From throne to boardroom: Malaysian royals show their corporate chops
Royal households have steadily expanded their footprint on shareholder registers and boardrooms.
[KUALA LUMPUR] Beyond ceremonial pomp and protocol, Malaysia’s royalty is making its presence felt in Bursa Malaysia’s boardrooms.
Royal households have steadily expanded their footprint on shareholder registers and boardrooms, with reports from 2018 to 2025 showing a generational shift in their corporate influence.
For instance, Johor’s Sultan Ibrahim Sultan Iskandar holds sizeable stakes in Redtone Digital and companies tied to the conglomerate Berjaya.
Similarly, Sultan Muhammad V of Kelantan became the largest shareholder in HeiTech Padu through his private company, Rosetta Partners, in 2024.
Strengthening the shift, younger royals such as Johor’s Tunku Tun Aminah Maimunah Iskandariah and Pahang’s Tengku Amir Nasser have taken the helm as chairpersons of listed firms.
Four Malaysian states – Penang, Melaka, Sabah and Sarawak – do not have hereditary monarchies.
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Not all royal involvement translates into ownership or dynastic control; in some cases, members of the royalty serve as independent or non-executive directors on company boards.
These cases signal how Malaysia’s royalty has become a force in the corporate arena, shaping company leadership, strategy and, arguably, market sentiment.
One prominent example came in March 2017, when Johor princess Tunku Tun Aminah’s appointment as chairman of Redtone Digital sparked a surge of investor interest, lifting the stock by 13 per cent in days.
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The Business Times has compiled a list of royal household involvements in Bursa Malaysia-listed companies based on publicly available information.
Johor
Sultan Ibrahim Sultan Iskandar Sultan of Johor and the current king of Malaysia
Redtone Digital Key business: Telecommunications and media Market capitalisation (as at Sep 12): RM374.9 million (S$114.3 million)
Involvement: Major shareholder with direct interest of around 17.3 per cent
Berjaya Assets Key business: Property development and investment, and gaming Market capitalisation (as at Sep 12): RM780.3 million
Involvement: Substantial shareholder with around 12.4 per cent shareholding
Tunku Tun Aminah Maimunah Iskandariah Second child of Sultan Ibrahim
Berjaya Assets Involvement: Non-independent non-executive chairman
Berjaya Corporation Key business: Investment holding conglomerate with a diverse portfolio including retail, services, property and hospitality Market capitalisation (as at Sep 12): RM1.6 billion
Involvement: Non-independent non-executive chairman
Redtone Digital Involvement: Chairman and non-independent non-executive director
Tunku Ismail Ibni Sultan Ibrahim Regent of Johor
Knusford Key business: Trading of building materials, construction, machinery and equipment rental, property development and investment Market capitalisation (as at Sep 12): RM45.8 million
Involvement: Chairman and non-independent, non-executive director. He holds a 30.1 per cent stake in Knusford through the private vehicle Aman Setegap, which he and businessman Lim Kang Hoo jointly own.
TMC Life Sciences Key business: Healthcare Market capitalisation (as at Sep 12): RM749 million
Involvement: Substantial shareholder with around 7.6 per cent stake
Negeri Sembilan
Tunku Ali Redhauddin Tuanku Muhriz Eldest son of the current Chief Ruler of Negeri Sembilan Tuanku Muhriz
Taliworks Corp Key business: Utilities and industrials Market capitalisation (as at Sep 12): RM1.1 billion
Involvement: Independent and non-executive chairman
Astro Malaysia Holdings Key business: Media and telecommunications Market capitalisation (as at Sep 12): RM757.6 million
Involvement: Independent and non-executive chairman
Mr DIY Group Key business: Consumer products and services (also a FTSE Bursa Malaysia KLCI Index constituent) Market capitalisation (as at Sep 12): RM14.7 billion
Involvement: Independent non-executive director
Tunku Naquiyuddin Tuanku Ja’afar Eldest son of former Negeri Sembilan chief ruler Tuanku Ja’afar
Olympia Industries Key business: Consumer products and services Market capitalisation (as at Sep 12): RM66.5 million
Involvement: Non-independent and non-executive director
Techna-X Key business: Energy Market capitalisation (as at Sep 12): RM17.7 million
Involvement: Substantial shareholder and executive chairman. He holds 5.9 per cent stake through Rock Point Alliance.
Perak
Raja Eleena Azlan Shah Fourth child of the late Sultan Azlan Shah
Gamuda Key business: Construction (also a FTSE Bursa Malaysia KLCI Index constituent) Market capitalisation (as at Sep 12): RM33 billion
Involvement: Non-independent non-executive director. She holds a stake of around 3.9 per cent in Gamuda.
Pahang
Al-Sultan Abdullah Ri’ayatuddin Sultan of Pahang (*see amendment note) and former king of Malaysia (2019 to 2024)
Citaglobal Key business: Manufacturing, financial services and renewable energy Market capitalisation (as at Sep 12): RM353.2 million
Involvement: Substantial shareholder with a stake of around 13.3 per cent
Tengku Hassanal Ibrahim Alam Shah Regent of Pahang (second child of Al-Sultan Abdullah Ri’ayatuddin)
HB Global Key business: Food processing, packaging and production; Agriculture and aquaculture Market capitalisation (as at Sep 12): RM35.2 million
Involvement: Owns HIS Holdings, which formed a joint venture with HB Global (HB Global Capital) to develop artificial intelligence-powered agricultural projects on about 202 hectares of his land.
Tengku Muhammad Iskandar Ri’ayatuddin Shah and Tengku Ahmad Ismail Mu’adzam Shah Third and fourth children of Al-Sultan Abdullah Ri’ayatuddin
HB Global Involvement: Directors of HIS Holdings, the joint venture partner of HB Global
Tengku Amir Nasser Tenth child of Sultan Abdullah Ri’ayatuddin
Seni Jaya Corp Key business: Out-of-Home advertising and media services Market capitalisation (as at Sep 12): RM83.3 million
Involvement: Independent non-executive chairman
Selangor
Sultan Sharafuddin Idris Shah Sultan of Selangor
Arka (formerly known as Transocean Holdings) Key business: Integrated freight and logistics, and digital solutions Market capitalisation (as at Sep 12): RM47.5 million
Involvement: Substantial shareholder, with over 32 per cent of stake
Tengku Zatashah Idris Second child of Sultan Sharafuddin
InNature Key business: Retail and distribution of The Body Shop products in Malaysia, Vietnam and Cambodia; owns and operates Burger & Lobster restaurants in Malaysia, Indonesia and Vietnam Market capitalisation (as at Sep 12): RM127.1 million
Involvement: Independent non-executive director
Kelantan
Sultan Muhammad V Sultan of Kelantan
HeiTech Padu Key business: Technology, data centre management and consulting services Market capitalisation (as at Sep 12): RM256.6 million
Involvement: Major shareholder with a stake of around 22.5 per cent, held via Sultan Muhammad V’s private company Rosetta Partners
Tengku Mohamad Rizam Cousin of Sultan Muhammad V
Rexit Key business: Software-as-a-service solutions and information technology services Market capitalisation (as at Sep 12): RM90.1 million
Involvement: Independent non-executive chairman
Amendment note: Article has been edited to reflect his current position
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