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PPB Group
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PPB Group
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PPB Group Berhad is a Malaysian diversified conglomerate which engages in food production, agriculture, waste management, film distribution, property investment and development. PPB is also the single largest shareholder of Wilmar International, one of the leading palm oil producers and agribusiness companies in the world.

Key Information

The company was founded in 1968 as Perlis Plantations Berhad (from which it derives its current name) by Robert Kuok to cultivate and mill sugar cane in the northern Malaysian state of Perlis. The company went public in 1972 and has since ventured into other industries, although it exited the sugar business in 2009. Today, its main business is the supply of flour to downstream food producers. Its subsidiary, FFM, is the largest flour miller in Malaysia. The Kuok family retains control of the company with a 50.8 percent shareholding.

History

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Establishment

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The businessman Robert Kuok and his brother Philip founded the company Kuok Brothers as a rice wholesaler in Malaya in 1948.[3] They ventured into the sugar and flour milling business in the 1950s and 60s.

In 1952, Kuok Brothers began acquiring sugar plantations in 1952 and founded Perlis Plantations Berhad in 1968 to house its sugar cane cultivation and milling business.[4] The company also established Malaysian Sugar Manufacturing Company (MSM), a sugar refiner, in 1959.[3] Kuok said the choice to switch from the rice to sugar business was due to tough competition in the rice market in the 1950s. Having gone to school in the English-medium Raffles Institution in Singapore, he also had an advantage in the sugar industry since the sugar trade was conducted in English.[3]

Kuok Brothers also established Federal Flour Mills (FFM) in 1962, entering the flour milling industry to take advantage of the government's import-substitution economic policy.[3]

By the end of the 1960s, through PPB, MSM and its sugar commodities trading business, Kuok Brothers was said to control more than 10 percent of the world's sugar supplier, earning Kuok the nickname "the Sugar King."[3]

Expansion and diversification

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Kuok took PPB public in 1972. The listing coincided with Kuok shifting the focus of his business outside Malaysia, especially to Singapore.[3] Subsequently, Kuok Brothers began consolidating its core businesses into PPB. PPB acquired MSM in 1976 and added FFM to its fold in 1987.[3][4]

In the 1980s, the company expanded into the property development and palm oil plantation industries.

It acquired local property developer Tai Yan Realty (since renamed PPB Hartabina) and a 34 percent stake in Shaw Brothers Malaysia between 1982 and 1984.[4] Its involvement in properties also led to the company venturing in retail by operating several supermarkets and discount stores throughout Malaysia. From 1996 to 2000, it operated the Tops chain of supermarkets in a joint venture with Dutch retailer Ahold, but exited the business due to continuing losses.[3][5] The property division also included Rasa Sayang Beach Hotels from 1987 until 1999 when it was transferred to the Shangri-La Group.[3]

PPB entered into a joint venture with Golden Harvest (International) Ltd of Hong Kong to establish Golden Screen Cinemas (GSC) to take over the Shaw cinema chain in 1987. The group subsequently bought out Golden Harvest's stake.[4] GSC has since grown into one of Malaysia's largest cinema chains and film distributors.[3]

In 1986 and 1987 respectively, PPB acquired Saremas Sdn Bhd (in Sarawak) and 60 percent of Sapi Plantations (in Sabah) to establish itself in the palm oil plantation business.[4] It also acquired a 70 percent interest in Indonesian palm oil producer PT Tidar Sungkai Sawit (PTSS) in 1995.[4] The East Malaysian palm oil businesses were consolidated into PPB Oil Palms Berhad in 1997 and was listed in the Kuala Lumpur Stock Exchange.[4] PTSS was transferred into PPB Oil Palms in 2000.[4] In the 1990s, the group acquired a majority holding in Chemquest Sdn Bhd in stages to enter the waste management business. In 2001, Chemquest, through its 25 percent stake in Konsortium Abbas Sdn Bhd, won a 30-year concession to operate the Sungai Semenyih Dam and Water Treatment Plant.[3]

In retail business, PPB operated Kerry's, named after one of Kuok's group companies in Hong Kong.[6] Kerry's began as a joint venture with Japanese supermarket chain Chujitsuya through Chujitsu Superstores Sdn Bhd[7] with only two stores opened in Kuala Lumpur (Cheras and Ampang City).[7] In 1991, PPB increased its equity of the joint venture to 65% and renamed it as Kerry's to reflect the increased local management and shareholding. With the store in Johor Bahru becoming the flagship store, Kerry's plans to open a new store every "12 to 18 months" depending on the "right conditions", eventually totalling to 7 or 8 stores.[6]

2000s

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In 2007, the group divested its stake in PPB Oil Palms to Wilmar International in exchange for Wilmar shares. As a result, it now has an 18.3 percent interest in Wilmar, making it the single largest shareholder.[4]

PPB also sold MSM and other sugar-related businesses to Felda Global Ventures in 2009 for RM1.25 billion.[8]

Business

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Flour and feed milling

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Flour and feed milling is the group's largest segment by sales.[2] The segment comprises FFM Berhad, an 80 percent subsidiary of the group. FFM is the largest flour miller in Malaysia with a total milling capacity of 2,550 megatonnes per day.[9] FFM also operates mills in Vietnam, Thailand and China through associate companies.[9] FFM is also a significant player in the animal feed business in Malaysia.[10]

Film exhibition and distribution

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Golden Screen Cinemas (GSC), a subsidiary of the group, is the largest cinema chain in Malaysia. GSC operates in 37 locations throughout Malaysia, mainly in shopping centres under the cineplex and boutique/luxury concepts.[11]

GSC also distributes Chinese, independent English and foreign language films to cinemas, television channels and hotel operators.[12]

Environmental engineering

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The group, through is subsidiary Chemquest, provides water treatment, waste management and chemicals manufacturing solutions in Malaysia.[13]

Properties

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The group's property investment division owns and manages Cheras Leisure Mall and Cheras Plaza in Cheras, and New World Park in Penang.

Its property development subsidiary, PPB Hartabina, develops mainly residential properties. The group is part of a joint venture with Khazanah Nasional developing the Puteri Harbour mixed residential, office and retail development in the Iskandar Malaysia development corridor in southern Johor.[14]

Palm oil

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PPB is an 18 percent shareholder in associate company Wilmar International, an agribusiness group based in Singapore. Wilmar is one of the largest cultivators of palm oil and the largest palm oil trader in the world.[15] Due to Wilmar's size, it contributes to more than half of PPB's pre-tax profits (under the equity method of recognising its share of Wilmar's profits in its own profit or loss).[16]

References

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[edit]
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PPB Group

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PPB Group Berhad is a Malaysian conglomerate engaged in investment holding and property investment, listed on the Main Market of Securities Berhad. Incorporated on 1 November 1968 as Perlis Plantations Berhad, the company has evolved into a diversified group with operations spanning grains and , consumer products, exhibition and distribution, and property development and investment. As of 31 December 2024, PPB Group reported total assets of RM28.8 billion, while its market capitalisation stood at approximately RM16.5 billion as of November 2025. Originally established to cultivate and mill sugar cane in Chuping, , as part of Malaysia's initiative to develop a local , PPB Group traces its roots to the broader Kuok family's business interests in commodities trading, which began in the early . The company went public in 1972 on the then Stock Exchange of and . Over the decades, it diversified beyond sugar into flour milling through the establishment of Federal Flour Mills in 1962 and subsequent acquisitions, including majority control of Federal Flour Mills in 1987. By 2000, following mergers of its oil palm operations into PPB Oil Palms and expansions into environmental engineering via Chemquest, the entity was renamed PPB Group Berhad to reflect its broadened scope. Key expansions included acquiring a stake in PT Kerry Sawit in 2002 for oil palm operations and targeting growth in environmental services. Today, PPB Group's core operations are anchored in its grains and segment, which includes flour milling with five mills in and two in , production, farming, and a significant 18.8% equity interest in Limited, Asia's largest integrated agribusiness firm. The consumer products division encompasses , bakery operations, edible oils, and distribution. In entertainment, through , it operates 498 screens across 52 locations in , capturing over 50% of the domestic . The property arm, managed by subsidiaries like PPB Hartabina Sdn Bhd and PPB Development Sdn Bhd, focuses on developing and investing in high-value residential, retail, and commercial spaces, including assets such as Cheras LeisureMall and Megah Rise Mall. With 6,077 employees in and activities extending to , , , and , PPB Group emphasizes synergy across its investments to maintain leadership in core businesses.

Overview

Corporate profile

PPB Group Berhad was incorporated on 1 November 1968 as Plantations Berhad. It was listed on the Main Market of Securities Berhad in May 1972. The company is headquartered at the 12th Floor, UBN Tower, No. 10 Jalan P. Ramlee, 50250 , . As of 31 December 2024, PPB Group reported total assets of RM28.8 billion. Its stood at RM17.6 billion on the same date. The group employs 6,077 people in its Malaysian operations. PPB Group's operational footprint spans , , , , and . PPB Group Berhad functions as an investment holding and property investment company with diversified operations in , , and services. Its core business segments encompass , , , property investment, and associates.

Ownership and governance

PPB Group's ownership is dominated by the Kuok family through Kuok Brothers Sdn Bhd, which holds 50.85% of the company's shares as of July 2025, providing significant control over major decisions. The Employees Provident Fund of is the second-largest shareholder with 16.78% as of October 2025, followed by institutional holders such as Nai Seng Sdn Bhd at 3.44%. This structure underscores the company's ties to the broader Kuok Group legacy in Malaysian business. The comprises eight members, including five independent s, two non-independent s, and one , ensuring a balance of oversight and expertise. Key figures include Chairman Dato’ (Dr) Capt Ahmad Sufian @ Qurnain bin Abdul Rashid, a non-independent appointed in 2023, and Group Managing Director Lim Soon Huat, who leads day-to-day operations. The Kuok family's substantial ownership exerts influence on strategic directions, such as long-term investments and diversification, while maintaining a hands-off approach to operational to allow . PPB Group complies with the Malaysian Code on Corporate Governance (MCCG) and listing requirements, guided by a comprehensive Board Charter that outlines roles in oversight, , and ethical conduct. The Audit and Committee, chaired by Yip Jian Lee, convened five times in FY2024 with full attendance to review financial reporting and internal controls. Additionally, the company integrates into governance through a dedicated Sustainability Steering Committee and annual reporting, with the 2024 Sustainability Report detailing progress on a five-year roadmap (2022–2026) aligned with global standards like the (GRI).

History

Founding and early development

The origins of PPB Group trace back to the Kuok family's early business ventures in post-war Malaya. In 1949, brothers and Philip Kuok founded Kuok Brothers Limited in , , starting as a small family enterprise focused on wholesaling. The company quickly diversified into trading essential commodities, including and . By 1952, Kuok Brothers entered the sugar sector through the acquisition of sugar plantations, capitalizing on growing demand in the region. This foundation laid the groundwork for PPB Group's formal establishment. In 1962, Kuok Brothers incorporated Federal Flour Mills Limited (later FFM Berhad), entering the milling industry to support Malaysia's substitution policies, with milling operations beginning in 1966. These precursor activities positioned the family to respond to national development needs. On November 1, 1968, Perlis Plantations Berhad (PPB) was incorporated in specifically to develop large-scale sugar cane cultivation and milling in Chuping, , aligning with the government's push for self-sufficiency in the local sugar industry. PPB's initial growth emphasized in . The company listed on the of and in 1972 through an , marking its transition to a publicly traded entity with an issued capital of RM 4.25 million. In 1976, PPB acquired Malayan Sugar Manufacturing Company Berhad (MSM), a key established in 1959, which strengthened its control over refining and distribution processes in the . This move solidified PPB's role as a integrated player in Malaysia's sugar sector. By the financial year ended September 30, 1974, PPB recorded its first pre-tax profit of RM 2.0 million on turnover of RM 9.3 million, demonstrating early operational success.

Expansion and diversification (1960s–1990s)

During the and , PPB Group built upon its foundational operations in sugar refining and flour milling to pursue broader growth opportunities. By the , the company began diversifying beyond its core roots, entering new sectors to mitigate risks associated with price fluctuations and capitalize on Malaysia's . This period marked a strategic shift toward a more balanced portfolio, with investments in plantations, entertainment, environmental services, and property that laid the groundwork for sustained revenue diversification. A pivotal move in the sector occurred in 1987 when PPB launched a offer for Federal Flour Mills Berhad (FFM), acquiring a majority stake that solidified its dominance in milling and production in . This acquisition, which made FFM an 80%-owned subsidiary by the late 1990s, expanded PPB's processing capacity and integrated upstream supply chains, contributing to a more robust grains division. Concurrently, PPB entered the oil palm industry in the mid-1980s through the establishment of Saremas Sdn Bhd, developing its first estate in in 1986 to leverage growing global demand for . By the early 1990s, this venture had expanded with additional plantations in and the acquisition of a 70% stake in PT Tidar Sungkai Sawit in in 1995, initiating international operations; these efforts culminated in the 1996 formation of PPB Oil Palms Berhad, which consolidated the group's plantations and positioned oil palm as a key revenue driver by the decade's end, reducing reliance on refining from over 50% of earnings in the to a more diversified mix. In the consumer and entertainment arenas, PPB diversified into film during the late and , forming a with Hong Kong's Golden Harvest in 1987 to establish Golden Communications (M) Sdn Bhd, now known as (GSC). The operations expanded in 1990 with the acquisition of Borneo Filem Organization (M) Sdn Bhd, enabling GSC to grow into Malaysia's largest cinema chain by the mid-, operating 14 complexes including a major 18-screen venue in and generating steady non-cyclical income through ticket sales and concessions. Complementing this, PPB ventured into in 1993 by acquiring a 40% stake in Haskiming Corporation Sdn Bhd (renamed ChemQuest Sdn Bhd), focusing on and solutions to tap into Malaysia's industrial growth; this stake was increased to 55% by 1999, enhancing the group's exposure to sustainable services. Property investments further broadened PPB's portfolio in the late , with the development and opening of Cheras LeisureMall in 1994 as a flagship retail complex in , spanning over 73,000 square meters and anchoring the group's entry into commercial management. Managed through PPB Properties Sdn Bhd, this project capitalized on urban expansion in Cheras, providing rental income from food and beverage outlets and retail spaces, and exemplified the shift toward asset-light, recurring revenue streams. By the close of the , these diversification efforts had transformed PPB's revenue composition, with oil palm and new ventures like and property collectively accounting for a significant portion of profits—rising from negligible levels in the early to over 30% by 1999—while agribusiness remained the anchor but no longer the sole focus.

Restructuring and modern era (2000s–present)

In 2000, Perlis Plantations Berhad changed its name to PPB Group Berhad to reflect its evolving diversified operations beyond plantations, marking a strategic shift toward focusing on core competencies in grains and , film exhibition, and associated investments. This restructuring streamlined the group's portfolio, emphasizing high-margin sectors like flour milling and consumer-facing businesses while reducing exposure to volatile commodity plantations. The renaming coincided with efforts to enhance operational efficiency and capitalize on established subsidiaries such as Flour Mills of Malaya Berhad for grains processing. A key aspect of the restructuring involved significant divestitures to refine the business focus. In June 2007, PPB Group divested its oil palm plantations and edible oils refining operations to Limited through a merger, in exchange for shares that resulted in PPB retaining an approximately 18.8% stake in the enlarged Wilmar entity. This transaction allowed PPB to exit direct production while maintaining indirect exposure via its investment in Wilmar, one of the world's largest firms. Subsequently, in 2009, PPB exited the business entirely by selling its Malayan Sugar Manufacturing Company Berhad to Felda Global Ventures Holdings Berhad for RM1.22 billion, enabling further concentration on non-commodity segments and realizing substantial gains from legacy assets. Post-2010, PPB expanded within its consumer products division, particularly through subsidiaries advancing bakery and edible oils offerings, such as enhanced production and marketing of frozen bakery items and branded oils to meet growing domestic and regional demand. In the film exhibition sector, Sdn Bhd, a wholly-owned , grew significantly, reaching 498 screens across 52 locations in by 2024, bolstered by premium formats and international partnerships. Concurrently, the environmental services arm via 55%-owned Chemquest Sdn Bhd secured key contracts in the , including multiple and projects that diversified revenue streams into solutions. Financial performance in 2024 and the first half of 2025 showed resilience, with net income for Q1 FY2025 up 12% year-on-year to RM375.8 million on revenue of RM1.35 billion, driven by strong contributions from grains and the Wilmar associate despite commodity headwinds. The group declared a final dividend of 0.30 MYR per share in May 2025 and an interim dividend of 0.12 MYR per share in August 2025. In September 2025, PPB disclosed that its 18.8%-owned associate Wilmar International expected a net loss for Q3 FY2025 due to a court ruling imposing penalties on past palm oil export levies in Indonesia, potentially impacting PPB by up to RM600 million in the worst case; however, PPB affirmed that its overall Q3 FY2025 results would remain profitable. Q3 results were announced in late November 2025. As of November 14, 2025, PPB's stock price stood at 11.60 MYR, reflecting a market capitalization of approximately RM16.5 billion.

Business operations

Grains and agribusiness

PPB Group's grains and segment, primarily operated through its 80%-owned FFM Berhad, encompasses flour milling, animal feed production, farming, and grains trading, forming the core of the company's operations. FFM Berhad, established in 1962 as Federal Flour Mills, is Malaysia's largest flour miller, with five mills in the country located in Pulau Indah, , Prai, , and , boasting a total daily capacity of 2,820 metric tonnes. Overseas, the FFM Group manages two flour mills in with a combined capacity of 2,050 metric tonnes per day and holds a 20% interest in seven associate companies in , which collectively provide a flour milling capacity of 17,950 metric tonnes per day. In production, the FFM Group operates five mills across Peninsular and , with a total designed mixing capacity of 170 metric tonnes per hour, manufacturing feeds for , layers, ruminants, and other under brands such as "" and "Five Rings." These operations integrate vertically with farming conducted by FFM Farms Sdn Bhd, a wholly-owned established in 1993, which includes two breeder farms in Sua Betong, , and , producing over 3 million day-old chicks monthly under the "Swarney Select" brand, as well as a layer farm in Trong, , yielding more than 20 million eggs per month under "Seri Murni" labels. This integration supports sustainable practices, including the production of "Origanic" from , with all farms certified under Malaysian Good Agricultural Practices (MyGAP). Grains trading activities involve the import and distribution of key commodities like , , and soya beans to support milling and feed production, ensuring amid global price volatility. The segment's includes significant purchases from related parties, such as RM355 million in meat bone meal, , , and soya bean products from the Wilmar Group in 2024. As the largest contributor to group revenue, accounting for approximately 73% of at RM3.95 billion in 2024, the grains and operations are projected to deliver satisfactory performance in 2025, driven by sustained regional demand and stable grain prices.

Consumer products

PPB Group's consumer products segment encompasses , operations, and the and distribution of oils and other , primarily through subsidiaries under FFM Berhad. This division leverages vertically integrated supply chains, sourcing raw materials such as from the group's grains and operations to produce value-added items for end consumers. In 2023, the segment contributed to the group's overall revenue through branded offerings in and , with a focus on convenience foods and household essentials. Food processing activities are handled by FFM Further Processing Sdn Bhd (FFP), a subsidiary established with a HACCP-certified plant in Pulau Indah, Klang, commissioned in 2007. FFP manufactures premium ready-to-eat products, including sausages, chicken nuggets, burgers, and vegetable-based items under the Marina brand, utilizing both imported and local ingredients while adhering to GMP and food safety standards. These operations have expanded post-2010 through enhanced marketing efforts, such as media advertising and promotions, to boost demand for frozen convenience foods in domestic markets. The bakery division, operated by The Italian Baker Sdn Bhd (TIB), a wholly-owned subsidiary of FFM Berhad, features a RM120 million state-of-the-art facility in Pulau Indah equipped with automated production lines incorporating American, European, and Australian technology. TIB produces a range of baked goods under the Massimo brand, including sandwich loaves (400g and 600g variants), whole wheat loaves, cream rolls, chiffon cakes, moist cakes, pound cakes, and sponge cakes, with capacities reaching 16,000 loaves per hour for bread, 24,000 rolls per hour, 15,000 cakes per hour, and 6,000 buns per hour. This setup supports consistent supply to retail channels, capitalizing on rising demand for fresh and packaged bakery items in urban Malaysian households. Edible oils and other consumer goods are marketed and distributed by FFM Marketing Sdn Bhd (FMSB), a key since , which manages an extensive network of 13 warehouses spanning over 300,000 square feet across , including locations in Prai, , , Melaka, , , , , , , , , and . FMSB handles own-brand products like , Seri Murni, and Krystal edible oils; , Blue Key, and Muhibah flour; bakery items; and Toast Mate spreads, alongside international and local agency brands. This distribution infrastructure extends into , facilitating efficient reach to supermarkets, hypermarkets, and traditional outlets. The consumer products segment positions PPB Group strongly in the fast-growing markets, where increasing and disposable incomes drive demand for processed foods and household staples. In the first half of 2025, segment revenue rose 3% to RM407 million, with profits rebounding due to volume growth in bakery and despite margin pressures from cost . Analysts project continued earnings recovery into FY2025-2026, supported by this segment's exposure to regional consumer trends and operational efficiencies.

Film exhibition and distribution

PPB Group's involvement in the entertainment sector includes full ownership of Golden Screen Cinemas Sdn Bhd (GSC), Malaysia's largest cinema exhibitor, which operates 498 screens across 52 locations nationwide as of 2024. This network positions GSC as a dominant player in film exhibition, offering diverse viewing experiences through multiplexes integrated into major shopping malls and urban centers. Complementing exhibition, PPB oversees film distribution via GSC Movies Sdn Bhd, the leading independent distributor of Chinese, English, and Malay language films in Malaysia, handling both local productions and international titles such as award-winning Asian cinema, anime, and Hollywood blockbusters. In 2023, GSC Movies distributed 96 films, extending sub-licensing rights to television, over-the-top platforms, and hotels across Malaysia, Brunei, Vietnam, Myanmar, Cambodia, and Laos. GSC's expansion began in the late as part of PPB's diversification into , forming a with Hong Kong's Golden Harvest in 1987 to establish the chain and acquire existing cinema leases. The 1990s marked significant growth through acquisitions, including the 1990 purchase of Borneo Filem Organization (M) Sdn Bhd, which bolstered PPB's cinema holdings, followed by the 1997 consolidation of operations into GSC. By 2006, PPB increased its stake to 94.4% after acquiring Golden Harvest's shares, achieving near-full control. The focused on technological advancements, with the addition of 19 3D screens in 2010 to reach a total of 30, alongside introductions of premium formats like and to enhance immersive viewing. GSC generates revenue primarily from ticket sales, concession offerings such as food and beverages, and special events including premieres and corporate screenings, with concessions often contributing significantly to per-patron income. Post-COVID-19, the business demonstrated resilience by prioritizing premium formats—such as IMAX Laser, 4DX motion seating, and ScreenX panoramic experiences—which attracted audiences seeking enhanced, value-added cinema outings amid shifting consumer preferences. This strategic refocus, including closures of underperforming sites to invest in luxury upgrades, supported recovery and sustained operations through diversified content and experiential offerings.

Property investment and development

PPB Group's property division, known as PPB Properties, focuses on the , , and development of residential, retail, and commercial properties across . Established in 1982, the division manages a portfolio of key assets that generate stable rental income and support long-term value creation through strategic enhancements and initiatives. The division owns and manages several prominent properties, including Cheras LeisureMall, a leasehold retail and commercial complex in Taman Segar, , spanning 21,225 square meters of land and 73,339 square meters of built-up area. Adjacent to it is Cheras Plaza, an eight-storey leasehold office and commercial building that provides additional leasing opportunities in the same locale. In , Megah Rise Mall forms the retail podium of a freehold on 13,615 square meters of land, with 36,426 square meters of built-up space, completed in 2022 and integrated with a residential tower above. Further north, New World Park is a retail and commercial property in , wholly owned and managed by the group to cater to the local market. These assets collectively contribute to the division's net book value of RM336.12 million as of December 31, 2024, underscoring their role in establishing scale within PPB's operations. Property development is primarily handled through wholly owned subsidiaries PPB Hartabina Sdn Bhd and PPB Property Development Sdn Bhd, which undertake residential and commercial projects while providing comprehensive services. These entities developed the integrated Megah Rise project, combining retail, residential, and community amenities, and continue to oversee ongoing initiatives like the Southern Marina Residences in , a emphasizing high-quality waterfront living. The subsidiaries' expertise ensures efficient execution, from planning to completion, aligning developments with market demands for mixed-use spaces. PPB Properties adopts a long-term centered on asset optimization, tenant retention, and sustainable enhancements, such as planned solar panel installations and alfresco dining expansions at Cheras LeisureMall in 2025. This approach integrates property operations with other group segments, for instance, by housing Cinemas outlets within malls like Cheras LeisureMall and Megah Rise Mall to drive footfall and synergy. The division's focus remains on community-centric developments that enhance urban living while mitigating environmental impacts through reduced GHG emissions and efficient resource use.

Environmental services

PPB Group's environmental services are operated primarily through its 55%-owned , Chemquest Sdn Bhd, in which the group acquired an initial 40% stake in 1993 before increasing its holding in 1999. Chemquest provides comprehensive solutions in water engineering, , solid , and , focusing on sustainable and compliance with industrial standards. These services encompass through its Chemical Waste Management Sdn Bhd (CWM), established in 1986, which handles hazardous and non-hazardous waste treatment and recovery to minimize environmental impact. A key example of Chemquest's operations is its 25% stake in Konsortium Abbas Sdn Bhd, which secured a 30-year concession in 2000 to operate the Sungai Dam and Plant, supplying treated water to the region in . This project underscores Chemquest's expertise in and utilities, including filter backwash systems and plants, as demonstrated in completions like the Jelutong Plant upgrade in the mid-2000s. Additionally, Chemquest has pursued international opportunities, such as a bid in 2005 for a 20-year project in through its subsidiary Kerry Utilities Ltd. In the 1990s, PPB aimed to expand its environmental engineering segment to contribute 25% of group sales by 2010 as part of diversification efforts, a goal supported by securing engineering contracts and projects throughout the 2010s. These initiatives include flood services and projects aligned with Malaysia's environmental regulations, such as the Environmental Quality Act 1974. As of 2025, Chemquest's operations continue to support national green initiatives, including commitments to climate and under PPB's overarching Policy, which targets net-zero emissions by 2050 in line with Malaysia's Nationally Determined Contributions.

Investments in associates

PPB Group holds an 18.8% equity interest in Limited, a Singapore-based global leader in , , and food products, acquired through the 2007 merger of PPB's operations with Wilmar. This stake has become a cornerstone of PPB's post-divestiture strategy, providing indirect exposure to the sector without direct operational involvement, while generating significant revenue through share of associate earnings and dividends. In 2024, Wilmar contributed RM992 million to PPB's profit before , representing approximately 72.5% of the total RM1.33 billion. Beyond Wilmar, PPB maintains interests in other associates, notably a 20% equity stake in seven flour milling operations in with a combined capacity of 17,950 metric tons per day. These investments support PPB's grains and portfolio by extending its reach into key Asian markets. In , Wilmar's performance has influenced PPB's financial outlook, with disclosures in September and October highlighting an expected third-quarter net loss for Wilmar due to a penalty imposed by Indonesian authorities, potentially impacting PPB's associate earnings. Despite such volatility, the Wilmar stake continues to offer strategic value for diversified exposure.

References

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  35. https://www.ppbgroup.com/images/pages/investor-relations/annual_report/2023/ppb-annual-report-2023.pdf
  36. https://www.ppbgroup.com/what-we-do/consumer-products/food-processing
  37. https://www.ppbgroup.com/images/pages/investor-relations/annual_report/2012-2009/ppb-annual-report-2010.pdf
  38. https://www.ppbgroup.com/what-we-do/consumer-products/bakery
  39. https://www.ppbgroup.com/what-we-do/consumer-products/consumers-products-distribution
  40. https://www.businesstoday.com.my/2025/09/01/are-the-worst-behind-for-ppb-group/
  41. https://www.ppbgroup.com/images/pages/investor-relations/analyst_briefings/2025/Briefing_on_PPB_Groups_Performance_for_1H2025.pdf
  42. https://www.kenanga.com.my/wp-content/uploads/2025/09/PPB-250904-CU-Kenanga.pdf
  43. https://www.ppbgroup.com/what-we-do/film-exhibition-distribution/overview
  44. https://www.ppbgroup.com/what-we-do/film-exhibition-distribution/film-distribution
  45. https://cinando.com/en/Company/gsc_movies_sdn_bhd_878/Detail
  46. https://www.screendaily.com/golden-harvest-sells-stake-in-golden-screen-cinemas/4029801.article
  47. https://www.prnewswire.com/news-releases/imax-and-gsc-expand-partnership-with-six-imax-locations-in-malaysia-301958451.html
  48. https://www.ppbgroup.com/images/pages/investor-relations/investor_update/2017/ppb-investor-update-2017-4qtr.pdf
  49. https://thepeak.com.my/on-the-cover/golden-screen-cinemas-koh-mei-lee-on-bringing-the-magic-back-to-the-movies/
  50. https://celluloidjunkie.com/2025/06/13/cjs-top-women-in-global-cinema-2025/
  51. https://ppbproperties.com.my/
  52. https://www.ppbgroup.com/images/pages/sustainability/sustainability-report/ppb-sustainability-report.pdf
  53. https://www.ppbgroup.com/images/pages/investor-relations/investor_update/2002/ppb-investor-update-2002-1qtr.pdf
  54. https://www.waterworld.com/home/article/16200500/ppb-group-wins-first-china-sewage-project
  55. https://www.ppbgroup.com/governance-sustainability/code-policies/sustainability-policy
  56. https://www.ppbgroup.com/governance-sustainability/code-policies/climate-change-policy
  57. https://ppbproperties.com.my/sustainability/
  58. https://www.reuters.com/article/markets/oil/wilmar-says-bids-43-bln-for-malaysian-agri-assets-idUSSIN64342/
  59. https://themalaysianreserve.com/2025/10/08/ppb-braces-for-wilmar-hit-from-indonesia-penalty/
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