☕️ Malaysian Forbes Billionaires wealth +14% in 2020 to nearly USD90 billion

Women lost USD800 bil income in 2020 due to the pandemic. LRT accident investigation to be submitted to cabinet on 9 June21. Stack Overflow, top 50 most visited site globally acquired for USD1.8 bil.

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Enjoy the long weekend ahead as we return on June 8 2021! Stay safe.

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Women lost USD800 billion in income in 2020 due to Covid-19 according to data from International Labor Organisation.

RM336 million (US$80 million) has been deposited into Malaysia’s Assets Recovery Trust Account by Deloitte PLT in matters related to 1MDB. Amount received to date — RM16.386 billion.

USD800 million — Japan’s donation to COVAX vaccine program in addition to the USD200 million the country has already disbursed. Japanese Prime Minister Yoshihide (pictured below) Suga also called on other countries to contribute.


*Fully Vaccinated’ on Covid-19 table indicates the number of fully vaccinated individuals and the figure is as of June 2, 2021 (two days before)

  • PSA: PDRM will now accept all travel permission letters issued by agencies other than MITI according to the IGP.

  • Malaysia recorded 103 deaths from Covid-19 yesterday.

  • Selangor health exco Dr Siti Mariah Mahmud said the state’s health department only received over 615,000 doses of Covid-19 vaccine as of June 1 and not 2.9 million according to data on vaccine doses provided by the Science, Technology and Innovation Ministry (Mosti).


  1. Malaysia’s richest got richer last year (surprise, surprise) with their collective wealth rebounded by 14% to nearly USD90 billion (approx RM370.98 billion) despite the economy contracted by 5.6% in 2020. Robert Kuok still tops the list with a fortune of USD12.2 billion. At age 97, he is the oldest member of the list.

  2. Malaysian tycoon Tan Sri Syed Mokhtar Albukhary has proposed to privatise MMC Corp Bhd via a selective capital reduction (SCR). Syed Mokhtar’s vehicle Seaport Terminal (Johore) Sdn Bhd (STJSB) which owns 51.76% of MMC would be spending RM2.94 billion (RM2 per share) under the SCR to cancel the remaining 1.47 billion shares.

    The RM2 offer represents 53.85% premium over MMC’s last closing price of RM1.30 as the shares were suspended from 2:30pm yesterday. Are we going to see limit up at 9am later?

  3. After being listed for less than a year, Mr DIY Group (M) is making strides as it will be included in the benchmark FBM KLCI index while Supermax Corp Bhd has been excluded after the semi-annual review of the index constituents. All constituent changes take effect at the start of business on Monday, June 21, 2021.

  4. Despite the ‘total lockdown’, as many as 128,150 companies with 1.57 million employees are allowed to operate in the two weeks lockdown period. Ismail Sabri Yaakob deflected the matter to MITI when he was asked to comment on the public confusion surrounding the operation of essential service sectors.

News in brief:

  1. Transport Minister Datuk Seri Dr Wee Ka Siong said the LRT accident investigation report will be submitted to the Cabinet on June 9 2021.

  2. Malaysian Armed Forces (MAF) will build six more field hospitals to strengthen the national healthcare system.

  3. Mah Sing Healthcare Sdn Bhd obtained approval from European Conformity (Conformitè Europëenne [CE Mark]) for its powder-free nitrile examination gloves and powder-free latex examination gloves.


  1. Prosus, the largest shareholder of Tencent, announced that it will acquire Stack Overflow, an online community for software developers, for USD1.8 bil. The New York based company operates a Q & A site used mostly by software developers and other professional workers like financial professionals and marketers. It has more than 100 mil visitors monthly, making it the top 50 most visited sites in the world. 

    This deal is Prosus’ first outright acquisition in the education tech space. Prosus is an investor in another 2 well-known edu tech companies - Udemy and Codecademy. It sold USD14.6 bil of Tencent shares back in April, signalling its growing appetite for dealmaking. Stack Overflow's list of investors include big names like Andressen Horowitz, Bezos Expedition (Jeff Bezos’ investment vehicle), Union Square Ventures and GIC, the Singapore sovereign wealth fund. 

  2. United Airlines, one of the big 4 American airlines, is planning to bring back supersonic travel after the Concorde was retired in 2003. The airline will be purchasing15 planes from Boom Supersonic with the option to purchase 35 more and planning to take it to the skies in 2029. At USD200 mil per plane, the initial purchase is worth USD3 bil. This deal marks the first cash-deposit deal a customer has ever paid to Boom. Japan Airlines and Richard Branson’s Virgin Group have placed pre-orders, which essentially are just options to acquire the jet without any financial outlay. 

    However, Boom’s first commercial supersonic jet, Overture, has not been built yet. Its expected speed is Mach 1.7, about twice the speed of existing commercial jets. Founded in 2014, Boom has raised USD270 mil and with more than 150 employees. The development cost to make Overture’s maiden flight is projected to go up as high as USD8 bil, according to its founder Blake Scholl.

  3. The US is embarking on the first of its kind trial to test whether mix-and-match booster vaccines for Covid-19 work and are safe. The National Institute of Allergy and Infectious Disease will be running the trial on 150 volunteers where fully vaccinated volunteers which have had the Pfizer, Johnson & Johnson or Moderna vaccine will receive a booster dose of Moderna’s Covid-19 vaccine. The results are expected later this year.

    No particular reason why Moderna’s vaccine was chosen for the booster dose, however, it is known that Moderna is the furthest along in booster trials. The institute’s director, Dr Anthony Fauci said the US needs to ‘prepare for the possibility of needing booster shots to counter waning immunity and to keep pace with an evolving virus’. 

News in Brief:

  1. Elliot Management Corp, the activist investor with assets under management of USD40 bil, has announced that it is Dropbox’s largest shareholder after its CEO and co-founder, Drew Houston, with a stake of more than 10% worth over USD800 mil. It reported revenue of USD1.9 bil last year and net loss of USD256.3 mil. With an activist investor onboard, expect them to shake things up in Dropbox. 

  2. That was quick - we said in yesterday’s issue to expect more corporate ransomware cyber attack. Just a day later, Fujifilm, the Japanese conglomerate, announced that it was hit by a ransomware cyberattack on Tuesday evening. 

  3. Mark Zuckerberg, Facebook’s founder and CEO, confirmed that Whatsapp will be enabling multi-device support with up to 4 devices connected to one account ‘soon’. An iPad app for Whatsapp is also in the works.


  1. A swimming pool hanging between 2 apartments in London.

  2. Through artificial selection, our food has evolved over the thousand of years and hardly recognisable from what it was before.