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Investment & Market Trends

Elsa Approved To List On ACE Market In 2Q

Oil and gas (O&G) services provider Elsa Bhd has received approval from Bursa Malaysia to proceed with its listing on the ACE Market, which is expected to take place in the second quarter of 2026. In a statement on Thursday, the company said the proposed initial public offering (IPO) is aimed at strengthening its capabilities in oilfield services, robotics and digital solutions as it expands its role within the energy sector. Managing director Daniel Ilham described the approval as a significant milestone for the group. “This approval marks an important step in Elsa’s corporate journey as we prepare to become a publicly listed company. It will provide us with a platform to further strengthen our presence as an integrated provider of O&G service solutions,” he said. Elsa had earlier released its draft prospectus in October, outlining plans for a public issuance of 118.4 million new shares and an offer for sale of 36.4 million existing shares by major shareholders. The IPO price and market capitalisation have yet to be finalised. According to the draft prospectus, Elsa offers oilfield support services across the entire field lifecycle, alongside digital infrastructure, engineering services and talent sourcing solutions. The company also holds a Petroliam Nasional Bhd (PETRONAS) licence and collaborates with international technology partners. Proceeds from the IPO will mainly be used to expand its oilfield services and digital solutions segments. Part of the funds will also be allocated to enhance its robotics and inspection capabilities, including acquiring specialised equipment and technologies to improve asset inspection efficiency for upstream clients. The remaining funds will be utilised as working capital to support the execution of contracts as the company’s project pipeline continues to grow. Chairman Amiruddin Zain said the listing represents a key stage in Elsa’s development, enabling the company to capitalise on opportunities driven by the growing demand for automation and efficiency in the global energy sector. “The move to the ACE Market marks a pivotal chapter in Elsa’s corporate evolution. As the energy industry increasingly focuses on efficiency and automation, this listing will provide the financial flexibility needed to capture these structural shifts,” he said. Malacca Securities is serving as the principal adviser, sponsor, underwriter and placement agent for the IPO.

The Executives

Nazrul Mansor Confirmed As MMC Corp Group CEO

Datuk Mohd Nazrul Izam Mansor has been appointed as the Group Chief Executive Officer (CEO) of MMC Corp Bhd, effective 9 March 2026. He succeeds Tan Sri Che Khalib Mohamad Noh and will oversee the conglomerate’s diverse operations spanning ports, engineering, utilities, and waste management services across Malaysia. Nazrul, 51, brings more than 27 years of extensive experience in finance, governance, and corporate leadership, having held senior positions across government-linked companies, listed entities, and private organisations. He previously served as Group CEO of FGV Holdings Bhd from 2021 to 2024, leading the agribusiness group through complex operational and stakeholder initiatives. Prior to that, he was Group CEO of Felcra Bhd from 2018 to 2021, where he managed plantation and agribusiness projects benefiting over 112,000 rural participants. Earlier in his career, Nazrul held key finance and management roles, including Group Chief Financial Officer at Realmild Sdn Bhd in 2010, Director of Finance at independent power producer NUR Power Sdn Bhd in 2013, and Managing Director at Teras Dara Konsortium Sdn Bhd in 2018. His leadership experience spans corporate strategy, financial management, and sustainability initiatives aligned with global best practices. MMC Corp Bhd is a leading infrastructure conglomerate in Malaysia, with strategic holdings in ports, utilities, and engineering businesses. Its port operations are managed under MMC Port Holdings Bhd, which operates major ports including Port of Tanjung Pelepas, Penang Port, Johor Port, Northport, Tanjung Bruas Port, and Andaman Port. The group also owns Alam Flora Sdn Bhd, one of Malaysia’s largest providers of municipal waste collection and environmental services. With Nazrul at the helm, MMC Corp is expected to continue driving operational excellence, growth, and sustainable development across its diversified portfolio of strategic infrastructure assets.

News

Bank Negara: Foreign Funds Boost Malaysia’s Markets, But Conflict Risks Persist

Malaysia’s financial markets remain resilient amid global uncertainty, buoyed by foreign inflows from exporters and investors, according to Bank Negara Malaysia’s Financial Markets Committee (FMC). In a statement, the committee said that inflows from exporters and foreign direct investment have helped offset outflows from domestic importers, supporting overall market stability. “Malaysian markets continue to demonstrate resilience during this period of global uncertainty, but we remain mindful of the risks posed by a prolonged conflict,” the FMC said following its meeting on March 10. The committee noted that while global uncertainties—such as tariffs and ongoing conflicts—have increased, domestic financial markets have stayed relatively stable. Ringgit and Bond Market Performance The ringgit has strengthened 2.5% year-to-date (YTD) as of March 9, 2026, despite a 1.8% decline against the US dollar since February, reflecting investors’ moves into safe-haven assets amid the Middle East conflict. At the time of the statement, the ringgit was trading at 3.9260 against the US dollar, compared with 4.05 at the start of the year. Meanwhile, the benchmark 10-year Malaysian Government Securities (MGS) yields rose 11 basis points, in line with global bond movements, but remain near historical lows. The FBM KLCI also showed resilience, recording only a 2.5% decline. The onshore foreign exchange market has remained robust, with an average daily trading volume of US$21.4 billion (RM84.04 billion) YTD, compared to US$19.8 billion in 2025. Demand for government bonds remains healthy, with MGS yields relatively anchored. Recent auctions recorded a strong average bid-to-cover (BTC) ratio of 2.7 times, supported by both domestic and foreign participation. Non-resident holdings of MGS have increased by RM920 million YTD, stabilising at 21.2%. Equity Market and Investor Sentiment The domestic equity market has attracted RM1.5 billion of non-resident inflows YTD. The FMC said positive investor sentiment and ringgit strength are expected to continue through 2026. The committee also highlighted Bank Negara’s ongoing initiatives, including the Qualified Resident Investor (QRI) programme and engagement with government-linked companies (GLCs), investment companies (GLICs), and corporates. These efforts are expected to support consistent two-way flows into Malaysia’s markets. “With Malaysia’s encouraging growth prospects and ongoing structural reforms, these initiatives will provide enduring support for the domestic financial markets,” the FMC said.

Investment & Market Trends

PeterLabs’ Ex-Director Loh Saw Foong No Longer A Substantial Shareholder

PeterLabs Holdings Bhd’s former executive director Datuk Loh Saw Foong and his wife Datin Lin Ching Yein have officially ceased to be substantial shareholders, ahead of a non-interested shareholders’ vote on their planned repurchase of the company’s 60% unit under a settlement agreement. The couple sold their stakes via direct transactions on March 11, disposing of 16.315 million shares each, or 32.63 million shares in total—representing an 11.86% combined stake. Following the sale, Loh retains a 1.1% stake, while Lin holds no shares. Leong Kok Hou acquired the 32.63 million shares on the same day, becoming a substantial shareholder with an 11.86% stake. The transaction price was undisclosed, though Bloomberg data suggested a rate of 21 sen per share, a 22% discount to the March 11 closing price of 27 sen. The disposals follow a settlement agreement reached in October 2025, which resolved a dispute between PeterLabs, Loh, and Lin related to the company and its units, PeterLabs Sdn Bhd and 60%-owned Thye On Tong Trading Sdn Bhd (TOTT). Under the agreement, Loh and Lin will repurchase TOTT’s 60% stake at a price not exceeding the 2022 sale price of RM10.8 million. The proposed repurchase is scheduled for a vote by non-interested shareholders at an extraordinary general meeting on April 13. The dispute traces back to May 2025, following an internal investigation into alleged misconduct by Loh, which led to his temporary suspension. The Malaysian Anti-Corruption Commission also conducted raids on PeterLabs and TOTT offices as part of the probe. Shares in PeterLabs remained untraded on Thursday, last closing at 27 sen, valuing the company at RM72.93 million.

Investment & Market Trends

Biov Global Becomes Major Shareholder In MGRC

Biov Global Bhd, a regenerative medicine company, has become a substantial shareholder in Malaysian Genomics Resource Centre Bhd after acquiring an additional 4.317% stake, or 6.52 million shares, via a direct business transaction on Thursday. Following the purchase, Biov Global’s total holding in the ACE Market-listed genomics and biopharmaceutical firm stands at 5.165%, surpassing the 5% disclosure threshold. The transaction value was not disclosed. Biov Global is 27.12%-owned by Lim Kean Lam, with other shareholders including GM Biovalley Sdn Bhd (16.95%), Dr Wong Jeh Shyan (8.18%), Shing Yiu Fai (7.2%), and others. Other substantial shareholders in MGRC include Proven Venture Capital (14.84%), Pixelvest Sdn Bhd PLT (6.33%), and executive chairman and managing director Leong Yien Hung (5.59%). MGRC has reported losses for the past four financial years. For the year ended Dec 31, 2025, it posted a net loss of RM2.38 million on revenue of RM8.02 million. Shares in MGRC closed unchanged at 20 sen, valuing the company at RM30.19 million.

Investment & Market Trends

Penang’s SQ Advanced Interconnect To List On Main Market

Penang-based semiconductor component maker SQ Advanced Interconnect Bhd is set to list on the Main Market of Bursa Malaysia to raise funds for expansion, research and development (R&D), and talent development. According to the company’s prospectus filed with the Securities Commission Malaysia, proceeds from the proposed IPO will be used to expand manufacturing facilities, support R&D initiatives, strengthen working capital, repay borrowings, and cover listing expenses. Founded in 1993, SQ Advanced Interconnect manufactures and assembles flexible printed circuits (FPC) and integrated circuit (IC) substrates, covering circuit design, prototype fabrication, and production. The company operates two plants in Malaysia—Bayan Lepas and Batu Kawan—and one plant in Xiamen, China. The company’s earnings have been rising steadily, with profit after tax increasing to RM80.17 million in 2025 from RM68.6 million in 2023. It serves a diversified customer base of around 380 clients. The IPO will consist of 337.5 million shares, including 202.5 million new shares for the public and 135 million shares offered by substantial shareholder Twisden Ltd, which currently holds a 10.4% stake. Twisden is 75% owned by managing director and CEO Jeffrey Hwang Shin Hung, with the remainder held by executive director Brian Low Loke Chew. After listing, Twisden will no longer be a substantial shareholder. Hwang will hold a 58.12% stake (direct and indirect), while Low will hold 19.38%. Both executives have agreed to a six-month shareholding lock-up post-listing. UOB Kay Hian (M) Sdn Bhd acts as the principal adviser, joint underwriter, and joint bookrunner for the IPO.

Lifestyle

CUCKOO Malaysia And Samsung Launch Healthy Home Lineup

CUCKOO International (MAL) Berhad (CUCKOO Malaysia) has expanded its partnership with Samsung Malaysia Electronics Sdn Bhd (Samsung) with the launch of a refreshed lineup of premium smart home solutions aimed at promoting healthier and smarter living. CUCKOO International (MAL) Berhad and Samsung Malaysia Electronics (SME) Sdn Bhd have strengthened their partnership with a refreshed lineup of premium home solutions designed to make modern living smarter, healthier, and more accessible. The initiative, branded as the “CUCKOO Smart Healthy Home Co-Created Programme with Samsung,” forms part of CUCKOO’s Co-Created business segment, which features curated home appliances and lifestyle products developed through collaborations with partners such as LSK, OGAWA Malaysia, and Fujiaire. The launch follows CUCKOO Malaysia’s strong financial performance for the fourth quarter ended Dec 31, 2025 (Q4FY2025), where profit after tax rose 171% quarter-on-quarter to RM36.5 million, driven by improved margins and stronger credit management strategies. For the full financial year, CUCKOO Malaysia reported RM1.1 billion in revenue and RM105.2 million in profit after tax, reflecting steady growth in its core business. The company’s Co-Created segment remains a key contributor to its performance, generating RM221.1 million, or 20.1% of total FY2025 revenue, maintaining a similar contribution level to FY2024. CUCKOO Malaysia CEO Hoe Kian Choon also unveiled key initiatives, including the company’s Strategic Partner role for Visit Malaysia 2026, installation of water stations at KLIA Terminals 1 and 2, continuation of brand ambassadors Dato’ Sri Siti Nurhaliza and Phei Yong, and the launch of CUCKOO’s first-ever mascot, HEPI. The results highlight the effectiveness of CUCKOO’s rental-led business model, which allows consumers to access premium home wellness products through affordable monthly plans while delivering consistent earnings for the company. Among the newly introduced products is the Samsung Bespoke AI Laundry Combo (12/7 kg), a washer-dryer featuring AI-powered washing technology, EcoBubble™, Air Wash and Hygiene Steam functions designed to optimise cleaning and maintain garment hygiene. The product also includes professional installation and semi-annual maintenance by CUCKOO Home Care Specialists, along with a three-year warranty. The refreshed lineup features the Samsung Bespoke AI Laundry Combo (12/7 kg), a washer-dryer with AI Wash and EcoBubble™, as well as Air Wash, and Hygiene Steam, supported by professional installation, semi-annual maintenance, and an exclusive 3-year warranty from CUCKOO. The lineup also includes the 65-inch Samsung QLED QEF1 4K Vision AI Smart TV, which features Quantum Dot display technology, SmartThings integration, and cadmium-free materials, supported by a three-year warranty. Completing the range is the Samsung Galaxy Tab S10 FE+ (256GB), equipped with a 13.1-inch display, Exynos 1580 processor, 12GB RAM, and a 10,090mAh battery with 45W fast charging. The tablet is IP68-rated for durability and comes with an S Pen and a three-year warranty. Notably, the launch marks the first time advanced AI-powered Samsung technologies are being offered through CUCKOO’s rental model, allowing households to access high-end smart home devices without significant upfront costs. CUCKOO Malaysia chief executive officer Hoe Kian Choon said the collaboration reflects the company’s commitment to delivering greater value through strategic partnerships. “Our co-created business segment is built on the belief that collaboration unlocks greater value. By combining Samsung’s technological expertise with CUCKOO’s proven rental model, we aim to make smarter and healthier living more accessible for Malaysian households,” he said. Lee Thai Hung, Deputy Director General (Promotion II) of Tourism Malaysia, said CUCKOO Malaysia’s role as a strategic partner is commendable, aligning perfectly with the agency’s goal of showcasing a modern, healthy, and welcoming Malaysia to the world. During a Buka Puasa event, CUCKOO Malaysia also announced several initiatives, including its appointment as a Strategic Partner for Visit Malaysia 2026 (VM2026), the installation of CUCKOO water stations at KLIA Terminals 1 and 2, the continuation of Dato’ Sri Siti Nurhaliza and Phei Yong as brand ambassadors, and the introduction of its first mascot, HEPI. Hoe added that these initiatives reflect the company’s broader mission of promoting healthier lifestyles not only at home but also in public spaces. Meanwhile, Lee Thai Hung, Deputy Director General (Promotion II) of Tourism Malaysia, said Malaysia’s tourism sector continues to gain momentum, with the country welcoming over 42.2 million international arrivals in 2025. He noted that collaborations such as CUCKOO’s support for Visit Malaysia 2026 will help position the country as a destination that prioritises wellbeing and modern lifestyle experiences for visitors.

Lifestyle

YTL Foundation Launches 2026 Scholarship Applications

The YTL Foundation Scholarship 2026 is now open for applications, with the deadline set for 30 April 2026. Established in 1997, the scholarship aims to support talented Malaysians in pursuing their first undergraduate degree in Malaysia. As part of YTL Group’s long-standing commitment to nation-building, the scholarship reflects its philosophy of “Building The Right Thing”, investing in education as a cornerstone for lasting social impact. By empowering young Malaysians with access to quality education and development opportunities, the YTL Foundation seeks to nurture future leaders who can uplift communities, drive progress, and contribute meaningfully to the nation. Beyond financial support, the scholarship provides a holistic development experience. Scholars gain access to structured leadership and personal development programmes, mentorship and coaching, and annual paid internships within the YTL Group. These opportunities expose scholars to real-world work environments, professional best practices, and potential career pathways within a Bursa Malaysia Top 20 company. To guide prospective applicants, the YTL Foundation will host online info sessions throughout March and April 2026, covering scholarship types, benefits, the application and selection process, and tips for submitting a strong application. Participants can engage in live Q&A sessions and hear from current YTL Scholars about their academic journeys, development experiences, and internships. “At YTL Foundation, we aim to nurture well-rounded individuals by providing not just access to education, but also guidance, exposure, and values that help scholars grow into responsible leaders. Through our scholarship programme, we hope to empower talented Malaysians to realise their potential and contribute meaningfully to our nation’s future,” said Programme Director Dato’ Kathleen Chew. The scholarship is open to Malaysian students who demonstrate strong academic performance, leadership potential, and genuine financial need. Eligible candidates must have qualifications such as SPM/IGCSE, STPM, Matriculation, Foundation, A-Levels, or the International Baccalaureate, and must be pursuing a full-time undergraduate degree in Malaysia. Successful applicants will receive full tuition coverage, living allowances, and allowances for essential learning tools, including a laptop, phone, or data plan. The Yeoh Tiong Lay Award Each year, one outstanding scholar may be selected for the Yeoh Tiong Lay Award, a prestigious overseas scholarship recognising candidates who excel academically while demonstrating strong values, altruism, and meaningful community engagement. The award honours the legacy of the late Tan Sri Dr Yeoh Tiong Lay, celebrating individuals who embody integrity, moral responsibility, and a commitment to building a better society through purpose-driven leadership.

Lifestyle

Malaysian Travellers Turn To TNG eWallet Visa Travel Card Amid Stronger Ringgit

As the ringgit strengthens and more Malaysians plan overseas trips during the festive season, a growing number of travellers are turning to the TNG eWallet Visa Travel Card to manage their spending abroad. The travel card, recently introduced within the TNG eWallet app, offers cashback rewards on overseas spending, allowing users to earn money back on purchases made while travelling. Under the current promotion, travellers can enjoy up to 5% unlimited cashback on overseas spending until April 30, 2026. After the promotional period ends, the card will continue to offer up to 3% unlimited cashback on international transactions until Dec 31, 2026. The feature is designed to help Malaysians stretch their travel budgets further by rewarding spending across international destinations. In addition to cashback benefits, the card also provides real-time mid-market exchange rates, which can offer better value for ringgit when making purchases in foreign currencies. This allows travellers to make payments overseas without worrying about unfavourable exchange rates. The Visa Travel Card can be used globally at any merchant that accepts Visa, providing travellers with a convenient payment option for shopping, dining, transportation, and other travel expenses. Users can also withdraw cash at ATMs worldwide, with one free withdrawal allowed each month. To encourage adoption, TNG eWallet is offering a first-year annual fee waiver along with RM35 cashback upon card activation. With travel demand continuing to rise, digital travel cards like the TNG eWallet Visa Travel Card are gaining popularity among Malaysian travellers looking for convenience, competitive exchange rates, and cashback rewards while spending overseas.

Investment & Market Trends

Penang-Based Emits Plans ACE Market Debut

Penang-based contract manufacturer Emits Bhd is planning to list on the ACE Market of Bursa Malaysia to raise funds for working capital and the purchase of new equipment as part of its expansion strategy. According to its draft prospectus, the company expects higher working capital requirements as it prepares for business growth. Emits is also anticipating securing a project by June this year to manufacture 5G base station antennas, which would require additional input materials and contract workers. Headquartered in Penang, Emits operates its main manufacturing facility there, serving customers in Malaysia, the United States, and Germany. The company also works with a third-party manufacturer in Taiwan, where it runs an assembly line to produce semi-finished land mobile radio antennas. Emits specialises in antenna manufacturing services, supplying components used in telecommunications devices such as walkie-talkies and WiFi routers, as well as industrial equipment including 5G base station antennas and barcode scanners. For the financial year ended 2025, the company reported a net profit of RM5.2 million on revenue of RM39.65 million. The proposed initial public offering (IPO) will consist of a public issuance of new shares and an offer for sale of existing shares, representing up to 28% of the company’s enlarged share capital. The final IPO price will be determined at a later stage. Proceeds from the offer for sale will go to several shareholders, including Datuk Seri Goh Eng Hoe, managing director Loy Boon Liang, executive director H’ng Chuen Yeou, and chief technical officer Por Chee Seong. Mercury Securities has been appointed as the principal adviser, sponsor, underwriter, and placement agent for the proposed listing.

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