Corporate Updates - Bursa Malaysia - Insights

Date	Company	Event Details	Sector	Event Summary
10 May, 2026	Gamuda Bhd	Gamuda Bhd secured a contract to develop the 75MW Jinbi Solar Farm in the Pilbara region of Western Australia. The project will involve the installation of 160,000 solar panels and will supply electricity to Rio Tinto under a 30-year power purchase agreement with Yindjibarndi Energy Corporation. The contract value was not disclosed, although estimates placed it at around RM600 million. Full commercial operations are expected to begin in mid-2028. The Jinbi Solar Farm includes an option to expand capacity to 150MW, including the potential addition of battery energy storage systems, subject to future approvals and development decisions. The project adds to Gamuda Bhd’s growing renewable energy portfolio in Australia, which includes the Marinus Link, Carmody’s Hill Wind Farm, Goulburn River Solar Farm and Boulder Creek Wind Farm.	CONSTRUCTION	Contract Awarded
8 May, 2026	Gamuda Bhd	Gamuda Bhd secured the Kaohsiung Metropolitan Mass Rapid Transit Xiaogang–Linyuan Line Civil Works and Electromechanical Facilities Project in Taiwan valued at RM3.30 billion (NTD26.39 billion) from the Kaohsiung City Government Mass Rapid Transit Bureau. The project was awarded to an unincorporated joint venture in which Gamuda holds a 70% stake alongside Taiwanese firm Shang Ting, giving Gamuda an effective contract share of RM2.31 billion. The seven-year-and-four-month project includes the construction of three underground stations, one elevated station, 3.88km of underground twin-track railway and six cross passages. The contract marks Gamuda’s tenth project win in Taiwan since entering the market in 2002 and expands its existing involvement in Kaohsiung’s rail infrastructure projects.	CONSTRUCTION	Contract Awarded
5 May, 2026	Gamuda Bhd	Gamuda’s 45%-owned Upper Padas Power Sdn Bhd has received revised approval from the Energy Commission of Sabah for the Ulu Padas project, which has been upgraded into an integrated hydroelectric and floating solar development. The project will combine a 187.5MW hydro plant with a 150MWac floating solar facility, with the hydro component expected to generate 1,052GWh annually and the solar component contributing an additional 300GWh. The development operates under a 40-year concession for the hydro plant and 25 years for the floating solar facility. Construction of the hydro component began in 2025 and is scheduled for completion by 31 December 2030, while the floating solar facility is expected to be completed by 31 December 2031. A power purchase agreement is targeted to be finalised by the end of 2026.	CONSTRUCTION	Operation Updates
29 Apr, 2026	Gamuda Bhd	Gamuda Bhd, through its joint venture, has been appointed as the contractor for the first phase of the Ulu Padas water supply project in Sabah, valued at RM5.98 billion. The project is undertaken by Upper Padas Power Sdn Bhd, in which Gamuda holds an effective 45% stake via UPP Holdings Sdn Bhd, alongside Sabah Energy Corporation Sdn Bhd and Kerjaya Kagum Hitech JV Sdn Bhd. The first phase involves constructing a water treatment plant in Beaufort with a capacity of 350 million litres per day, along with about 200km of pipelines running from Sipitang to Kota Kinabalu. Construction is scheduled to begin in May 2026, with completion targeted within 42 months, and treated water expected to be delivered by 2029. The project forms part of the broader Ulu Padas water supply scheme, which will be developed in phases to reach an ultimate capacity of 950 million litres per day, and will be integrated with the Ulu Padas hydroelectric project with a capacity of 187.5MW.	CONSTRUCTION	Contract Awarded
17 Apr, 2026	Gamuda Bhd	Gamuda has secured a RM1.72 billion contract to construct a hyperscale data centre in Port Dickson for a US-based multinational technology company. The project, awarded to its subsidiary Gamuda Engineering, covers site infrastructure works, core and shell construction, and mechanical, electrical and plumbing fit-out for a single-storey facility. Construction is scheduled to start in the second quarter of 2026 and is expected to be completed in the first quarter of 2028. The contract increases Gamuda’s outstanding order book from about RM44 billion to approximately RM45.72 billion.	CONSTRUCTION	Contract Awarded
14 Apr, 2026	Muhibbah Engineering (M) Bhd	Muhibbah Engineering has secured a RM120 million subcontract from Gamuda Industrial Building System for the Penang LRT Mutiara Line project. The contract covers the design, supply, and installation of noise barriers and enclosures for a sub-package under the first civil works package, which is part of the stretch from Komtar to Silicon Island led by SRS Consortium. Work is scheduled to begin in April 2026 and is expected to be completed by the third quarter of 2030, aligning with the broader LRT line completion timeline targeted for operations in December 2031.	CONSTRUCTION	Contract Awarded
13 Feb, 2026	Wawasan Dengkil Holdings Bhd	Wawasan Dengkil Holdings Bhd has secured a RM24.8 million subcontract for external works at a hyperscale data centre project in Puncak Alam, Selangor. The contract was awarded to its wholly owned unit Wawasan Dengkil Sdn Bhd by Gamuda Bhd’s subsidiary Gamuda Engineering Sdn Bhd. The scope covers road and landscape works for SGW1A and 2A (Shell and Core) at Eco Business Park V. Works will begin May 15, with phased completions running from December 2026 to September 2027.	CONSTRUCTION	Contract Awarded
16 Jan, 2026	Permodalan Nasional Bhd (PNB)	Permodalan Nasional Bhd has raised US$300 million through its first secured exchangeable sukuk to fund investments in US dollar–denominated investment-grade global sukuk assets. The five-year sukuk is exchangeable into shares of Gamuda Bhd and was issued via Labuan-incorporated special purpose vehicle Lunas Capital II Ltd, with a profit rate and yield of 0% and an exchange premium of 10%, resulting in no periodic cash distributions to investors. The transaction leverages PNB’s domestic equity holdings to support portfolio diversification and manage foreign exchange exposure, with CIMB and JPMorgan acting as joint bookrunners and joint lead managers.	SOVEREIGN WEALTH FUND	Fund Raising
26 Dec, 2025	TRC Synergy Bhd	TRC Synergy Bhd has secured a RM550.8 million contract through its wholly owned subsidiary Trans Resources Corp Sdn Bhd from SRS Consortium Sdn Bhd, a joint venture led by Gamuda Bhd, for works under the Penang Light Rail Transit (LRT) Mutiara Line project, involving the CMC1 sub-package covering construction and completion of viaduct guideways and stations, segmental bridge girder launching, post-tensioning and grouting, and other associated works.	CONSTRUCTION	Contract Awarded
19 Dec, 2025	Leader Energy Group Bhd	The Energy Commission awarded four grid-connected battery energy storage system (BESS) projects of 100MW (400MWh) capacity under the MyBeST programme, scheduled for commissioning in 2027. The winning bidders are ERS Energy Sdn Bhd (30% owned by Gamuda), a consortium of ERS and Gamuda, a consortium of BLE C&I Projects 2 Pte Ltd and Universal Peak Sdn Bhd, and Leader Energy Group Bhd. Each bidder proposed a different battery technology supplier to allow assessment of performance and operational suitability under Peninsular Malaysia’s distinct grid and climatic conditions.	GAS, WATER & MULTI-UTILITIES	Contract Awarded

10 May, 2026

Gamuda Bhd

Gamuda Bhd secured a contract to develop the 75MW Jinbi Solar Farm in the Pilbara region of Western Australia. The project will involve the installation of 160,000 solar panels and will supply electricity to Rio Tinto under a 30-year power purchase agreement with Yindjibarndi Energy Corporation. The contract value was not disclosed, although estimates placed it at around RM600 million. Full commercial operations are expected to begin in mid-2028. The Jinbi Solar Farm includes an option to expand capacity to 150MW, including the potential addition of battery energy storage systems, subject to future approvals and development decisions. The project adds to Gamuda Bhd’s growing renewable energy portfolio in Australia, which includes the Marinus Link, Carmody’s Hill Wind Farm, Goulburn River Solar Farm and Boulder Creek Wind Farm.

CONSTRUCTION

Contract Awarded

8 May, 2026

Gamuda Bhd

Gamuda Bhd secured the Kaohsiung Metropolitan Mass Rapid Transit Xiaogang–Linyuan Line Civil Works and Electromechanical Facilities Project in Taiwan valued at RM3.30 billion (NTD26.39 billion) from the Kaohsiung City Government Mass Rapid Transit Bureau. The project was awarded to an unincorporated joint venture in which Gamuda holds a 70% stake alongside Taiwanese firm Shang Ting, giving Gamuda an effective contract share of RM2.31 billion. The seven-year-and-four-month project includes the construction of three underground stations, one elevated station, 3.88km of underground twin-track railway and six cross passages. The contract marks Gamuda’s tenth project win in Taiwan since entering the market in 2002 and expands its existing involvement in Kaohsiung’s rail infrastructure projects.

CONSTRUCTION

Contract Awarded

5 May, 2026

Gamuda Bhd

Gamuda’s 45%-owned Upper Padas Power Sdn Bhd has received revised approval from the Energy Commission of Sabah for the Ulu Padas project, which has been upgraded into an integrated hydroelectric and floating solar development. The project will combine a 187.5MW hydro plant with a 150MWac floating solar facility, with the hydro component expected to generate 1,052GWh annually and the solar component contributing an additional 300GWh. The development operates under a 40-year concession for the hydro plant and 25 years for the floating solar facility. Construction of the hydro component began in 2025 and is scheduled for completion by 31 December 2030, while the floating solar facility is expected to be completed by 31 December 2031. A power purchase agreement is targeted to be finalised by the end of 2026.

CONSTRUCTION

Operation Updates

29 Apr, 2026

Gamuda Bhd

Gamuda Bhd, through its joint venture, has been appointed as the contractor for the first phase of the Ulu Padas water supply project in Sabah, valued at RM5.98 billion. The project is undertaken by Upper Padas Power Sdn Bhd, in which Gamuda holds an effective 45% stake via UPP Holdings Sdn Bhd, alongside Sabah Energy Corporation Sdn Bhd and Kerjaya Kagum Hitech JV Sdn Bhd. The first phase involves constructing a water treatment plant in Beaufort with a capacity of 350 million litres per day, along with about 200km of pipelines running from Sipitang to Kota Kinabalu. Construction is scheduled to begin in May 2026, with completion targeted within 42 months, and treated water expected to be delivered by 2029. The project forms part of the broader Ulu Padas water supply scheme, which will be developed in phases to reach an ultimate capacity of 950 million litres per day, and will be integrated with the Ulu Padas hydroelectric project with a capacity of 187.5MW.

CONSTRUCTION

Contract Awarded

17 Apr, 2026

Gamuda Bhd

Gamuda has secured a RM1.72 billion contract to construct a hyperscale data centre in Port Dickson for a US-based multinational technology company. The project, awarded to its subsidiary Gamuda Engineering, covers site infrastructure works, core and shell construction, and mechanical, electrical and plumbing fit-out for a single-storey facility. Construction is scheduled to start in the second quarter of 2026 and is expected to be completed in the first quarter of 2028. The contract increases Gamuda’s outstanding order book from about RM44 billion to approximately RM45.72 billion.

CONSTRUCTION

Contract Awarded

14 Apr, 2026

Muhibbah Engineering (M) Bhd

Muhibbah Engineering has secured a RM120 million subcontract from Gamuda Industrial Building System for the Penang LRT Mutiara Line project. The contract covers the design, supply, and installation of noise barriers and enclosures for a sub-package under the first civil works package, which is part of the stretch from Komtar to Silicon Island led by SRS Consortium. Work is scheduled to begin in April 2026 and is expected to be completed by the third quarter of 2030, aligning with the broader LRT line completion timeline targeted for operations in December 2031.

CONSTRUCTION

Contract Awarded

13 Feb, 2026

Wawasan Dengkil Holdings Bhd

Wawasan Dengkil Holdings Bhd has secured a RM24.8 million subcontract for external works at a hyperscale data centre project in Puncak Alam, Selangor. The contract was awarded to its wholly owned unit Wawasan Dengkil Sdn Bhd by Gamuda Bhd’s subsidiary Gamuda Engineering Sdn Bhd. The scope covers road and landscape works for SGW1A and 2A (Shell and Core) at Eco Business Park V. Works will begin May 15, with phased completions running from December 2026 to September 2027.

CONSTRUCTION

Contract Awarded

16 Jan, 2026

Permodalan Nasional Bhd (PNB)

Permodalan Nasional Bhd has raised US$300 million through its first secured exchangeable sukuk to fund investments in US dollar–denominated investment-grade global sukuk assets. The five-year sukuk is exchangeable into shares of Gamuda Bhd and was issued via Labuan-incorporated special purpose vehicle Lunas Capital II Ltd, with a profit rate and yield of 0% and an exchange premium of 10%, resulting in no periodic cash distributions to investors. The transaction leverages PNB’s domestic equity holdings to support portfolio diversification and manage foreign exchange exposure, with CIMB and JPMorgan acting as joint bookrunners and joint lead managers.

SOVEREIGN WEALTH FUND

Fund Raising

26 Dec, 2025

TRC Synergy Bhd

TRC Synergy Bhd has secured a RM550.8 million contract through its wholly owned subsidiary Trans Resources Corp Sdn Bhd from SRS Consortium Sdn Bhd, a joint venture led by Gamuda Bhd, for works under the Penang Light Rail Transit (LRT) Mutiara Line project, involving the CMC1 sub-package covering construction and completion of viaduct guideways and stations, segmental bridge girder launching, post-tensioning and grouting, and other associated works.

CONSTRUCTION

Contract Awarded

19 Dec, 2025

Leader Energy Group Bhd

The Energy Commission awarded four grid-connected battery energy storage system (BESS) projects of 100MW (400MWh) capacity under the MyBeST programme, scheduled for commissioning in 2027. The winning bidders are ERS Energy Sdn Bhd (30% owned by Gamuda), a consortium of ERS and Gamuda, a consortium of BLE C&I Projects 2 Pte Ltd and Universal Peak Sdn Bhd, and Leader Energy Group Bhd. Each bidder proposed a different battery technology supplier to allow assessment of performance and operational suitability under Peninsular Malaysia’s distinct grid and climatic conditions.

GAS, WATER & MULTI-UTILITIES

Contract Awarded