Qhazanah Sabah Berhad

What Qhazanah Sabah Berhad does

Qhazanah Sabah Berhad (QSB, Co. No. T.339139-V) is the strategic investment holding company wholly owned by the Sabah State Government in Malaysia, originally established in 1995 as Warisan Harta Sabah Sdn Bhd and rebranded to its current identity in 2021. The company functions as the state's primary vehicle for catalysing economic development across seven sectors — property and infrastructure development, power generation and utilities, healthcare services, telecommunications, logistics, finance, and others (including e-commerce retail and sand mining) — with an authorized capital of RM 1 billion and paid-up capital of RM 484,422,104.

QSB executes its mandate through a portfolio of more than 15 subsidiaries and associates, including Common Tower Technologies and CTS Horizon (statewide telecommunications infrastructure under the JENDELA programme), Koridor Utiliti Sabah (one-stop utility corridor agency via joint venture with Karisma Utiliti Borneo), Angkatan Hebat (vehicle leasing for civil servants since 1995), Suria Capital Holdings (port operations), WH Medicare (healthcare including foreign-worker medical examinations with biometric identification), Kojasa Holdings and Kojasa Mart (AI-instrumented affordable retail with the Kojax delivery subsidiary), WHSB Energy Ventures (renewable energy development), and Borneo Housing Mortgage Finance. New launches include the eBusKK electric bus pilot (Sabah's first, in partnership with Gemilang Coachwork), the Jesselton Skytrain project (an MoU-stage Phase 1 estimated at ~RM 1 billion), and the Bandar Digital Tun Said satellite township co-developed with Berjaya Land.

The business model is best understood as a state-owned investment holding company that generates revenue from dividends, profit distributions and capital gains on its portfolio, plus revenue from subsidiary operations serving both government and commercial customers (vehicle leasing to civil servants, medical examinations for employers, port services, telecom tower leasing). Pricing is not publicly disclosed; commercial subsidiaries such as Kojasa Mart target B40 and M40 consumers with affordable goods. Distribution is channel-by-channel: physical retail (Kojasa Mart), direct B2B sales to government and statutory bodies (Angkatan Hebat, Common Tower Technologies, Suria Capital), direct-to-consumer services (eBusKK pilot, Kojax delivery within 20 km of stores), and wholesale via partnerships. The company reported a RM 15 million final dividend plus RM 5 million in CSR to the Sabah State Government in 2021, while total dividends from all 12 Sabah GLCs rose 12.92% year-on-year to RM 113.27 million; the company holds no public listing. QSB is currently professionalising governance under Chairman YB Datuk Dr Yusof Yacob (appointed 13 January 2023), GCEO Tn Hj Mohamad Damshal Awang Damit, and two newly created Deputy GCEO seats, and it obtained ISO 37001:2016 ABMS certification in 2025.

Name

Qhazanah Sabah Berhad

Legal name

Qhazanah Sabah Berhad (Co. No: T.339139-V)

Website

https://qhazanahsabah.com.my

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Qhazanah Sabah Berhad is the wholly state-owned strategic investment holding company of the Sabah State Government, established in 1995, investing across property, power, healthcare, telecommunications, logistics, finance and retail via more than 15 subsidiaries to catalyse Sabah's economic development.

Ownership category

akta.pro rank

Product category

State Investment Holding Company

NAICS

Corporate, Subsidiary, and Regional Managing Offices (551114), Management of Companies and Enterprises (5511), Management of Companies and Enterprises (55111)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Corporate Strategic Partnership & Ecosystem Investment Arms (FSANAHAF)

akta.pro secondary industry

Fraud Risk Management & Anti-Bribery/Anti-Corruption (ABAC) (BPAHAFAL)

Keywords

• State investment holding
• Strategic government investment
• Telecommunications infrastructure
• Renewable energy development
• Economic development catalyst

Headquarters

HQ city

Kota Kinabalu

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Returns and Dividend Income: QSB generates returns through dividends, profit distributions, and capital gains from its portfolio of subsidiary companies and joint ventures spanning telecommunications, logistics, finance, healthcare, energy, and property development. As a state-owned investment holding company, QSB also returns value to the Sabah State Government through dividend payments.
2. Subsidiary Operations Revenue: Subsidiaries generate independent revenue streams: Kojasa Holdings (retail), Angkatan Hebat (vehicle leasing and logistics), WH Medicare (healthcare/medical examinations), Common Tower Technologies (telecom infrastructure), Qhazanah Energy (renewable energy projects), Qhazanah Investment (financial services), and Suria Capital Holdings (port operations). These subsidiaries serve both government and commercial customers.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Qhazanah Sabah Berhad (QSB) is the strategic investment holding company of the Sabah State Government, established in 1995. It acquires, manages, and develops equity stakes in subsidiaries and joint ventures across seven sectors: Property & Infrastructure Development, Power Generation & Utilities, Healthcare Services, Telecommunications, Logistics, Finance, and Others. The company drives Sabah's economic development through portfolio investments, greenfield projects, and strategic partnerships with domestic and international investors.

Product overview

Qhazanah Sabah Berhad (QSB) is a diversified strategic investment holding company for the Sabah State Government, operating since 1995. The company manages a multi-sector portfolio through subsidiaries and associates, including telecommunications infrastructure (Common Tower Technologies, CTS Horizon, Koridor Utiliti Sabah), logistics and transportation (Angkatan Hebat, Suria Capital, KOJAX delivery service), retail operations (Kojasa Mart), healthcare services (WH Medicare), financial services (Borneo Housing Mortgage Finance), renewable energy (WHSB Energy Ventures), and property/infrastructure development. The company also operates eBusKK electric bus services and manages development projects including Bandar Digital Tun Said and the KKIA relocation study. Key consumer-facing brands include Kojasa Mart (AI-powered affordable retail) and eBusKK (electric bus service).

Differentiator

Problem solved

Functional benefit

Brands

• Kojasa Mart: Affordable retail outlet chain offering daily essentials, operated under KOJASA Holdings Berhad with AI-powered inventory management
• eBusKK
• Angkatan Hebat
• KOJAX

Products and services

• eBusKK Electric Bus Service Sabah's first electric bus service operated by QSB as a public transportation service pilot project, offering free rides between Sepanggar and Menara Kinabalu for Kota Kinabalu residents.
• Kojasa Mart Retail Outlets Affordable daily essentials retail outlet using AI-powered centralized monitoring for inventory management, operating with approximately 600 SKUs and 195 sq meter footprint, targeting B40 and M40 consumers in Sabah.
• KOJAX Delivery Service App-based delivery service for Kojasa Mart customers operating within a 20km radius of each retail outlet in Sabah.

Quantifiable outcome

• Dividends of RM15 million plus RM5 million CSR paid to Sabah State Government (2021)
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Partnerships

28 partnerships are on record, tiered core and minor.

• BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area)coreStrategic or Co-development Partner · 29 June 2026QSB's GCEO represented the company at the BIMP-EAGA meeting in Jakarta alongside delegates from Indonesia, Malaysia, Philippines, and Brunei Darussalam. Discussions centered on regional trade, investment, economic cooperation, and connecting economic zones to trade corridors, infrastructure networks, and investment ecosystems aligned with BIMP-EAGA Leaders' Vision 2035.
• World Bank GroupcoreStrategic or Co-development Partner · 19 May 2026QSB hosted a strategic engagement session with Invest Sabah Berhad and the World Bank Group at Menara Kinabalu to explore collaborative opportunities in Sabah's energy and logistics sectors. The World Bank Group delegation was led by Ms. Judith Green, Country Manager. The engagement focused on strategic investment opportunities, infrastructure development, and sustainable partnerships.
• Malaysian Rating Corporation Berhad (MARC)coreStrategic or Co-development Partner · 24 April 2025QSB, in collaboration with MARC, hosted the Sabah Renewable Energy Conference 2025 (SAREC 2025) at Shangri-La Tanjung Aru, Kota Kinabalu, attended by over 250 participants from government agencies, financial institutions, and renewable energy developers.
• Malaysian International Chamber of Commerce and Industry (MICCI)minorGTM or Marketing Partner · 13 April 2023QSB participated as a speaker and contributor at the CEO Masterclass Sabah event organized by MICCI, aimed at nurturing and grooming young entrepreneurs, business owners, and new CEOs in Sabah.
• Zingametall Marine & Offshore (JB) Sdn BhdminorStrategic or Co-development Partner · 4 November 2022QSB subsidiary Qhazanah Technology Sdn Bhd partnered with Zingametall to introduce Zinga corrosion protection products in Sabah and Labuan through joint venture company Ilham Nekad Sdn Bhd.
• Giggle Garage Sdn Bhd (GGSB)minorStrategic or Co-development Partner · 9 September 2022MoU signed between QSB and Giggle Garage Sdn Bhd (animation production firm with Netflix platform experience) to launch an Industry Bridging Programme (IBP) developing local creative industry talent in Sabah's digital content sector.
• Celcom Axiata BerhadcoreTechnology or Integration · 26 May 2022MoU signed between QSB and Celcom Axiata to advance digital innovation and solutions harnessing 5G connectivity in Sabah, for the provision of government services. Celcom had previously paid a courtesy call to QSB in March 2022.
• JAKS Solar Power Sdn BhdminorStrategic or Co-development Partner · 3 April 2022MoU signed between QSB and JAKS Solar Power for solar power development projects as part of QSB's renewable energy sector expansion.
• Berjaya Enviro Holdings Sdn Bhd (BEnviro)minorStrategic or Co-development Partner · 25 March 2022MoU signed between QSB and BEnviro (subsidiary of Berjaya Corp Bhd) to develop and modernize waste management facilities in Sabah using advanced technologies.
• Karisma Utiliti Borneo Sdn Bhd (KUBSB)coreStrategic or Co-development Partner · 2 March 2022QSB inked a Joint Venture Agreement with KUBSB to establish Koridor Utiliti Sabah Sdn Bhd (KUSSB) as a One Stop Agency (OSA) for developing and managing the Sabah Utility Corridor.
• WHSB Ventures Sdn Bhd / Vizione Construction / Sycal Skycity / Guangcai ChinacoreStrategic or Co-development Partner · 29 November 2021MoU signed between WHSB Ventures (QSB subsidiary), Vizione Construction Sdn Bhd, Sycal Skycity Sdn Bhd, and Guangcai China (M) Sdn Bhd for a multi-phase Skytrain rapid transit project connecting Kota Kinabalu International Airport to Universiti Malaysia Sabah via the city centre. First phase estimated at nearly RM1 billion.
• Berjaya Land Bhd (B-Land)coreStrategic or Co-development Partner · 26 November 2021MoU signed between QSB and Berjaya Land Bhd for the development of Bandar Digital Tun Said, an ICT-driven satellite township in Kota Belud. QSB facilitates investment and land acquisition while B-Land acts as developer. QSB and B-Land also collaborated on the KKIA relocation feasibility study and Aerotropolis development at Kimanis.
• Gemilang Coachwork Sdn BhdcoreStrategic or Co-development Partner · 12 October 2021Collaboration between QSB and Gemilang Coachwork Sdn Bhd (Asia's leading e-bus and aluminum bus body manufacturer) to introduce Sabah's first electric bus (eBusKK). Gemilang manufactured the e-bus with a capacity of up to 66 passengers and accessibility features.
• CTS Horizon Sdn. Bhd.minorOthersSubsidiary in the telecommunications sector, listed under QSB's business segments. CTS Horizon Sdn. Bhd. is one of the telecom subsidiaries alongside Common Tower Technologies Sdn. Bhd., Qhazanah Technology Sdn. Bhd., and Koridor Utiliti Sabah Sdn Bhd.
• Common Tower Technologies Sdn. Bhd.coreOthersA QSB subsidiary responsible for expanding mobile broadband coverage in Sabah under the Jalinan Digital Negara (JENDELA) programme. Listed as a key telecommunications subsidiary alongside CTS Horizon, Qhazanah Technology, and Koridor Utiliti Sabah.
• Angkatan Hebat Sdn. Bhd.coreOthersQSB subsidiary providing vehicle leasing and logistics services, managing hundreds of vehicles for the State Government since 1995. Looking to expand into concession management for federal government vehicles in Sabah.
• Suria Capital Holdings BerhadcoreOthersListed logistics and port operations subsidiary of QSB. Suria Capital Holdings Berhad manages port operations as part of QSB's logistics sector investments.
• Borneo Housing Mortgage Finance BerhadminorOthersQSB associate company in the finance sector, providing housing mortgage financing services in Sabah.
• WH Medicare Sdn BhdcoreOthersQSB healthcare subsidiary providing medical examination services for foreign workers in Sabah. Plans include biometric identification and digital X-ray imaging upgrades, as well as dialysis centre setup.
• Kojasa Holdings BerhadcoreOthersQSB wholly-owned subsidiary operating Kojasa Mart affordable retail outlets and the KOJAX delivery service. Kojasa Holdings is also developing an entrepreneurship franchise programme for opening Kojasa Mart stores across Sabah.
• Kojax Sdn Bhd (KOJAX)minorOthersQSB subsidiary providing delivery services for Kojasa Mart customers within a 20km radius of each outlet. Operates in conjunction with AI-powered retail operations.
• KOJASA Holdings BerhadcoreOthersParent company of Kojasa Mart and Kojax. Develops affordable retail outlets, supplier networks for SMEs, and an entrepreneurship franchise programme.
• KOJASA Holdings Berhad / Epost SabahcoreTechnology or IntegrationMoU signed between Kojasa Holdings and Epost Sabah (an e-commerce logistics company) to centralize Kojasa Mart operations without middlemen, integrating logistics, e-commerce management, and technology subscription.
• Warisan Harta Sabah Sdn Bhd (WHSSB)minorOthersFormer corporate name of Qhazanah Sabah Berhad, which rebranded from Warisan Harta Sabah Sdn Bhd to Qhazanah Sabah Berhad in 2021.
• Invest Sabah BerhadcoreStrategic or Co-development PartnerQSB hosted a strategic engagement session with Invest Sabah Berhad and the World Bank Group to explore collaborative opportunities in Sabah's energy and logistics sectors, as part of QSB's commitment to sustainable strategic partnerships supporting Sabah's long-term economic development.
• Borneo Agrobizz Holding Sdn BhdminorStrategic or Co-development PartnerQSB visited Borneo Agrobizz Holding (poultry and cattle meat processing facility) and explored strategic collaboration between Sabah Marketing Corporation Sdn Bhd (SAMA, a KOJASA subsidiary) and Borneo Agrobizz for halal-certified food production and distribution in Sabah.
• Yayasan Qhazanah Sabah (YQS)coreOthersYQS is QSB's charitable foundation arm that conducts extensive CSR initiatives including flood relief, food donations, orphanage support, education programmes (back-to-school, STEM carnival), blood donation drives, and community aid distribution across Sabah.
• TerajuminorStrategic or Co-development PartnerQSB hosted Teraju to explore strategic collaborations, as reported in QSB's news activities covering 2026.

Scale indicators13 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Permodalan Nasional Berhad (PNB): One of Malaysia's largest fund management companies, government-linked, managing unit trust funds for Bumiputera participation. Comparable state-linked investment mandate and Bumiputera wealth creation focus, though operates as a fund manager rather than direct strategic holding company.
• Khazanah Nasional Berhad: Malaysia's sovereign wealth fund, the federal counterpart to QSB. Holds strategic stakes across multiple sectors and geographies; comparable as a state-linked strategic investment holding company, but operates at national/international scale versus QSB's Sabah-focused mandate.

Direct peers

• Terengganu Investment Authority: State-level investment authority for Terengganu, established to manage hydrocarbon and strategic state assets. Comparable as a Malaysian state investment vehicle managing strategic assets and economic development, though Terengganu's resource-based portfolio differs from Sabah's diversified sectors.
• Malaysia Debt Ventures Berhad (MDV): Government-linked financing institution providing financing and venture capital to technology and high-growth companies. Comparable as a state-backed capital provider, though federally focused on technology sector rather than diversified state development.
• Kumpulan Modal Perdana (KMP): Malaysian government-linked venture capital firm investing in technology and growth-stage companies. Comparable as a state-backed investment vehicle, though KMP is federally focused and venture-oriented rather than multi-sector operational holding.
• Sarawak Economic Development Corporation (SEDC): State investment arm of Sarawak with diversified holdings across property, utilities, services, and plantations. Most direct structural comparable to QSB - a Malaysian state economic development corporation managing a multi-sector portfolio on behalf of a single state government.
• Ekuiti Nasional Berhad (EKUINAS): Malaysian government-linked private equity firm managing government-linked funds for strategic Bumiputera equity participation. Comparable to QSB's investment management mandate and SME/Bumiputera development objectives, though EKUINAS operates at federal level and is PE-focused rather than operational.

Regional players

• Sabah Credit Corporation: Sabah state-owned credit institution providing financing to SMEs and cooperatives. Direct regional overlap with QSB's finance sector and Sabah-based SME development mandate; narrower focus on credit rather than diversified strategic investment.
• Sarawak Energy Berhad: State-owned vertically integrated power utility of Sarawak, operating generation, transmission, and distribution. Comparable as a Malaysian state-linked infrastructure operator in Sabah's neighboring state, but focused exclusively on power utilities versus QSB's multi-sector portfolio.

Others

• Suria Capital Holdings Berhad: Listed Sabah port operator in which QSB holds a minority stake. Both Sabah-focused, government-linked; comparable as a Sabah state-invested entity, though Suria is publicly listed and narrower in scope (ports/logistics) versus QSB's diversified mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCWAzA2BU_NuCDpebj8-MZKg
• Instagraminstagram.com/qhazanahsabah

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries21 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Qhazanah Sabah Berhad