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Investment & Market Trends

SC Invites Feedback On Market Segmentation Review Proposals

The Securities Commission Malaysia (SC) has released a consultation paper seeking industry feedback on a series of proposed enhancements aimed at strengthening the attractiveness and effectiveness of Malaysia’s public equity markets. The consultation focuses on potential updates to the listing frameworks for both the Main Market and the ACE Market. According to the SC, the proposals are designed to make it easier for companies to access the capital market while ensuring that each market segment remains clearly defined and supported by regulations that are appropriate to its purpose. Key areas highlighted in the consultation paper include: • Enhancing listing pathways for the Main MarketThis includes refining the profit test criteria and strengthening the infrastructure project corporation (IPC) test to better accommodate companies with different business models and growth trajectories. • Introducing flexibility for operating cash flow requirementsThe SC is considering adjustments to the requirement for positive operating cash flow for Main Market applicants, allowing more companies with strong prospects, but uneven cash flow patterns, to qualify for listing. • Reinforcing the ACE Market as a launchpad for smaller companiesProposals include aligning certain ACE Market listing requirements with its existing sponsor-driven structure, ensuring the market continues to serve as an effective stepping stone for small and medium-sized enterprises (SMEs) to eventually transition to the Main Market. The SC has encouraged participation from investors, listed companies, advisors, industry groups, and the broader public to help ensure that the review process is inclusive and reflects the needs of Malaysia’s capital market ecosystem. The regulator aims to finalise the reforms and implement the updated listing frameworks for both markets in the first half of 2026.

News

OpenAcademy, FEN launch “Duit Yourself” To Help Youths Manage Finances

OpenAcademy, a Malaysian ed-tech platform, has introduced “Duit Yourself”, a financial literacy education series created in partnership with the Financial Education Network (FEN) — a national platform established by Bank Negara Malaysia — together with key members including the Malaysian Financial Planning Council (MFPC) and the Financial Planning Association of Malaysia (FPAM). The programme aims to help young Malaysians better understand, manage, and grow their finances through engaging lessons led by certified experts. Launched in line with the priorities outlined under Belanjawan 2026, the initiative supports Malaysia’s broader push to strengthen financial literacy and resilience, especially among youths. Hosted on the OpenAcademy app, the free “Duit Yourself” series features 11 practical modules developed with FEN’s network of planners and educators. Topics include payslip basics, EPF and SOCSO, budgeting, debt management, savings, investments, and long-term financial planning. Crafted by professionals with on-the-ground experience, the content offers accurate, real-world insights to help Malaysians make informed financial decisions at every life stage. The digital-only series will be delivered through the OpenAcademy platform and supported by social media outreach with education partners. It is designed for students, young working adults, individuals planning their long-term financial future, and anyone seeking better control over their personal finances. “Financial literacy is about feeling confident in everyday money decisions. With the ‘Duit Yourself’ series, we worked with FEN and leading financial experts to build content that is engaging, credible, and freely accessible to all Malaysians,” said Celine Ting, Co-founder and Managing Director of OpenAcademy. Driving a national conversation on financial literacy The launch event also included a panel discussion titled “Are Malaysians Financially Literate?”, moderated by Daryll Tan, Co-founder of OpenMinds and OpenAcademy. Panelists included Kevin Neoh, Licensed Financial Planner and Certified Financial Coach; Anuar bin Shuib, CEO of VKA Islamic Wealth Management and Fellow of MFPC; and Daniela Strîmbei, Executive Director of SOLS Foundation. The session explored the state of financial literacy in Malaysia, the importance of early financial education, and the role of public–private collaboration in closing knowledge gaps. Panelists also discussed why financial illiteracy persists among youths despite rising awareness, the influence of social media, the gig economy’s impact on financial habits, and whether traditional literacy benchmarks still reflect today’s needs. Cultural mindsets, systemic challenges, and widespread misinformation were highlighted as key barriers, along with practical steps communities, institutions, and policymakers can take to drive meaningful behavioural change. Extending impact through “Teach to Thrive” Beyond financial literacy education, OpenAcademy is also expanding its social impact through the “Teach to Thrive” campaign, a movement focused on bridging the education gap and empowering underserved communities with practical, real-world skills. Built on the belief that education unlocks opportunity, the initiative aims to help individuals build better futures through knowledge and confidence. The campaign currently collaborates with SOLS Foundation and Women of Will (WOW) to make education more inclusive and accessible. For partnership enquiries or more information, contact OpenAcademy at [email protected].

News

BlackBerry, Canada Expand Women In Cyber Programme To Malaysia

BlackBerry Limited (NYSE: BB; TSX: BB), Global Affairs Canada and Rogers Cybersecure Catalyst at Toronto Metropolitan University (“the Catalyst”) today announced the Women in Cyber Leadership Program, a strategic initiative designed to advance women cybersecurity professionals into leadership roles across Malaysia and ASEAN member states. Applications are now open, with the course scheduled to take place from 26-30 January, 2026, at the MCMC and BlackBerry Cybersecurity Center of Excellence (CCoE) in Cyberjaya, Malaysia. The intensive five-day course will bring together mid-level women professionals across all sectors to develop strategic capabilities in cyber risk management, governance frameworks, and executive leadership. The program aims to help address a critical workforce challenge. Women remain significantly underrepresented in cybersecurity leadership roles, despite the Indo-Pacific region facing an escalating digital threat landscape and a shortage in human cyber capital. It also aligns with Malaysia’s goals to foster more diverse leadership in cybersecurity and strengthen the region’s digital economy. “It is inspiring to see so many women participating in skills training and globally-certified courses at the MCMC and BlackBerry Cybersecurity Center of Excellence in Malaysia – but there is more work to be done as an industry to grow opportunities for women in cyber leadership roles across the region,” said Jaclyn Sim, Senior Manager, Cybersecurity Technical Training, BlackBerry. “As well as boosting regional cyber-resilience, this public-private sector initiative delivered in collaboration with Global Affairs Canada and the Catalyst can help to open doors for women to lead, influence, and shape the future of cybersecurity.” The curriculum combines practical application with strategic exploration of regional threat analysis, emerging technologies including AI, cyber governance frameworks, and executive communications. Participants will engage in tabletop simulation exercises, collaborative projects, and networking events led by global experts and regional leaders. The program culminates in a certificate of completion recognizing advanced leadership capabilities. “Cybersecurity is strongest when the people shaping it reflect the communities it protects, and it is encouraging to see Malaysia taking such proactive action to grow a more diverse and inclusive cybersecurity workforce,” added Charles Finlay, Founding Executive Director of the Catalyst. “We are proud to work with Global Affairs Canada and BlackBerry to support this effort, and create pathways for talented women in the Indo-Pacific to pursue leadership roles in one of the world’s fastest growing sectors.” The Women in Cyber program is offered at no cost for all accepted participants thanks to funding from the Government of Canada through its Anti-Crime and Counter-Terrorism Capacity Building Program. Travel bursaries covering transportation, accommodation, and meals are available for selected ASEAN nominees residing outside Malaysia. Approximately 40 women from ASEAN member states will participate in this program. This news follows a recent announcement during the 47th ASEAN Summit by the Right Honourable Mark Carney, Prime Minister of Canada, revealing that Canada is expanding its investment in advancing cybersecurity capacity building in the Indo-Pacific region. Under this initiative, Global Affairs Canada is providing CAD $226,000 to upskill and train 100 government and select civil society professionals in mid-level management roles through the MCMC and BlackBerry CCoE in Cyberjaya, with more details to follow soon. Interested professionals for the ‘Women in Cyber’ program can apply here. Successful candidates will be notified in December 2025. For more information about the MCMC and BlackBerry CCoE, visit the website, follow us on LinkedIn, or contact us at [email protected].

Property

Bedi To Offload Sandakan Hypermarket For RM85 Million

Property developer Bedi Bhd, formerly WMG Holdings Bhd, has entered into an agreement to sell its hypermarket property in Sandakan, Sabah, to retailer and wholesaler Mydin for RM85 million. Mydin is also the current tenant of the property. The 4.39-acre site, which includes a double-storey hypermarket, was independently valued at RM93 million by CH Williams Talhar & Wong (Sabah) Sdn Bhd on Nov 3, making the agreed sale price an 8.6% discount. The property has been leased to Mydin under a 20-year agreement signed in July 2019. Bedi said it approached Mydin with a sale offer in April this year, exercising the lease’s first right of refusal clause, which Mydin accepted. Bedi described the sale as part of its ongoing strategy to streamline its assets and strengthen its financial position, while supporting its broader property development objectives. Proceeds from the transaction will be allocated primarily to fund new property acquisitions and development projects in Sabah, amounting to RM45.52 million. Another RM35.78 million will be used to repay bank borrowings, with the remainder covering transaction-related expenses. The company expects to record a net gain of RM22.1 million from the disposal, which is scheduled for completion in the first quarter of 2026, subject to shareholder approval at an extraordinary general meeting. Bedi underwent a change in management last year after Exsim Development Sdn Bhd became its largest shareholder with a 52.5% stake, purchased from Syarikat Kretam (Far East) Holdings Sdn Bhd for RM75.12 million. In a related transaction, Ben Kong Chung Vui, acting in concert with Exsim, acquired a 17.5% stake from Syarikat Kretam. Shares of Bedi closed at 31 sen on Nov 12, giving the group a market capitalisation of RM268.82 million.

Energy & Technology

He Group Secures RM57 Million Data Centre Contract

HE Group Bhd has secured a RM56.59 million subcontract to provide electrical services for a data centre project in Cyberjaya, the company announced on Thursday. The contract comes from an undisclosed “engineering, procurement and construction management (EPCM) company,” which HE Group described as a foreign-owned firm specialising in construction, civil engineering, and offshore oil and gas sectors. The project will be executed by the power distribution specialist’s subsidiary, Hexatech Engineering Sdn Bhd, under an eight-month subcontract agreement with the EPCM company. The contract was initially indicated in a letter of instruction issued on August 27, 2025, with an original value of RM56.7 million. Under the agreement, Hexatech Engineering will be responsible for delivering comprehensive electrical services for the data centre, including the installation, testing, and commissioning of the power distribution systems. The scope of work is expected to contribute positively to HE Group’s earnings over the eight-month contract period. The data centre project in Cyberjaya reflects the growing demand for high-quality, reliable electrical infrastructure to support Malaysia’s expanding digital economy and technology sector. Data centres have become a critical component of the country’s digital transformation, requiring specialised electrical systems to ensure continuous, efficient, and safe operations. HE Group noted that the EPCM company leading the project has extensive experience in large-scale engineering projects, particularly in sectors requiring high technical precision and operational reliability. This partnership underscores HE Group’s capabilities in providing electrical solutions for complex infrastructure projects, while also positioning the company to capitalise on the rapidly expanding data centre market in Malaysia. Shares in HE Group ended Thursday’s trading session 0.5 sen, or 1.41%, higher at 36 sen, giving the company a market capitalisation of RM158.4 million. The successful award of this subcontract is expected to strengthen investor confidence in HE Group’s operational and technical expertise, while contributing to the firm’s growth trajectory in the power distribution and data centre infrastructure segments.

Energy & Technology

Government To Supply Reclaimed Water To Data Centres In Major Sustainability Deal

Three agreements establishing Klang Valley’s first integrated reclaimed-water supply chain for data centres were officially signed on Thursday in a ceremony overseen by the Ministry of Energy Transition and Water Transformation (Petra). The agreements involve Air Selangor, Amazon Web Services (AWS), Indah Water Konsortium (IWK), and Central Water Reclamation Sdn Bhd (CWR), and were signed in the presence of Deputy Prime Minister and Petra Minister Datuk Seri Fadillah Yusof, Selangor Menteri Besar Datuk Seri Amirudin Shari, and AWS Asia-Pacific data centre operations director Dr Saji PK, Petra said in a statement. The initiative comes amid growing calls for data centres to diversify water sources through alternatives such as reclaimed water, rainwater harvesting, and recycled effluent, as Malaysia has seen a surge in water-intensive data centre projects over the past three years. Under the first agreement, Air Selangor will supply industrial reclaimed water to AWS, marking the first time reclaimed water will be used for data centre operations in Klang Valley. The second agreement formalises a bulk water supply arrangement between Air Selangor and CWR — a joint venture between Air Selangor and IWK — allowing reclaimed water to be produced and distributed through a dedicated reclamation facility. The third agreement sees IWK supplying treated effluent to CWR, which will then process it into reclaimed water for distribution. Datuk Seri Fadillah described the collaboration between federal and state authorities, utilities, and industry players as a clear example of how federal vision and state-level execution can deliver tangible benefits to Malaysians. He highlighted that the project aligns with Petra’s Water Sector Transformation 2040 (AIR 2040), which promotes treated effluent as a renewable resource to enhance national water security. To encourage wider adoption across industries, Petra said it is updating the legal and policy framework for reclaimed water while continuing to support initiatives such as the Corporate Renewable Energy Supply Scheme (CRESS), Green Electricity Tariff (GET), and rooftop solar self-consumption programs to help energy-intensive sectors reduce carbon emissions. Malaysia has become a key regional hub for data centre investments, but the substantial water requirements — mainly for cooling high-heat IT equipment — have raised concerns over the long-term sustainability of the sector.

Property

EcoWorld Taps RM1.88b MTN To Fund Data Centre Development

Property developer Eco World Development Group Bhd has launched a RM1.878 billion unrated medium-term note (MTN) programme to help fund land acquisition and the development of its build-to-lease data centre project in Selangor. According to a Bursa Malaysia filing on Thursday, the MTN programme was set up under EcoWorld’s wholly-owned subsidiary, Quantum Alpha Sdn Bhd (QASB), which is leading the data centre initiative. The first tranche of RM3.58 million was issued on Thursday. EcoWorld said the notes, to be issued periodically, were fully subscribed by a major local financial institution, demonstrating “strong investor confidence in the group’s credit profile and the long-term potential of the data centre project.” QASB signed a build-and-lease agreement in February with Pearl Computing Malaysia Sdn Bhd, a Google affiliate, to develop and lease data centres within Eco Business Park V in Puncak Alam, Selangor. Under the agreement, QASB will construct the shell and core structures of the data centres on 92.44 acres of land according to the lessee’s specifications. The project, expected to be completed in 2027, will be leased to Pearl Computing for an initial 20-year term, with total rent projected at up to RM4.8 billion and a 10-year renewal option. At the same time, EcoWorld also sold 58.19 acres of industrial land within the park to Pearl Computing for RM266.1 million. The group confirmed on Thursday that discussions are ongoing with potential institutional investors interested in participating in the data centre development. Any investment could involve taking a stake in QASB, though EcoWorld plans to retain up to 80% ownership of the unit. EcoWorld shares closed unchanged at RM2.08 on Thursday, giving the group a market value of RM6.66 billion. Year-to-date, the share price has fallen nearly 3%.

Investment & Market Trends

Bitcoin Drops Below US$100,000 Amid Crypto Market Slump

Bitcoin has plunged further below the US$100,000 (RM412,900) mark, weighed down by renewed risk aversion and a selloff in technology stocks that has unsettled Wall Street. The cryptocurrency dropped as much as 3.9% to US$97,956, extending a downturn that has erased more than US$450 billion in market value since early October. Traditional sources of support, including large investment funds, ETF allocators, and corporate treasuries, have pulled back, removing a key pillar from this year’s rally and intensifying market vulnerability. Analysts at 10x Research say the crypto market has officially entered a bear phase. Citing weaker ETF inflows, ongoing selling by long-term holders, and limited participation from retail investors, the firm said its models first flagged the shift in mid-October and now point to deteriorating underlying sentiment. The next significant support level is around US$93,000. “Bitcoin was already under pressure from heavy spot selling and corporate hedging, with traders largely avoiding altcoins,” said Jake Ostrovskis, head of OTC trading at Wintermute. “When crypto-specific catalysts fade, correlations with traditional markets increase, which is driving today’s decline.” The slump coincides with renewed volatility in global markets. A brief rally in US equities earlier this week, triggered by relief over the end of the government shutdown, has faded. With key economic reports delayed, investors are reassessing whether the Federal Reserve will cut interest rates soon, adding pressure on growth assets such as tech stocks and cryptocurrencies. Crypto-related equities have also suffered significant losses. Shares of Strategy Inc, long seen as a retail proxy for bitcoin exposure, have tumbled in recent weeks, erasing billions in investor capital as premiums above net asset values collapsed. Demand for downside protection has surged in derivatives markets. Data from crypto exchange Deribit shows heavy trading in put options below the US$100,000 strike, particularly around US$90,000 and US$95,000. Although Bitcoin remains roughly 5% higher for the year and over 40% above its level during the 2024 US election, momentum has slowed considerably, and institutional participation appears to be declining. The current drawdown began in early October, when nearly US$19 billion in leveraged crypto positions were liquidated in a single day, further dampening sentiment across digital assets. Predicting a market bottom is difficult, but 10x Research noted that previous bear markets in mid-2024 and early 2025 saw losses of 30% to 40%. Bitcoin is currently down more than 20% from its 2025 peak, with limited signs of a sustained rebound. “There’s no longer just the scent of a bear market — Bitcoin and most crypto-linked assets are officially in one,” 10x said, pointing to the cryptocurrency remaining below its long-term moving average, a key indicator of weakening momentum.

News

Tencent, Apple Settle On 15% Fee For WeChat Mini-App Purchases

Tencent Holdings Ltd has reached an agreement with Apple Inc that will allow the iPhone maker to manage payments and take a 15% commission on spending within WeChat’s mini apps and mini games — effectively ending a long-running dispute in the world’s largest smartphone market. The deal comes under a new Apple programme launched on Thursday, which will be available to all mini-app developers. To join, developers must comply with certain Apple software requirements, including features that support parental controls. Although the 15% fee is significantly lower than Apple’s usual 30% cut, it provides Apple with a new revenue stream and eases pressure on Tencent, which runs WeChat — an all-in-one platform used daily by over a billion people in China. Previously, Apple had pushed Tencent to block workarounds used by developers to direct users to external payment channels, bypassing Apple’s in-app purchase system. “We have a very good relationship with Apple and have collaborated in many areas,” Tencent president Martin Lau said during a post-earnings call on Thursday. “We’ve been discussing ways to make the mini-game ecosystem more vibrant. There may be an official announcement in due time.” The partnership marks a significant move toward smoothing Apple’s operations in China — a key market where it faces stiff competition from domestic giants like Xiaomi and Huawei. It could also pave the way for similar arrangements for digital purchases across Chinese app platforms, which operate differently from Apple’s ecosystem. Apple’s concession comes after long negotiations, amid increasing scrutiny of the company’s policies by Chinese authorities this year. While Apple tightly controls its app ecosystem globally, its leverage in China is relatively limited, where Tencent and other major players such as ByteDance dominate online content and impose their own fee structures. With the 15% share, Apple gains ground in the fast-growing mini-game segment. These games — operated entirely within WeChat — brought in 32.3 billion yuan (US$4.5 billion or RM18.75 billion) in social network revenue for Tencent in the September quarter. Tencent previously disclosed in August last year that it was in talks with Apple to establish “economically sustainable” and fair terms that would allow Apple to take a share of mini-app and mini-game transactions. Mini games have been expanding rapidly in popularity, and until now, Apple earned nothing from purchases made in these ecosystems. Globally, Apple has gradually eased its once-standard 30% commission in certain regions and cases, allowing exceptions for subscriptions and alternative payment options — part of broader changes to its longstanding app-store policies.

News

Citaglobal Secures RM628mil Contract For Selangor Water And Flood Project

Citaglobal Bhd has secured a RM628 million contract from Jabatan Bekalan Air Malaysia (JBA) for a raw water and flood mitigation project in Selangor. The contract value is nearly double the group’s current market capitalisation of RM349 million and will boost its total order book to around RM1.7 billion, up from RM1.1 billion as of June 2025. In a filing to Bursa Malaysia on Thursday, Citaglobal said its wholly-owned subsidiary, Citaglobal Land Sdn Bhd (CLSB), has formally accepted the contract, under which it will serve as the project contractor. The contract follows a tender issued by JBA in March 2025 for the Dual-Function Pond for Raw Water Source and Flood Mitigation Package A Project, with CLSB submitting its bid in July 2025. The 48-month design-and-build project includes the construction of a weir and raw water pumping station at Sungai Klang, laying raw water pipelines to Sungai Air Hitam, and upgrading 10 existing ponds into detention and sedimentation systems. It also involves building a side spillway and stilling basin near the Sungai Air Hitam–Sungai Klang confluence, along with associated mechanical, electrical, instrumentation, control system, and infrastructure works. The project is expected to positively impact Citaglobal’s earnings, earnings per share, and net assets during the contract period. Designed as a dual-function facility, the pond will serve both flood mitigation and raw water supply purposes, enhancing Selangor’s water security and increasing the state’s reserve margin to over 15%. At the noon break on Thursday, Citaglobal’s share price remained steady at 82 sen, maintaining a market capitalisation of RM349 million.

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