KUALA LUMPUR (July 8): Once a key player in Malaysia’s electricity industry, YTL Power International Bhd (YTLP) spent the last couple of years in Singapore’s more competitive power market as its power plants in Malaysia gradually wound down.

This year, the group’s share price rose as much as 88%, as strong profits that kicked in from Singapore affirmed its position as a major power player as the sector in the island state emerges from a recent industry consolidation.

Its position in Singapore is also an important stepping stone for the group’s new ventures beyond YTLP’s conventional utility businesses in power generation, water, and telecommunications (telco) on both sides of the Causeway.

“We understand what the needs are,” says managing director Datuk Yeoh Seok Hong. “We have to understand that change is coming, and we need to adapt to that change,” he says.

Changes are also happening in Malaysia’s telco industry, where YTLP operates its 60%-owned Yes 5G mobile network. In May, the Malaysian government principally agreed to have a second 5G network upon completion of 80% roll-out by Digital Nasional Bhd, the current 5G network infrastructure owner.

In an interview with The Edge, Yeoh explains the group’s position following the announcement.

“Let’s not confuse things. The government’s focus is now on achieving 80% CoPA (coverage of populated areas). DNB will continue to exist and provide the wholesale network,” he says.

With YTLP now at the stage where many of its long-term bets have paid off, how does Yeoh see the way forward for the group, which is venturing into renewable energy, data centre development, and even digital banking?

Further, how does YTLP see Yes' 5G business, which is seen as a drag on the group’s otherwise stellar performance currently? Find out more in this week’s issue of The Edge Malaysia.

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