I'm not sure at all, but I think on the second picture, it's written "Sultan abu bakr". I can't read the rest. Again, I'm not sure, but the only flag with those colours I know is the flag of the Sultanate of Brunei.
Yes, it commemorates the 1957 silver jubilee of the aforementioned Sultan Abu Bakar of Pahang. My Jawi (Arabic script used for Malay) is not good, and the low resolution is difficult to read, but as far as I can make out it says:
Head: Sultan Abu Bakar Ri'ayat-ud-Din al-Mu'azzam Shah, Yang Di-pertuan Negeri Pahang, ... = Sultan etc., King of Pahang, final 3 words unclear
Tail: ... dua puluh lima tahun ... Kerajaan Negeri Pahang = ... 25 years ... Kingdom of Pahang.