensuring continuity of service for their tenants and shoppers. “The activation of Lestari Cooling Energy with this first asset injection is an important milestone for the platform and reflects Stonepeak’s disciplined approach to platform and asset creation across Asia. With seven operating sites in service, Lestari is an income-producing asset platform, and we look forward to supporting its continued growth alongside KWAP and KJTS,” said Stonepeak managing director Zach Ennis. KJTS Group managing director Lee Kok Choon said, “This novation reflects the strategic intent behind Lestari. It allows our group to focus on what we do best, which is the engineering, construction and operation of energy-efficient cooling systems, while Lestari takes on the asset ownership and capital deployment role. Together, the structure positions both entities to scale faster than either could alone, while giving customers continuity of service backed by reputable long term institutional investors.”

o Capital deployment into income-generating cooling infrastructure assets under KIP REIT

between this month and July. The injection directly supports Malaysia’s National Energy Tran sition Roadmap by enabling energy efficiency at scale across the country’s commercial real estate sector. It also marks the activation of Lestari as an operating platform. As previously announced, Lestari is expected to be capitalised at up to RM1.5 billion through aggregate commitments and debt funding, targeting an actionable addressable market of more than RM2 billion in project deployment opportunities per year. KWAP’s investment in Lestari aligns with the Ministry of Finance’s GEAR-up programme to catalyse growth in high-value, high-impact sectors and enable Malaysian companies to scale. The investment is also channelled through KWAP’s

portfolio, while KJ Engineering Sdn Bhd (KJE), a wholly owned sub sidiary of KJTS, is undertaking the engineering, procurement, con struction and commissioning works. The cooling services agreement, originally entered into between KJTS SB and the trustee of KIP REIT in March 2025 and supplemented in October 2025, covers retrofit works, O&M services and the supply of chilled water across eight KIPMall properties for a 20-year term running until July 2046. Seven of the eight sites are already operational, with O&M services and chilled water supply having started between January and May 2026 at KIPMall Bangi, KIPMall Tampoi, KIPMall Masai, KIPMall Kota Tinggi, KIPMall Kota Warisan, KIPMall Senawang and KIPMall Melaka. KIPMall Desa Coalfields is expected to commence operations

From left: Lee, Lestari director and Stonepeak principal Vincent Caruso and Pacific Trustee director Edward Cheah Ken-Sze.

WARRANTS WATCH

Trading in issues over Malaysian stocks makes up bulk of total turnover TURNOVER in the Malaysian structured warrants market for the week ended May 8 came in at RM752.3 million, which represented a 31% week-on week (w-o-w) increase compared to the previous week, which was a shortened trading week in observance of the Labour Day holiday on May 1. turnover, supported by trading activity in warrants over Petronas Chemicals, Zetrix AI, YTL Corporation (YTL) and YTL Power, among others. For the week, YTL and YTL Power shares surged 10% and 9% respectively, in which investors were seen trading RM23.2 million and RM22.6 million worth of traded value in warrants. Top HSI warrants by volume traded: Warrant Volume Issuer Exercise Expiry date name (mil) level HSI-CWOY 226.2 Kenanga 28,000.00 28 May 2026 HSI-PWP6 146.1 Macquarie 24,000.00 28 May 2026 HSI-PWP7 140.1 Macquarie 25,000.00 28 May 2026 HSI-PWPY 126.1 Kenanga 25,000.00 28 May 2026 HSI-CWO9 101.1 Macquarie 29,000.00 28 May 2026

were seen trading the volatile moves in the index through HSI call and put warrants which currently track the price movements of the HSI May 2026 futures contract. Call HSI-CWOY recorded 226.2 million units traded, while put warrants HSI-PWP6 and HSI PWP7 were the two top traded put warrants by volume last week, with each over 140 million units traded. Meanwhile, the Japanese stock market continued to climb to record highs, driven by gains in artificial intelligence (AI) trade, as the Nikkei 225 Index surged past the 62,000 level to close the week at a 5.4% gain. Turnover in Nikkei warrants grew 50% w-o-w in the past week to RM2.4 million. For global markets, the S&P 500 Index and the Nasdaq-100 continued to clock in notable weekly gains,

The increase in turnover was supported by trading in Malaysian stock warrants, which came in at RM441.7 million and made up 58.7% of total turnover. Compared to the previous week, trading of Malaysia stock warrants grew over 50%. Meanwhile, turnover in Hang Seng Index (HSI) warrants came in at RM296.6 million and comprised 39% of total turnover. Trading in warrants over Malaysia stocks made up the bulk of the total

Meanwhile, warrants over Zetrix AI shares saw one of the highest volumes traded last week, with warrants such as ZETRIX-CBC, ZETRIX CBJ and ZETRIX-CBM each reflecting over 40 million units traded. Regionally, the HSI started off the week higher on Monday, before giving back some of its gains on Tuesday and ultimately trending higher during the week. Investors

information only. This commentary has not been reviewed by the Securities Commission Malaysia. It is not an offer or recommendation to trade and is not research material. Past performance is not indicative of future performance. You should make your own assessment and seek professional advice. The warrants will not be offered to any US persons.

closing the week 2% and 5% higher respectively. A slew of strong earnings from tech companies continued to fuel the semiconductor and AI rally. To view the full list of structured warrants available on Bursa Malaysia, visit malaysiawarrants.com.my. Provided for Malaysian residents’