Top 10 Government-Linked Companies (GLCs) in Malaysia to Know (2026)
From Petronas to the big banks — the government-linked companies that anchor Malaysia’s economy, scored on five declared dimensions.
This is an editorial ranking reflecting the assessment framework stated in the article. It is informational and reputational — NOT investment, financial or business advice, and no company paid to appear or move up the order. Desk-researched edition based on public information.
Quick answer
Petronas (Petroliam Nasional Berhad) is Malaysia’s Top Ten’s top-ranked government-linked company for 2026, according to our editorial ranking — the wholly government-owned national oil and gas corporation and Malaysia’s largest company by revenue. Maybank ranks second and Tenaga Nasional (TNB) third. This is an informational ranking, not investment advice.
- Petronas stands apart as the only wholly government-owned entity in the top tier and Malaysia’s largest company by revenue.
- Economic significance carries the heaviest weight (30%): these companies’ role in energy, banking and utilities makes them systemically important.
- Government-linked investment companies — Khazanah, PNB, KWAP and Minister of Finance Inc — are the common thread behind most GLCs’ ownership.
- This is an informational ranking of national economic significance, not a valuation or investment recommendation.
How this ranking was decided
Editorial ranking of ten major Malaysian government-linked companies (GLCs), scored on five weighted dimensions: economic significance 30%, scale and employment 25%, governance and reputation 20%, national role 15%, transparency 10%. GLCs here are companies in which the government or government-linked investment companies (Khazanah, PNB, KWAP, MOF Inc) hold significant stakes. Desk-researched July 2026 from public information; not investment advice. Ties broken by economic significance.
Full details in How this ranking was produced below.
The ranking at a glance
| # | Name | Score | Best for | Location |
|---|---|---|---|---|
| 1 | Petronas | 95/100 | The cornerstone of Malaysia’s economy. | Malaysia |
| 2 | Maybank | 90/100 | The largest Malaysian bank. | Malaysia |
| 3 | Tenaga Nasional (TNB) | 89/100 | National power and utilities. | Malaysia |
| 4 | CIMB Group | 87/100 | A major regional Malaysian bank. | Malaysia |
| 5 | Sime Darby | 85/100 | A diversified industrial conglomerate. | Malaysia |
| 6 | Axiata Group | 84/100 | Regional telecommunications. | Malaysia |
| 7 | Telekom Malaysia | 83/100 | National fixed broadband infrastructure. | Malaysia |
| 8 | Malaysia Airports (MAHB) | 81/100 | National airport operations. | Malaysia |
| 9 | PLUS Malaysia | 80/100 | National expressway infrastructure. | Malaysia |
| 10 | Malaysia Airlines | 79/100 | The national flag carrier. | Malaysia |
Government-linked companies (GLCs) sit at the heart of Malaysia’s economy — running the national oil company, the largest banks, the power grid, airports and telecoms. Owned wholly or in part by the government through investment arms like Khazanah, PNB and Minister of Finance Inc, they are among the country’s biggest employers and most systemically important firms.
This ranking scores ten of the most significant GLCs against five declared dimensions, weighted toward economic significance. It reflects public information and national role rather than financial performance, and is explicitly informational — not investment advice.
The full ranking
Petronas
Score: 95Petroliam Nasional Berhad, the wholly government-owned national oil and gas company and Malaysia’s largest firm by revenue.
Why it was selected
Scores 95/100, leading on economic significance (98) as the state energy champion and a major contributor to national revenue.
Best for
The cornerstone of Malaysia’s economy.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Oil & gas
- Ownership:
- Wholly government-owned
- Note:
- Largest by revenue
Maybank
Score: 90Malayan Banking Berhad, Malaysia’s largest bank by assets, with PNB as a major shareholder.
Why it was selected
Scores 90/100 with vast scale (92) and systemic importance across the region’s banking.
Best for
The largest Malaysian bank.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Banking
- Ownership:
- PNB major shareholder
- Note:
- Largest bank by assets
Tenaga Nasional (TNB)
Score: 89Malaysia’s national electricity utility, operating the peninsula’s grid and much of its generation.
Why it was selected
Scores 89/100 with critical national role (92) as the backbone of the country’s power supply.
Best for
National power and utilities.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Electricity utility
- Ownership:
- Government-linked
- Listing:
- Bursa Malaysia
CIMB Group
Score: 87One of Malaysia’s largest banking groups and a major regional bank, with Khazanah a significant shareholder.
Why it was selected
Scores 87/100 with strong regional scale (88) and systemic importance.
Best for
A major regional Malaysian bank.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Banking
- Ownership:
- Khazanah significant shareholder
- Reach:
- Regional
Sime Darby
Score: 85A diversified conglomerate with interests in industrial equipment and motors, government-linked via GLICs.
Why it was selected
Scores 85/100 with broad scale (86) across industrial and automotive businesses.
Best for
A diversified industrial conglomerate.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Diversified/industrial
- Ownership:
- Government-linked
- Listing:
- Bursa Malaysia
Axiata Group
Score: 84A regional telecommunications group with operations across Asia, with Khazanah as a major shareholder.
Why it was selected
Scores 84/100 with significant regional telecom scale (85).
Best for
Regional telecommunications.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Telecommunications
- Ownership:
- Khazanah major shareholder
- Reach:
- Regional
Telekom Malaysia
Score: 83Malaysia’s main fixed-line and broadband telecommunications provider.
Why it was selected
Scores 83/100 with a key national role (84) in fixed broadband and connectivity.
Best for
National fixed broadband infrastructure.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Telecommunications
- Ownership:
- Government-linked
- Known for:
- Unifi broadband
Malaysia Airports (MAHB)
Score: 81The operator of Malaysia’s airports, including Kuala Lumpur International Airport (KLIA).
Why it was selected
Scores 81/100 with an important national role (84) running the country’s aviation gateways.
Best for
National airport operations.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Airports
- Ownership:
- Government-linked
- Known for:
- KLIA
PLUS Malaysia
Score: 80The operator of Malaysia’s main expressway network, including the North–South Expressway.
Why it was selected
Scores 80/100 with a critical infrastructure role (83) in national road transport.
Best for
National expressway infrastructure.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Toll expressways
- Ownership:
- Government-linked
- Known for:
- North–South Expressway
Malaysia Airlines
Score: 79The national flag carrier, part of Malaysia Aviation Group, owned via Khazanah.
Why it was selected
Scores 79/100 for its national-carrier role (82), a symbolically important GLC in aviation.
Best for
The national flag carrier.
- Location:
- Malaysia
- Verified:
- 10 Jul 2026
- Sector:
- Aviation
- Ownership:
- Khazanah (via MAG)
- Role:
- National flag carrier
Frequently asked questions
What is the biggest government-linked company in Malaysia in 2026?
Petronas (Petroliam Nasional Berhad) tops Malaysia’s Top Ten’s 2026 editorial ranking, scoring 95/100 — the wholly government-owned national oil and gas company and Malaysia’s largest firm by revenue. Maybank ranks second (90) and Tenaga Nasional third (89). This is an informational ranking of economic significance, not investment advice.
What is a government-linked company (GLC) in Malaysia?
A GLC is a company in which the Malaysian government or a government-linked investment company (GLIC) — such as Khazanah Nasional, Permodalan Nasional Berhad (PNB), KWAP or Minister of Finance Inc — holds a significant or controlling stake. GLCs dominate strategic sectors including energy, banking, utilities, telecoms and transport.
Which Malaysian banks are government-linked?
Maybank (with PNB as a major shareholder) and CIMB (with Khazanah as a significant shareholder) are the two largest government-linked banks, ranking second and fourth in this list. Their scale makes them systemically important to the Malaysian economy. Exact shareholdings change — verify current ownership.
Is this GLC ranking investment advice?
No. It is an informational, reputational editorial ranking of national economic significance based on public information. It does not assess share prices, dividends or creditworthiness and is not investment, financial or business advice. Do your own research and consult a licensed professional before any investment decision.
How was this Malaysian GLC ranking decided?
By Malaysia’s Top Ten’s editorial team applying declared weights — economic significance 30%, scale & employment 25%, governance 20%, national role 15%, transparency 10% — to ten major GLCs, desk-researched in July 2026 from public information. Per-dimension scores are disclosed in the article.
How this ranking was produced
- Question: the most significant government-linked companies (GLCs) in Malaysia to know in 2026.
- Candidate pool: major companies with significant government / GLIC ownership across energy, banking, utilities, telecoms and transport.
- Criteria and weights: economic significance 30% · scale & employment 25% · governance & reputation 20% · national role 15% · transparency 10%.
- Research window: July 2026, desk-based: public information. Not investment advice.
- Ties: broken by the economic-significance score.
- Scope: companies with meaningful government / GLIC ownership; fully private companies are out of scope.
Notable exclusions
Candidates considered but not ranked, and why:
- Fully private companies — Large private firms without significant government / GLIC ownership are outside this GLC-specific ranking.
- The investment holding companies themselves — Khazanah, PNB and MOF Inc are the owners rather than operating GLCs, so they frame the list rather than appear in it.
- State-government-linked entities — This list focuses on federal GLCs; state-level government companies were kept off it.
Sources & references
- Company-published corporate information (individual GLC sites, accessed July 2026)
- Established Malaysian business media coverage (accessed July 2026)
- Bursa Malaysia listed-company information
Limitations
Desk-researched, reputation-based edition drawing on public information rather than audited disclosures or interviews. This article is informational and is not investment, financial or business advice. Corporate standings, ownership and performance change over time — verify current facts before making any decision.
Update history
| Date | Update |
|---|---|
| 5 Jun 2026 | 2026 editorial ranking published (July 2026 desk research consolidated). |
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