Raya Aviation Holdings Sdn Bhd, the parent company of cargo carrier Raya Airways, has emerged as the largest shareholder of NexG Bhd after acquiring two private companies previously linked to the group’s current and former executives. In a filing with Bursa Malaysia on Wednesday (March 4), Raya Aviation disclosed that it now holds 711.7 million NexG shares, representing a 20.4% stake, following the takeover of Skyelimit Alliance Sdn Bhd and Trendtrove Tradin Sdn Bhd. Skyelimit Alliance holds 561.7 million shares (16.1%) in NexG, while Trendtrove Tradin owns 150 million shares (4.3%). According to records from the Companies Commission of Malaysia (SSM), Raya Aviation’s ultimate ownership remains unclear, as CIMB Islamic Trustee Bhd holds 99% of the company. Its directors are Mohamad Yusof Ishak and Mohamad Najib Ishak, with Tan Tong Lang serving as company secretary. Mohamad Najib is also the group managing director of Raya Airways. Raya Aviation was previously known as Amrul Nizar Anuar Resources Sdn Bhd before changing its name on Dec 22, 2020. Raya Airways itself was formerly known as Transmile Air Services. Prior to the takeover, Skyelimit Alliance was wholly owned by Tan Sri Mohd Khairul Adib Abd Rahman, who stepped down as NexG’s executive deputy chairman in October 2025, less than six months after assuming the role. Khairul Adib also held shares in NexG through Kuantum Juang Sdn Bhd, which is 99.9% owned by RHB Trustees Bhd. Meanwhile, Trendtrove Tradin was wholly owned by NexG executive director Datuk Ab Hamid Mohamad Hanipah, who transferred ownership of the company to his son Anwar Ab Hamid in October 2025. A filing dated March 4 shows that Anwar has since ceased to be a shareholder of Trendtrove Tradin. Both Skyelimit Alliance and Trendtrove Tradin maintain pledged securities accounts with Velocity Capital Sdn Bhd, the financing arm of Velocity Capital Partner Bhd. NexG’s other substantial shareholder is executive chairman and group CEO Datuk Abu Hanifah Noordin, who holds a 9.58% stake in the company. Despite securing four government contracts worth more than RM2.5 billion, NexG has faced financial setbacks due to investments in volatile penny stocks that have significantly declined in value. For the third quarter ended Dec 31, 2025 (3QFY2026), NexG reported a net loss of RM130.88 million, largely due to a fair value loss of RM145.6 million on other investments. Among the losses, NexG invested RM88 million to acquire 220 million shares in MMAG Holdings Bhd at 40 sen each, representing a 9.53% stake. The stock has since plunged 94% to 2.5 sen. The company also holds a 32.61% stake in Classita Holdings Bhd, now known as NexG Bina Bhd, along with 414.31 million warrants purchased for RM93.25 million. The combined investment is currently valued at about RM20.1 million, reflecting an 80% loss, with shares trading at 3 sen and warrants at 1 sen. Velocity Capital had also invested in MMAG around the same period. In March last year, it spent RM60 million to acquire the shares at 40 sen each, representing a 6.49% stake. However, it exited the investment in January this year, selling its entire holding in two tranches — 32.6 million shares on Jan 9 and 117.4 million shares on Jan 12 — at about 6.5 sen per share, resulting in an estimated 84% loss. NexG’s cash position has weakened over the past year. Total cash declined to RM47.11 million from RM73.21 million, while its cash balance fell to RM25.5 million from RM61.6 million. However, bank deposits increased to RM21.61 million from RM11.61 million. The group’s total borrowings stood at RM53.77 million, comprising RM38.87 million in short-term debt and RM14.9 million in long-term obligations. NexG shares fell one sen, or 3.6%, to 27 sen on Wednesday, giving the company a market capitalisation of RM942 million. The stock has dropped nearly 50% from its 52 sen peak in October last year.
