This article first appeared in The Edge Malaysia Weekly on January 12, 2026 - January 18, 2026

ALL eyes are on the Johor government’s investment arm Johor Corp Bhd (JCorp), as the group is understood to be looking to spin off more subsidiaries into the public domain, following the successful floating of Johor Plantations Group Bhd (KL:JPG) in 2024.

This time around,JCorp is understood to be planning to re-list its property development arm, JLand Group Bhd (JLG), formerly known as Johor Land Bhd, as early as the end of this year.

In an email response to questions from The Edge on the potential listing of JLG, JCorp says an IPO, along with other capital-raising and corporate exercises, is always considered as part of its strategy to maximise shareholder returns.

“JCorp is unable to provide specific details on JLG at this juncture,” it says. “The board of directors of JLG will review and assess its options before deciding in due course. JLG will share details at the appropriate juncture.”

Separately, JLG says the group has been consolidating the real estate business in the JCorp ecosystem for some time now to achieve synergies within the group in order to build a strong platform for rapid growth. “As we look to grow the business further at scale with speed, we will naturally look to tap new forms of capital, both debt and equity. However, we do not yet have a definite timeline for the IPO or a valuation target at this juncture,” says JLG.

Nevertheless, several sources say JCorp is already in discussions with Maybank Investment Bank to undertake the merchant banking aspects of the initial public offering of JLG.

A source familiar with matters at JLG says: “Yes, an IPO is on the cards. JLG could be listed even late this year, if everything goes according to plan. As for Maybank being appointed to assist in the IPO, yes, it is what we are hearing. And it does make sense. After all, its parent [Malayan Banking Bhd (KL:MAYBANK)] is a main financier of JCorp.”

It is noteworthy that Johor Land was previously listed on Bursa Malaysia in 1996 before being taken private by JCorp in 2009. At that time, the Johor Land owned more than 3,000 acres of landbank with total asset value of RM894.64 million.

Should the IPO go through, it will be a larger entity. 

Today, JLG is the largest private landowner in Johor, with 12,500 acres of industrial land in strategic locations such as Bandar Dato’ Onn, Bandar Tiram, Arena Larkin, Ibrahim Technopolis (IBTEC) and the Ibrahim International Business District (IIBD), which has a remaining gross development value (GDV) of RM62.4 billion. The group has developed 34 industrial parks in Johor.

Key projects led by JLG include the development of IBTEC, Sedenak Tech Park (STeP) and IIBD, making the group a main player in the development of the Johor-Singapore Special Economic Zone (JS-SEZ).

According to a company search, JLG had total assets of RM3.87 billion and total liabilities of RM2.52 billion as at Dec 31, 2024.

For its financial year ended Dec 31, 2024 (FY2024), the group posted a profit after tax of RM40.1 million on revenue of RM419.95 million.

Another source says the listing of JLG is highly likely, but he believes the IPO could take time. “Discussions still have a long way to go — the listing of JLG is expected by the end of the year or in early 2027, but much depends on valuations,” he adds.

A third source points out that the listing of JLG is part of a broader JCorp strategy to spin off some of its subsidiaries in a large-scale restructuring exercise that entails a full-scale review of the group’s business ventures.

“Monetisation is part of JCorp’s strategy to navigate its plans for the future. The current situation has prompted JCorp to plan public listings of several of its companies, specifically JLG, Damansara Assets Sdn Bhd (DASB) and QSR Brands (M) Holdings Bhd (QSR Brands) within these five years,” says JCorp’s 2020 annual report.

In July 2024, JCorp listed its plantation arm JPG, raising RM389.76 million from a public issuance and RM345.2 million from an offer for sale. Plantation player Kulim, which was listed on Bursa Malaysia from 1975 to 2016 but is now a wholly-owned subsidiary of JCorp after its privatisation, retained a 65% stake in JPG upon its listing on July 9, 2024.

Other listed companies under the JCorp banner include KPJ Healthcare Bhd (KL:KPJ), Al-’Aqar Healthcare REIT (KL:ALAQAR) and Al-Salam REIT (KL:ALSREIT).

As at end-2024, JCorp’s assets had a value of RM25.33 billion while its liabilities totalled RM13.57 billion.

Other key assets in the group that could be next for a listing include QSR Brands (M) Holdings Bhd, which operates KFC and Pizza Hut restaurants in Malaysia, Singapore, Brunei and Cambodia; and Damansara Holdings Bhd, which is also active in property development.

Damansara Holdings was privatised by JCorp in 2022. Its businesses include integrated facilities management, parking services under Metro Parking (M) Sdn Bhd and property development. 

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.