RAM Sustainability upgrades TMB’s sustainability rating to Silver2

Published on 04 Nov 2025.

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RAM Sustainability, in its annual review, has upgraded Tanah Makmur Berhad’s (TMB or the Group) overall Sustainability Rating from Silver₃ (S₃) to Silver₂ (S₂). The Group’s respective Environmental, Social and Governance Ratings have also been raised to Silver₁ (S₁), Gold₃ (G₃) and S₃. Under our enhanced Sustainability Rating assessment, TMB has shown continued improvement in ESG management. The Silver rating awarded indicates that TMB follows some best practices in sustainability and has moderate ESG fundamentals.

The Environmental rating upgrade is driven by TMB’s implementation of carbon emissions reporting and its strong environmental organisational readiness. In line with its Sustainability Policy, the Group is committed to the principles of “no deforestation, no development on peat land and reducing greenhouse gas emissions”.

The Social rating upgrade is underscored by the establishment of annual training targets and a budget for employee development. Community engagement efforts have also been formalised, with the Group Corporate Social & Responsibility Policy and a Corporate Social & Responsibility Committee in place. TMB is committed to product quality, guided by its Responsible Product and Supply Chain Policy. The Group’s subsidiary, Rompin Integrated Pineapple Industries Sdn Bhd, holds various product quality certifications for its pineapple products, which TMB also aims to pursue for durian products. We remain observant of TMB’s labour practices as it expands its agricultural business.

The Group’s better sustainability governance enhanced its Governance rating. Although a private entity, TMB is committed to annual sustainability reporting, having published its inaugural Sustainability Report in 2024. The Group has an ESG Framework in place, demonstrating strong corporate governance through its Anti-Corruption and Anti-Bribery Policy, Gift Management Policy and Whistleblowing Policy and Procedures. Despite being a non-listed company, TMB has committed to aligning its operations with best practices and governance requirements, with plans to meet the Malaysian Code on Corporate Governance 2021 in the future.

“As we look to the future, we believe sustainability is essential to our continued growth. We are proud to lead the way in Pahang, and since 2023, our team has worked tirelessly to embed sustainable practices across the Group. This rating upgrade affirms the progress we have made and the direction in which we are headed,” said YH Dato’ Shahrul Nizam Abdul Aziz, Group Chief Executive Officer of TMB.
 

Analytical contacts
Amirah Jamil
(603) 2708 8294
amirah@ram.com.my

Raz Amira Razlan
(603) 2708 8295
raz@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my

 

This external review or second opinion is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for an investor, nor does it involve any audit by RAM Sustainability. It is also not a credit assessment on the proposed Green, Social or Sustainability Bonds/Sukuk.

About RAM Sustainability

RAM Sustainability Sdn Bhd (RAM Sustainability) is a provider of sustainability services and ESG analytics. Incorporated on 31 May 2000, RAM Sustainability is a wholly owned subsidiary of RAM Holdings Berhad (RAM Group). RAM Sustainability is the first ASEAN-based provider of ESG ratings and second opinions and has the distinction of being the first Registered Observer of ICMA’s Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles in ASEAN. It was a member of ICMA’s Advisory Council to the Green Bond Principle and Social Bond Principle Executive Committee for three consecutive terms. On 12 August 2020, RAM Sustainability became an Approved Verifier for the certification of climate bonds under the Climate Bonds Standard & Certification Scheme after having been awarded the status by the Climate Bonds Standards Board. For further details, please refer to https://www.ram.com.my/sustainability.

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