RAM Sustainability upgrades PHB’s sustainability rating to Gold1

Published on 08 Dec 2025.

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RAM Sustainability, in its annual review, has upgraded Pelaburan Hartanah Berhad’s (PHB or the Group) overall Sustainability Rating to Gold₁ (G₁) from Gold₃ (G₃). The Group’s Environmental and Social Ratings have been raised to Gold₂ (G₂) and Platinum (P) from Silver₃ (S₃) and G₃, respectively. The Governance Rating has been affirmed at G₂. The Gold Rating reflects strong environmental, social and governance (ESG) fundamentals and an outstanding sustainability performance.

The rating actions highlight PHB’s commitment to ESG best practices as a non-listed government-linked company.  The Environmental and Social Rating upgrades were primarily driven by significantly improved environmental and social supply chain management, with procurement now handled in-house for better supplier ESG compliance oversight. PHB has also enhanced its environmental policy and energy roadmap, and achieving year-on-year reductions in carbon and energy intensity.

The Social rating upgrade to Platinum indicates PHB’s strong community engagement, seen in the Ombak Pazaar Programme at its Mayang Mall which has supported 78 local entrepreneurs with RM2.7 mil in operational support, improved building safety, and invested in employee development through enhancements to the PHBLearn e-learning platform. 

Beyond the abovesaid factors, the ratings incorporate PHB’s commitment to green building certifications and its specialised role in advancing bumiputera socioeconomic development through the Amanah Hartanah Bumiputera, Shariah-compliant unit trust fund. A strong tenant satisfaction survey score of 81% is testament to the Group’s active engagement in addressing tenant needs through its digital system.

In affirming the Governance Rating on the basis of the Group’s strong corporate and sustainability governance, we note its introduction of a 3-Year Risk Strategy Blueprint (2025-2027) and the establishment of a sustainability programme management committee and accounting centre, both of which report to the Group’s sustainability working committee. This is to ensure strategic alignment and effective oversight across the Group. The publication of PHB’s first sustainability report further demonstrates commitment to ESG transparency and accountability. 

“The upgrade of our overall Sustainability Rating to G1 marks a significant milestone in PHB's sustainability journey,” PHB Group Managing Director/Chief Executive Officer, Mohamad Damshal Awang Damit, said. “We are equally proud to have achieved a P Rating for our social performance, which validates our mandate of deriving value from commercial real estate for the benefit of the bumiputera community and to do so responsibly. Moving forward, we remain committed to our 3-Year Risk Strategy Blueprint and Environmental Roadmap 2030. By integrating robust ESG criteria into our supply chain and focusing on socioeconomic empowerment initiatives, we ensure that PHB’s growth translates into tangible, positive impacts for our tenants, investors and the wider community," he added.

 

Analytical contacts
Cynthia Lim Sin Lu 
(603) 2708 8293
cynthia@ram.com.my

Amirah Jamil
(603) 2708 8294
amirah@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. For further details, please refer to https://www.ram.com.my/sustainability.

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