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Cargo freighter operator MJets Air Sdn Bhd (MJets), a 99%-owned subsidiary of MMAG Holdings Bhd, is scaling down its operations by 45% starting this month as part of cost containment efforts amid mounting financial pressure. In an internal memo, MJets described the move as a “prudent step to preserve resources and maintain operational stability”, citing rising fuel costs, geopolitical uncertainties and weaker charter demand as key challenges affecting the aviation sector. Effective April 6, the company has implemented salary adjustments and introduced voluntary leave-without-pay schemes as part of its restructuring measures. MJets plays a key role in MMAG’s aviation segment, although the group has recently come under scrutiny following reports that its bank accounts had been frozen since late last year. NexG Holdings Bhd is also a shareholder in MMAG, holding a 9.48% stake. Financially, MJets has been under strain. For the financial year ended Sept 30, 2024, the company recorded a net loss of RM67.62 million on revenue of RM370.78 million. It has only reported a single profitable year over the past five years. As at end-September 2024, MJets had total liabilities of RM479.62 million, exceeding its total assets of RM413.78 million, with accumulated losses amounting to RM151.84 million. Despite the challenges, MMAG had continued to invest in the aviation unit. Less than six months ago, shareholders approved the acquisition of a Boeing 737-800 converted freighter for US$25.9 million (RM109.85 million), which is to be leased to MJets under an intra-group arrangement. MMAG first acquired an 80% stake in MJets in November 2020 for RM21.36 million, aiming to capitalise on surging e-commerce demand during the pandemic. The stake was later increased to approximately 98.57% through a capitalisation exercise. While MJets had secured an Air Operator’s Certificate from the Civil Aviation Authority of Malaysia in 2021, enabling it to operate cargo and charter services across Malaysia and Southeast Asia, the business has yet to deliver consistent profitability. The company has also faced operational and legal challenges, including past investigations and a countersuit filed by former stakeholders related to the acquisition and restructuring of the business. At the group level, MMAG reported a net profit of RM32.18 million for the 15-month period ended Dec 31, 2025, on revenue of RM1.15 billion, although its longer-term track record remains impacted by years of losses. The latest cost-cutting measures at MJets highlight ongoing efforts by MMAG to stabilise its aviation operations amid a challenging industry environment.

Hong Kong ramped up the issuance of licences for bankers specialising in initial public offerings (IPOs) by 53% in March, signalling a gradual recovery in activity even as regulators maintain strict standards for industry entry. Data from the Securities and Futures Commission (SFC) showed that 43 new corporate finance advisory licences were granted during the month, rebounding from a low in February. However, the figure remains below the historical average of more than 100 licences per month seen prior to tighter regulatory scrutiny. Market observers said the increase suggests the regulator is attempting to ease capacity constraints while continuing to enforce higher quality standards. The number of licensed bankers is widely seen as a key indicator of the health of Hong Kong’s capital markets. The SFC had intensified oversight late last year, criticising banks for inadequate staffing and substandard IPO submissions. The move came amid a surge in listing activity, with the market experiencing its strongest fundraising levels in four years. The regulator has since introduced measures to improve deal quality, including limiting signing principals — the bankers ultimately responsible for IPO submissions — to a maximum of five active mandates at any given time. This restriction has created a bottleneck, with more than 400 companies currently in the pipeline for listings. SFC executive director of intermediaries Eric Yip said the regulator has been encouraged by how firms are responding, particularly in strengthening their resource allocation and internal processes. Industry participants noted that as equity capital market activity begins to pick up, firms are hiring more talent to meet both rising demand and stricter regulatory expectations. However, sentiment remains cautious following recent enforcement actions, including investigations into alleged insider trading involving a hedge fund and several brokerages. Overall, while the uptick in licensing points to improving momentum, the sector is still adjusting to a more disciplined regulatory environment.

TSH Resources Bhd has announced plans to expand its oil palm plantation footprint in Indonesia through a series of acquisitions, including related-party transactions. In a filing with Bursa Malaysia, the group said it has entered into an agreement to acquire Konsep Majureka Sdn Bhd for RM35.03 million from its chairman Datuk Kelvin Tan Aik Pen and former managing director Tan Aik Sim. Kelvin Tan holds a 28.46% stake in TSH Resources, while Tan Aik Sim owns 3.37%. The acquisition is expected to strengthen TSH’s landbank and support its plan to build a new palm oil mill closer to its estates, helping to reduce transportation costs. Konsep Majureka holds a 90% stake in PT Katingan Mitra Sejati, which owns plantation land in Central Kalimantan valued at RM41.5 million. The land spans approximately 9,842 hectares, of which 3,512 hectares have been identified as suitable for planting under the initial phase of development. Separately, TSH said its indirect Indonesian subsidiaries, PT Sarana Prima Multi Niaga and PT Mitra Jaya Cemerlang, have agreed to acquire PT Dinamika Alam Segar (PT DAS) for 5.5 billion rupiah (about RM1.28 million). PT DAS owns land in Central Kalimantan, with around 787 hectares suitable for oil palm cultivation. The group said this acquisition will enhance operational scale and complement the development of its nearby estates. TSH noted that the acquisitions will expand its plantation footprint in Indonesia while improving logistics efficiency by shortening the distance for transporting fresh fruit bunches. While the transactions are not expected to have a material impact on the group’s earnings for the financial year ending Dec 31, 2026, they are anticipated to contribute positively to earnings over the longer term. The deals will also not affect the company’s share capital. Shares in TSH Resources closed one sen, or 0.7%, lower at RM1.36 on Monday, giving the group a market capitalisation of RM1.74 billion.

Ocean Vantage Holdings Bhd (OVH) has obtained a High Court order to enforce an adjudication award against Petrofac Engineering Services (Malaysia) Sdn Bhd amounting to RM5.37 million, along with interest and related costs. In a filing with Bursa Malaysia, the oil and gas services group said the order was granted at the end of last month, following an earlier adjudication decision by the Asian International Arbitration Centre (AIAC) in October 2025. The claim arose from a civil works subcontract in Bintulu, Sarawak, which was awarded to OVH by Petrofac in 2022. According to previous filings, Petrofac had attempted to offset the payment against other sums. Under the High Court judgment, Petrofac is required to pay OVH’s subsidiary, Ocean Vantage Engineering Sdn Bhd, the adjudicated sum of RM5.37 million, along with interest at 5% per annum, as well as adjudication-related fees and legal costs. OVH said it is currently evaluating the appropriate enforcement actions to recover the awarded amount and protect the company’s interests. Shares in OVH rose by half a sen to 17.5 sen, giving the group a market capitalisation of RM75.24 million.

ACE Market-listed SMTrack Bhd has triggered Guidance Note 3 (GN3) status after recording continued losses and a decline in shareholders’ equity. In a filing with Bursa Malaysia, the company said its cumulative losses for the 18 months ended Dec 31, 2024 and the 18 months ended June 30, 2023 amounted to RM46.76 million, exceeding its shareholders’ equity of RM45.73 million as at end-December 2024. This triggered Rule 2.1(c)(i) under GN3. SMTrack also breached Rule 2.1(c)(ii) after posting a net loss of RM30.95 million for the 18-month period ended Dec 31, 2024, which was more than 50% higher than the RM15.81 million loss recorded in the previous corresponding period. In addition, its shareholders’ equity stood at less than 50% of its share capital of RM114.86 million, triggering Rule 2.1(c)(iii). The company said it plans to apply for a waiver from being classified as an affected listed issuer, noting that it has already initiated measures to improve its financial performance. “The board is confident that the group’s financial performance can be stabilised moving forward,” it said. SMTrack has been loss-making since its listing in 2011 and has changed its financial year-end multiple times. Most recently, it revised its financial year-end to June from December in November last year. For the 12 months ended Dec 31, 2025, the group reported a significantly reduced net loss of RM728,000 compared with RM28.74 million previously. However, revenue declined sharply to RM2.99 million from RM32 million. The company’s shares were untraded on Monday, with the last transaction recorded on April 10 at one sen, giving it a market capitalisation of RM13.21 million.