Malaysia’s business landscape saw significant developments on Thursday, with key announcements spanning multiple industries. From sugar refiners grappling with new tax policies to major infrastructure projects and corporate legal battles, the day’s events highlighted both challenges and opportunities for Malaysian enterprises.
The impending 5% sales and service tax on raw sugar has raised concerns about potential price increases for industrial buyers. MSM Malaysia Holdings, one of the country’s two major sugar refiners, warned that the tax could indirectly raise production costs despite not applying directly to refined sugar products. Meanwhile, environmental infrastructure took center stage with plans for a RM660 million waste-to-energy plant in Sungai Udang, Melaka, set to begin operations by 2029 through a public-private partnership involving Malakoff Corporation and Alam Flora.
Media and retail sectors also made headlines, with Astro Malaysia reporting a 21% profit drop while committing to more affordable content offerings. South Korean appliance maker Cuckoo’s Malaysian unit revealed strong quarterly earnings ahead of its Bursa Malaysia listing, while kopitiam chain Oriental Kopi moved to acquire its Puchong headquarters property for RM23 million. The financial sector saw Bank Islam secure a court judgment against Ivory Properties over RM17.76 million in unpaid loans.
Legal and contractual disputes emerged across several industries, including a RM174 million lawsuit against Petron Malaysia by a former service provider and a payment dispute between Advancecon Holdings and China Communications Construction regarding ECRL project works. On a more positive note, Deleum secured a five-year turbine maintenance contract from Hess Exploration, and CTOS Digital formed a strategic partnership with Infomina to enhance access to real-time corporate data, signaling continued digital transformation in Malaysia’s financial services sector.