14 Malaysian companies make the cut
PETALING JAYA: This year’s Forbes Global 2000 list saw 14 Malaysian companies making the cut and sharing the spotlight with some of the biggest, most powerful and valuable firms in the world.
The companies, according to the list, were Malayan Banking Bhd (ranked 390th), Tenaga Nasional Bhd (490), Public Bank Bhd (632), CIMB Group Holdings Bhd (671), Sime Darby Bhd (791), Genting Bhd (1,259), Petronas Chemicals Group Bhd (1,319), RHB Bank Bhd (1,405), Hong Leong Financial Group Bhd (1,472), Axiata Group Bhd (1,510), MISC Bhd (1,543), Maxis Bhd (1,596), AmBank Group (1,771) and Petronas Gas Bhd (1,881).
In a statement yesterday, Forbes said the ranking is based on a mix of four metrics, namely sales, profits, assets and market value.
Despite a slowing of the global initial public offering (IPO) market, Forbes said there were several newcomers to the list, with Asia leading the pack with 13 companies joining the Global 2000 ranks.
“The highest debut at No. 55 is Postal Savings Bank of China. The September 2016 IPO was the year’s largest, worth US$8.1bil (RM34bil). In the United States, the most high-profile company to enter the list was Snap Inc. “The company’s US$24bil (RM103bil) market cap helped it earn a spot at No. 1,693.”
Forbes said the 2017 Global 2000 list faced much pressure amid unsteady geopolitical climates and slowing economies.
“Yet, in aggregate, these 2,000 companies have managed to come out stronger than last year, with increased sales, profits, assets and market values. Despite slowing gross domestic product figures, China and the United States, whose companies make up more than 40% of the list, continue to dominate the top 10 list with financial giants.”
China’s banking giants hold steady at the top of the 2017 Global 2000 list. Industrial & Commercial Bank of China is ranked No. 1 for the fifth consecutive year. China Construction Bank remains in the No. 2 spot.
The other two of China’s “Big Four” banks – Agricultural Bank of China and Bank of China – dropped lower on the list, but remained in the Top 10.