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ShopeePay has raised its e-wallet balance limit in Malaysia to RM30,000, significantly increasing how much verified users can store and spend on the platform. The limit, up from RM9,999, applies automatically to all existing users who have completed electronic know-your-customer (e-KYC) verification. New users and those yet to complete e-KYC will receive the higher limit once verification is done. ShopeePay said the RM30,000 cap is currently the highest wallet limit offered by any e-wallet in Malaysia. Alongside this, the daily transaction limit has also been lifted to RM30,000 from RM9,999. Monthly transaction limits have been raised sharply to RM180,000 from RM20,000, while annual limits now stand at RM360,000, compared with RM120,000 previously. Despite the higher overall limits, individual payments, transfers and withdrawals remain capped at RM9,999 per transaction, in line with regulatory requirements. Users are assigned a default daily transaction limit, which can be adjusted within the app. Any increase is subject to a three-hour cooling-off period as an added security measure, ShopeePay said. For comparison, Merchantrade Money currently offers a standard wallet limit of RM20,000, up from RM10,000 previously, with users able to raise their combined limit to RM50,000 by linking the wallet to an AmBank Islamic Hybrid Current Account-i. Meanwhile, TNG eWallet recently increased the limit for its GO+ savings feature to RM20,000 from RM9,500.

The legal dispute between Sapura Holdings Sdn Bhd (SHSB) director Datuk Shahriman Shamsuddin and his brother, SHSB group CEO Tan Sri Shahril Shamsuddin, over a winding-up petition has been amicably settled out of court. The settlement was disclosed to High Court judge Leong Wai Hong on Wednesday by lawyers representing all parties. Tan Sri Shahril Shamsuddin (left) and Datuk Shahriman Shamsudin. The winding-up petition, filed by Shahriman on Sept 23, 2024, sought to dissolve SHSB to ensure a fair division of assets. Shahril and minority shareholder Datuk Rameli Musa opposed the move, arguing that SHSB is not a family company. Both brothers hold 40.5% of the company each, while their jointly owned vehicle, Brothers Capital Sdn Bhd, holds 15%, and Rameli owns 4%. The dispute centered on the division of assets, particularly the jointly owned Permata Sapura office project with KLCC Holdings, part of the development project called Project Apex. Shahriman argued that Sapura Resources Bhd lacked the capital to manage and operate the 52-storey skyscraper near KLCC, while Shahril proposed injecting funds through a cash call. Sapura patriarch Tan Sri Shamsuddin Abdul Kadir stated that SHSB was founded as a family company to be equally controlled by his two sons. The winding-up petition was based on claims of a complete breakdown in trust and confidence between the brothers, who agreed they could no longer work together. Under Project Apex, a joint venture with KLCC Holdings in 2011, the Permata Sapura project cost about RM1.26 billion. A master lease agreement with Sapura Resources as tenant did not materialize after Sapura Energy Bhd, previously an oil and gas giant, came under Permodalan Nasional Bhd (PNB) control in 2018 following a series of rights issues. In 2023, KLCC Holdings proposed an RM85 million exit for Sapura Resources from Project Apex, supported by Shahriman but opposed by Shahril. The settlement formally ends the winding-up case, while other ongoing legal matters involving the family—such as Shahriman being sued for alleged breaches and disputes over a 1997 hibah (gift) of SHSB shares—are expected to be resolved amicably. Lawyers confirmed that the settlement was mutual and confidential, with no family members present in court. The winding-up proceedings had included testimony from both Tan Sri Shamsuddin and Shahriman, with Shahriman undergoing cross-examination at the time of the settlement.

Precision engineering services provider Ambest Group Bhd has launched its initial public offering (IPO) on the ACE Market of Bursa Malaysia, targeting gross proceeds of up to RM37.74 million. According to its prospectus issued on Wednesday, the IPO is priced at 25 sen per share and comprises a public issue of 110 million new shares, alongside an offer for sale of 40.95 million existing shares by co-founders and selling shareholders Tan Beng Beng and Lim Eng Guan. In total, up to 29.6% of Ambest’s enlarged share capital will be made available through the listing exercise. (From left): Ambest Group Bhd independent non-executive director Wong Thai Sun, Malacca Securities MD Lim Chia Wei, Ambest Group MD Tan Beng Beng, executive director Lim Eng Guan, independent non-executive chairman Tan Sri Samshuri Arshad, independent non-executive director Lok Man Shung and Wyncorp Advisory managing director Wong Yoke Nyen at the launch of the prospectus. Of the total funds raised, RM27.5 million from the issuance of new shares will go towards supporting the group’s expansion plans, while RM10.24 million from the offer for sale will accrue to Tan and Lim. Based on the IPO price, Ambest is expected to have a market capitalisation of RM127.5 million upon listing. The IPO will close on Jan 27, 2026, with the company scheduled to make its ACE Market debut on Feb 6, 2026. Headquartered in Penang, Ambest primarily serves the semiconductor industry, providing precision machining services for customised parts and components that require high accuracy and tight tolerances. The group also offers value-added services, including sub-modular assembly and surface finishing treatments. Ambest’s manufacturing capabilities are supported by a fleet of 44 CNC milling machines, two CNC turning machines, and seven CNC turn-milling machines, enabling the group to carry out milling, turning and integrated turn-milling processes. In terms of fund utilisation, Ambest plans to use RM21.5 million of the IPO proceeds to partially repay outstanding term loans, which is expected to lower its borrowings and reduce interest expenses. The group also intends to acquire four computer-assisted cutting machines to enhance its production capacity. Additionally, Ambest plans to expand its Facility 42A by constructing an extra storey, increasing the built-up area from about 2,010 square metres to 2,910 square metres. The expansion will allow for the installation of additional machinery, improved production flow, and the development of a new cleanroom facility. Managing director Tan Beng Beng said about RM6.8 million, or 24.7% of the IPO proceeds, will be allocated for general working capital to support daily operations, including the purchase of raw materials. A further RM4.8 million, or 17.5%, will be used to cover listing-related expenses. For the financial year ended Dec 31, 2024 (FY2024), Ambest recorded a 3% increase in net profit to RM7 million, alongside a similar rise in revenue to RM47.26 million. The Malaysian market accounted for 84% of total revenue, while overseas markets — including Singapore, Sri Lanka and Japan — contributed the remaining 16%. Ambest’s board is chaired by Tan Sri Samshuri Arshad, an independent non-executive chairman, who is also the non-independent non-executive chairman of Binastra Corp Bhd. Malacca Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO, while Wyncorp Advisory Sdn Bhd is the corporate finance adviser.

Favelle Favco Bhd has clinched three new contracts to supply tower and offshore cranes, with a total value of RM76.3 million. According to a Bursa Malaysia filing on Monday, the orders were awarded to the group’s wholly owned subsidiaries, Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd. Delivery of the cranes is expected by the end of 2026 and the first quarter of 2027. The company said the contracts are set to positively impact its earnings and net assets for the financial year ending Dec 31, 2026, and beyond. These latest wins follow Favelle Favco’s announcement on Nov 25 of RM79 million in contracts for four additional cranes. As of Nov 12, the group’s outstanding order book stood at RM519 million. Shares of Favelle Favco closed five sen, or 3.1%, higher at RM1.65 on Monday, giving the company a market capitalisation of RM391.35 million. The stock has remained largely stable over the past year.