• MRT Corp to extend the Penang LRT to Butterworth
• Bursa Malaysia is bleeding
• Trump vs the EU & Canada

IN Malaysia

Who is Sapura Energy’s white knight – the answer is Putrajaya, again

PM Anwar Ibrahim, who previously lauded any bailout to Sapura Energy should be done after a thorough forensic audit when PM Najib Razak was then the PM, now has thrown the company an RM1.1 bil lifeline to be exclusively used to pay off the oil and gas company’s debts to its 2,000 vendors.

Source: https://m.malaysiakini.com/news/737042

However, Permodalan Nasional Berhad (PNB), which is a significant shareholder of Sapura Energy, stated that the RM1.1 bil investment into the O&G company is not a bailout. The money will be utilised to pay off Sapura’s vendors, who have employed up to 59,000 workers. The asset manager also said the investment was needed to preserve the Malaysian O&G industry, given that Sapura Energy was a critical service provider in the sector. To those uncultured, the ‘investment’ towards Sapura Energy was via the subscription of the nominal value of redeemable convertible loan stocks (RCLS) of Malaysia Development Holding Sdn Bhd (MDH), an SPV of the Minister of Finance (Incorporated). So, what is RCLS? Via RCLS, the RM1.1 bil given by Putrajaya via MDH is a financial instrument that works like a loan, so Sapura Energy need to pay back the money. However, Putrajaya also has the option to turn the loan into equities of Sapura Energy. So, these facts pointed out that the RM1.1 bil is money with strings attached and not a bailout bag to the O&G company. Tomato, to-ma-to, but until when does Sapura Energy be milking off Putrajaya t*ts?

https://twitter.com/adamyusuf88/status/1899805327463256492

Source: https://www.freemalaysiatoday.com/category/nation/2025/03/12/pnb-tells-why-rm1-1bil-sapura-energy-investment-not-a-bailout/

Penang’s first metro choo choo is start to materialise

MRT Corp, the main developer of the Penang Light Rail Transit (LRT) project has applied to the Transport Ministry to amend the railway scheme of the project to include Butterworth as part of the Penang LRT’s alignment. A railway scheme is a government-approved plan outlining the route, design and land use for a rail project, which is a requirement under the Railways Act 1991 before construction can begin. Penang Chief Minister Chow Kon Yeow added that over 100 lots of land including private land, state government land, and land owned by the Penang Development Corporation, Penang Island City Council, and Penang Islamic Religious Council, have been earmarked for acquisition. The physical work for the project will commence in 3Q2025. The 29.5km LRT line is to cost up to RM10.5 bil and is expected to be completed by 2030.

Source: https://www.freemalaysiatoday.com/category/nation/2025/03/12/mrt-corp-seeks-govt-approval-to-include-butterworth-in-revised-lrt-plan/

https://www.nst.com.my/news/nation/2025/03/1187234/mutiara-line-lrt-works-begin-q3-over-100-land-lots-earmarked-acquisition

Shorts

• While the US has its USD5 mil Gold Card citizenship program, Malaysia also taknak kalah by announcing its own special pass for investors and expatriate groups that will allow foreign investors to enter Malaysia for six months, with an option to extend for another six months based on their needs. Home Minister Saifuddin Nasution stated that this new special pass is an improvement as previously, foreign investors were only issued social visit passes valid for 14 to 90 days, depending on their country of origin. Applications for the special pass can be made at https://xpatsgateway.com.my/

Source: https://www.thestar.com.my/news/nation/2025/03/12/special-pass-for-investors-and-expatriates-to-be-introduced

• Bursa Malaysia is approaching the dreaded 10% drop that marks a market correction. Since January, FTSE Bursa Malaysia KLCI has tumbled by 9.01% and on Wednesday alone, the index slumped by 2.32% compared to the previous day’s closing. The dwindling situation that Bursa Malaysia is suffering is due to intensifying global headwinds, including ongoing trade wars and fears of a US economic recession. To those newbies that look to Bursa intending to cash big by getting quick wins, just don’t. The only difference between investing in stocks in a Bursa compared to buying a Sports Toto lottery is just the former is ‘white collar’ gambling while the latter is sold by the average Malaysians, earning just above the minimum wage. Perhaps, you should listen more to Mark Cuban below.

https://www.linkedin.com/posts/cheddar-inc-_mark-cubans-1000-investment-tip-play-activity-7305001177589399554-Dfu3/?utm_source=share&utm_medium=member_android&rcm=ACoAABYN8aEBcFID4Ze5GozFHKBHgcRUm9A7qqs

Source: https://www.nst.com.my/business/corporate/2025/03/1187276/correction-or-crisis-bursa-malaysia-crossroads

• Capital A Bhd decided to cash out the majority of its 99.56% stake in its financial technology arm, Big Pay Pte Ltd, to an undisclosed ‘very big’ regional bank soon. Capital A CEO Tony Fernandes acknowledged that Big Pay remains the only loss-making entity among Capital A’s non-aviation businesses and the decision to pull out from Big Pay is driven by the fact. Fernandes added that Big Pay is a good product but it just does not have enough capital, so the win-win situation for Big Pay and Capital A is to sell it. However, Fernandes emphasized it still wants to be a minority owner of Big Pay and intends to keep a 30% stake at the end of the day.

Source: https://theedgemalaysia.com/node/747782

Around the S.E.A.

Global semiconductor war updates

• Taiwan semiconductor giant, TSMC has flirted with US-based Nvidia, Advanced Micro Devices (AMD) and Broadcom to create a consortium to operate Intel’s factories. Under the proposal, the Taiwanese chipmaking giant would run the operations of Intel’s foundry division, which makes chips adapted for the needs of customers, but it would not own more than 50%. The move by TSMC was made after US President Donald Trump had nudged the company to assist in turning around the troubled U.S. industrial icon. Trump is really the biggest bully of the time, both domestically and abroad, but one cannot deny that he does make things move, for the good or bad.

Source: https://www.reuters.com/technology/tsmc-pitched-intel-foundry-jv-nvidia-amd-broadcom-sources-say-2025-03-12/

• China Huawei has made a big breakthrough after its China-made EUV chip-making equipment is in the testing phase. Huawei is testing the new semiconductor-producing equipment in its Dongguan facility an it is built with LDP (Laser Discharge induced Plasma) tech. This news marks the break of the monopoly controlled by Netherland-based ASML, a dominant player in supplying chip-making equipment and controlled at least 82.9% of the market. The Western powers always utilised ASML as a tool to dampen China’s chip-making capabilities.

Source: https://www.huaweicentral.com/huawei-is-allegedly-testing-china-made-euv-chip-making-machine/

The unlikely war, the US vs Europe & Canada

After US President Donald Trump imposed a blanket 25% tariff on all steel and aluminium products imported into the country, its allies, the European Union (EU) and Canada hit back by imposing their own countermeasures against US goods. In response to the EU and Canada’s counterattacks, Trump stated in the Oval Office that the US would up the ante after the European and Canadian retaliation, but he did not spell out how or when the United States would respond. It is not surprising that Canada especially, is pissed with Trump’s tariffs as the majority of steel and aluminium imported into the US are from the Great North country.

For your EYES only

Liverpool kalah. Liverpool kalah. Liverpool kalah

we ran this hatewatch back..

ONE LAST TIMEEEEEEE pic.twitter.com/eLSsBsaxsb

— 🇦🇷🇸🇴 (@notsuha1b) March 11, 2025