YTL eyes data centre hegemony

The family-run group has been making big corporate moves over the past two years with tech being a dominant theme.

You’re reading The Malaysianist, the newsletter reporting on the intersection of money and power by journalist Emmanuel Samarathisa. 

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Today’s midweek wrap covers:

❶ YTL’s gambit into the data centre space and some likely beneficiaries from that move.

❷ Notes on the conflict of interest claim around Asia Mobiliti (fingers crossed, this will be the last time I write about the company in this context) and an interesting find from the firm’s 2022 annual report.

❸ Boost Bank’s bizarre requirement that might hamper the digital bank.

And in case you missed last week’s blockbuster on migrant services player Bestinet and its founder Aminul Abdul Nor 👇🏽

The fat cat ruling the migrant services roost

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Conglomerate YTL is eyeing tech hegemony. The family-run business recently acquired a controlling stake in Bursa-listed water utilities provider Ranhill Utilities. 

The move ties in with the larger data centre boom Malaysia is experiencing and potentially positions YTL, particularly YTL Power, as a key player in the space. 

YTL Power – through majority-owned unit SIPP Power Sdn Bhd – bought Ranhill chief executive Hamdan Mohamad’s block of shares on May 28. The purchase raised YTL-SIPP’s ownership to 53%, triggering a takeover offer. 

The shares were acquired at a discount. Hamdan sold his stake at 99.5 sen a piece but prior to the sale, the stock was trading at RM1.57.

Hamdan sold his shares in Ranhill at 35% discount to the market price. Hence there were questions as to him letting go his controlling stake in a monopoly at a steal.