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KUALA LUMPUR, Shares in Capital A Bhd retreated on Friday, ending a four-day winning streak after touching a 10-month high, as investors took profit amid the group’s ongoing efforts to finalise its regularisation plan and exit from Practice Note 17 (PN17) status. The counter slipped as much as 3% to 98 sen in early trading before edging up slightly to 99 sen at the midday break, still 2% lower for the day. Over 14 million shares changed hands, giving the company a market capitalisation of about RM4.3 billion. The pullback followed Thursday’s statement from Capital A’s chief executive officer Tan Sri Tony Fernandes, who said the group expects to complete its PN17 regularisation by December, after satisfying or obtaining waivers for all remaining conditions tied to its aviation restructuring. Under its regularisation plan, unveiled in April 2024, Capital A will divest its short-haul aviation assets — AirAsia Aviation Group Ltd and AirAsia Bhd — to AirAsia X Bhd for RM6.8 billion. The move will consolidate all short- and medium-haul AirAsia carriers under a single listed entity, streamlining the group’s airline operations. Capital A and AAX have since overcome a key hurdle in the restructuring after AAX and its Thai partner agreed to buy out minority shareholders in Asia Aviation PCL, which operates Thai AirAsia, rather than seeking a regulatory waiver. In addition, AAX plans to raise RM1 billion through a private placement to support the expanded airline group’s operations, with investor details expected to be announced soon, Fernandes said. According to Bloomberg data, Capital A has four “hold” ratings and one “buy” recommendation from analysts, with a 12-month consensus target price of RM1.12, unchanged after the update. The latest developments mark a crucial step for Capital A, which has been working to exit PN17 status since early 2022 following pandemic-driven losses that triggered the classification.

KUALA LUMPUR, Aquawalk Group Bhd is set to raise RM114.3 million from its initial public offering (IPO) ahead of its ACE Market debut on Bursa Malaysia Securities Bhd on Nov 19, 2025. The developer and operator of Aquaria KLCC said RM89.77 million, or 78.6% of the proceeds, will be allocated for capital expenditure, while RM3 million (2.6%) will go toward upgrading information technology systems. Another RM14.94 million (12.7%) is earmarked for working capital, and RM7 million (6.1%) for listing-related expenses. Aquawalk Group CEO Daryl Foong described the listing as a major milestone for both the company and Malaysia’s tourism sector. “It shows Malaysia’s ability to deliver world-class entertainment and education, while advancing conservation efforts sustainably and profitably,” he said at the launch of the company’s prospectus. Foong said the group plans regional expansion with new oceanariums in Surabaya, Indonesia, and Kota Kinabalu, Sabah, aiming for completion within three years. “These locations will range from 40,000 to 70,000 sq ft, while our larger Phuket facility spans about 100,000 sq ft. Construction will start after the IPO, with each site employing nearly 100 permanent staff, excluding construction-related jobs,” he added. In addition to Aquaria KLCC, the group owns and operates Aquaria Phuket and holds a 40% stake in Jakarta Aquarium and Safari. The IPO comprises a public issue of 368.6 million new ordinary shares and an offer for sale of 368.6 million existing shares. Of the public issue, 92.15 million shares are available to the Malaysian public, 4.68 million to eligible directors, employees, and contributors, and 271.76 million via private placement. The offer for sale includes 230.37 million shares for Bumiputera investors approved by the Investment, Trade and Industry Ministry and 138.22 million shares for selected investors through private placement. Priced at 31 sen per share, Aquawalk will have a market capitalisation of RM571.3 million upon listing, based on a total enlarged share capital of 1.84 billion shares. Applications for the public issue open today and close at 5 pm on Nov 7, 2025. M&A Securities is acting as adviser, sponsor, and managing underwriter for the IPO, with CGS International serving as joint underwriter and joint placement agent.

KUALA LUMPUR, Malaysia will maintain its ban on the export of raw rare earth elements (REE) to ensure that value-added processing and downstream development take place domestically, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said the policy aims to strengthen Malaysia’s industrial base while promoting sustainable growth and technological advancement in the REE sector. “At the same time, we continue to welcome foreign investment and technology partnerships in the mining and processing of REE to help build a complete and competitive domestic ecosystem,” Zafrul said during a special briefing session on the Malaysia-US Reciprocal Trade Agreement (ART) in the Dewan Rakyat on Wednesday. “Malaysia values strategic collaboration with the US and other nations in developing the local REE industry, including potential trilateral cooperation involving Malaysia, the US, and Australia, such as with Lynas,” he added. The minister stressed that Malaysia’s policy seeks to avoid the export of unprocessed, low-value raw materials, ensuring that the country benefits first from local processing and value creation. “The same principle applies to REE and other critical minerals. Once processing and value addition are completed in Malaysia according to our laws and standards, the resulting high-value products can be exported as part of global supply chains,” he said. Addressing concerns regarding the Malaysia-US ART, Zafrul clarified that the agreement will be implemented in accordance with Malaysia’s national laws and strategic priorities to safeguard domestic interests while expanding new trade opportunities. He also noted that the list of proposed procurements under the ART does not involve new government expenditure, but instead reflects commercial arrangements by private sector players. “For instance, Malaysia Aviation Group’s purchase of Boeing aircraft was announced in March 2025, well before the tariff announcement by US President Donald Trump,” he said. “Similarly, Petronas’ decision to procure liquefied natural gas (LNG) from the US forms part of its strategy to ensure supply security and fulfil its domestic and international obligations. It was a commercial decision — not a political one,” he added. Zafrul further emphasised that under the ART framework, Malaysia is now recognised as a “trusted supply chain partner”, which is expected to facilitate smoother trade flows, especially for strategic and high-technology goods. “This recognition strengthens Malaysia’s position as a regional investment hub and preferred destination for companies seeking to access the US market,” he said. He added that Malaysia’s strong commitment under the ART would also be taken into account in the US government’s ongoing investigation into the semiconductor sector under Section 232 of the US Trade Expansion Act 1962, which is expected to conclude by the end of 2025.

KUALA LUMPUR, Computer mainframe systems specialist Infomina Bhd (KL) said its Philippine subsidiary has been hit with a RM225.67 million counterclaim by the Bank of the Philippine Islands (BPI), escalating the ongoing legal dispute between the two parties over an alleged wrongful contract termination. In a filing with Bursa Malaysia on Wednesday, Infomina said the counterclaim includes an “unprecedented” PHP3 billion (RM212.66 million) in exemplary damages, PHP173.48 million (RM12.3 million) as a refund of fees, and PHP10 million (RM710,000) in legal costs. BPI is also seeking to include members of Infomina Philippines’ board of directors and Infomina’s group chief technology officer, Siow Liew Fei, as additional defendants in the case. “Based on legal advice, Infomina Philippines remains confident in the merits of its claims against BPI, as well as its defences against the counterclaim — particularly with respect to the extraordinary demand of PHP3 billion in exemplary damages,” the company said. Infomina’s Philippine unit has until Nov 15 to file its defence, though the deadline may be extended by another 20 days to Dec 5. The dispute stems from BPI’s alleged wrongful termination of a 2021 software purchase and maintenance agreement with Infomina Philippines. In its original suit filed in September 2022, the company sought PHP1.65 billion (RM133 million) in damages, claiming that the termination was invalid and that BPI had failed to properly report its software usage and consumption as required under the agreement. Infomina said the legal proceedings are ongoing, and it will make further announcements as necessary. Despite the legal developments, the company’s share price closed three sen or 2.19% higher at RM1.40 on Wednesday, valuing the group at RM841.75 million. The outcome of the case, if successful, could have a material impact on Infomina’s financial performance and its operations in the Philippines, where it continues to expand its enterprise technology and data infrastructure services.