04/07/2026

BIZ & FINANCE SATURDAY | JULY 4, 2026

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Penang’s 2025 GDP rises to RM130.3b

SC seeks feedback on proposals to strengthen corporate governance PETALING JAYA: Securities

with access to financial resources and legal support to pursue meritorious legal claims that serve the broader interests of shareholders and the market. Third, to enhance governance practices in companies with concentrated ownership, such as family-owned companies, the SC proposes introducing greater gui dance on governance expectations for public-listed companies with con centrated ownership structures, given their prominence in Malaysia’s corpo rate landscape. The SC also seeks feedback on proposed expectations for board oversight of technology, including disclosures on the use and governance of technology and artificial intelligence. The SC, in a statement, said the review and proposed enhancements align with the Capital Market Masterplan 2026-2030, which continues to position market discipline as a key enabler of a strong and effective corporate governance ecosystem. The consultation paper is open for feedback until July 31.

Commission Malaysia (SC) has published a consultation paper to seek public feedback on proposals to strengthen Malaysia’s corporate governance ecosystem. The proposals include a follow-up on areas discussed in the discussion paper on the corporate governance framework issued in December last year, incorporating the feedback and comments received. The consultation paper covers four key proposals aimed at strengthening accountability among key governance gatekeepers, im proving governance practices and transparency by public-listed com panies and promoting market discipline through greater share holder empowerment. First, to enhance oversight of company secretaries, the SC proposes introducing new re quirements to strengthen the quality, professionalism and effect iveness of company secret-aries in supporting boards and advising on governance matters. Second, to enhance shareholder activism by providing shareholders

as 2.7% growth in the utilities, transport and storage, and in-form ation and communications tech nology subsectors. The construction sector recorded a value-added of RM4.3 billion, compared with RM3.8 billion in the previous year, contributing 3.3% to the state’s GDP and expanding by 13.4%. This was driven by double digit growth in the civil engineering and specialised construction activities subsectors. The agriculture sector grew by 1.8% in 2025, compared with a contraction of 0.5% in 2024. This was supported by a 3.4% increase in the fisheries subsector, while the mining and quarrying sector expanded by 1.1% in 2025. “In terms of GDP per capita, Penang recorded an increase of RM4,477, rising from RM76,107 to RM80,584, exceeding the national average of RM59,167,” the chief statistician said. – Bernama

“Beyond property development, our objective is to contribute to Sabah’s socio-economic develop ment by creating employment oppor tunities, supporting commercial and tourism activities, and promoting sustainable urban growth,” Lim said. Among Titijaya’s announced projects in Sabah is The Shore, a luxury mixed-use commercial hub and the tallest residential building in the Kota Kinabalu city centre. In addition to residential and retail components, The Shore is home to The Citadines Waterfront Kota Kinabalu. Citadines Waterfront Kota Kinabalu offers rooms with panoramic views of the South China Sea, along with an array of facilities, including a swimming pool, gymnasium, and lounges. With 396 serviced units, the property has steadily established its presence in Kota Kinabalu’s hospitality market, supported by consistent occupancy from business and leisure travellers. The group has announced a project to complete and operate purpose built student accommodation ad jacent to (UMS and the upcoming Hospital UMS, aiming to address the student housing shortage UMS has faced in recent years while providing safe, comfortable and accessible acco mmodation. With projects totalling about RM5.4 billion in gross development value completed and delivered, Titijaya has established a strong track record in high-rise residences, inte grated development, commercial hubs, small office-home office and industrial projects. The group said it remains focused on delivering long-term value through disciplined execution, prudent capital management, and a commitment to innovation. Mohd Uzir Mahidin said the manufacturing sector contributed 47.3% to Penang’s GDP in 2025, with value-added amounting to RM61.7 billion, an increase of 10% compared with 4% growth in the previous year. “Electrical, electronic, and optical products were the main drivers of the manufacturing sector’s 12.7% growth, supported by increases in the electronic components and boards, communications equipment, and consumer electronics segments. “In addition, non-metallic mineral products, basic metals and fabricated metal products also supported the sector’s expansion, growing by 8.7% in 2025,” he said in the statement. Mohd Uzir said the services sector recorded a value-added of RM60.8 billion, up from RM58.4 billion in 2024, registering growth of 4.1%. The sector’s performance was driven by a 5.6% increase in the wholesale and retail trade, food and beverage, and accommodation subsectors, as well

The group is gearing up for a series of new project launches, including an upcoming development in Likas, Kota Kinabalu, Sabah. In addition, the group continues to make progress on its purpose-built student accommodation project near Universiti Malaysia Sabah (UMS), which will improve the availability of quality student accommodation in Kota Kinabalu. Further, the group anticipates positive growth at the Citadines Waterfront Kota Kinabalu hotel, which recently completed a full year of operations in financial year 2025 (FY25), with steady occupancy and improving operational margins. The move comes as Titijaya expands its project portfolio beyond the Klang Valley, where it has built a notable reputation as an award-winning developer of urban lifestyle properties. Managing director Datuk Lim Poh Yit said following the encouraging response to The Shore and Citadines Waterfront Kota Kinabalu, the group remains confident in Sabah’s long term growth prospects. “We have recently secured several strategic land acquisitions that will strengthen our development pipeline and support future project launches, including our upcoming commercial development in Likas.”. Lim said Sabah continues to benefit from improved infrastructure, increased tourist arrivals, and growing business activities, creating strong demand for quality residential, com mercial, and hospitality develop ments. These trends provide attractive opportunities for sustainable real estate investment, he added. “As we continue to expand in Sabah, we will leverage our ex GEORGE TOWN: Penang’s economy grew by 7.3% in 2025, with its gross domestic product (GDP) rising to RM130.3 billion from RM121.4 billion in the previous year, driven by the strong performance of the manufacturing and services sectors. The Department of Statistics Malaysia said in a statement the manufacturing and services sectors continued to dominate the state’s economy, contributing a combined 94% to GDP, followed by the construction sector, which accounted for 3.3%. Chief Statistician Datuk Seri Dr o Growth of 7.3% from 2024 propelled by manufacturing and services sectors

Titijaya expands footprint in Sabah, lines up new launches PETALING JAYA: Urban lifestyle developer Titijaya Land Bhd is continuing its expansion in Sabah, capitalising on the state’s growth and further diversifying its real estate portfolio. perience delivering developments across Malaysia to create projects that generate long-term value for cus tomers, investors and the local community.

Lim (centre) receiving the ‘Outstanding Developer Award in the Central Region of Malaysia’ and the ‘Innovative Developer Award’ at the Asean Property Developer Awards 2025/2026. Presenting the awards are Deputy Minister in the Prime Minister’s Department (Federal Territories) Datuk Lo Su Fui (left) and Des Prix Infinitus Media managing director Hagenz Choo.