Most indebted BMQ50 companies for CQ2 2026

For CQ2 2026, here are the the ten most leveraged companies on the BMQ50 index, and the business strategies behind their debt:

Scientex: Borrows to buy land for affordable housing townships and secure raw materials for its packaging manufacturing.

Westports: Funds the massive CT10 to CT17 port expansion to double its container shipping capacity.

Hibiscus Petroleum: Finances high-cost offshore oil and gas drilling projects across Malaysia and the UK.

Gas Malaysia: Expands its natural gas pipeline network to connect more industrial factories.

Padini: Carries “debt” that is actually capitalized mall storefront leases rather than traditional bank loans.

Fraser & Neave (F&N): Funded the acquisition of Cocoaland and the development of a mega-dairy farm in Gemas.

PBA Holdings: Upgrades Penang’s water security through pipe replacements and water treatment plant expansions.

SAM Engineering & Equipment: Finances expensive raw materials and long manufacturing cycles for aerospace and semiconductor components.

Signature International: Funds upfront material costs for its kitchen brands and large commercial interior design projects.

Bermaz Auto: Uses trade credit to import vehicles (Mazda, XPeng, Deepal) while keeping cash on hand for high dividend payouts.