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SINGAPORE, Singapore’s sovereign wealth fund, GIC Pte Ltd, is reportedly seeking to sell stakes in a portfolio of private equity (PE) funds valued at more than US$1 billion (RM4.2 billion), as it continues to actively rebalance its investments through the rapidly expanding secondary market. According to people familiar with the matter, who requested anonymity due to the private nature of the discussions, GIC has initiated a process to divest holdings with a net asset value of at least US$1 billion. The proposed sale could include as many as 30 PE funds managed by global investment heavyweights such as Blackstone Inc, Apollo Global Management Inc, and TDR Capital. Sources added that the funds earmarked for sale have an average vintage year of around 2016 and roughly US$100 million in assets each. Global investment advisory firm Evercore Inc has been appointed to advise GIC on the transaction. Representatives from GIC, Blackstone, Apollo, and TDR declined to comment, while Evercore did not immediately respond to media queries. The move comes amid a sluggish dealmaking environment that has slowed private equity exits globally. Many institutional investors, including sovereign wealth funds and pension managers, have increasingly turned to the secondary market to manage their portfolios, unlock liquidity, and reinvest into newer opportunities. According to Jefferies Financial Group Inc, global secondary transaction volume for private markets surged to a record US$103 billion in the first half of this year — a clear sign of growing investor appetite for liquidity and portfolio rebalancing amid prolonged exit delays. For GIC, the potential divestment reflects a pragmatic approach to portfolio management rather than a strategic retreat from the asset class. Market observers said the sovereign wealth fund, one of the world’s most active and experienced private equity investors, routinely participates on both the buy and sell sides of the secondaries market. Indeed, GIC was a major buyer of secondary interests in 2023, reportedly acquiring positions in 50 private equity funds with exposure to more than 500 underlying companies. The current sale, therefore, aligns with its ongoing efforts to optimise exposure across vintages, geographies, and managers. However, sources cautioned that the structure of the transaction — including the number of funds, total value, and timing — remains fluid and may be revised depending on market conditions. The sale could also be postponed or cancelled entirely if GIC does not receive bids that meet its valuation expectations. GIC, which manages Singapore’s foreign reserves alongside Temasek Holdings and the Monetary Authority of Singapore, does not publicly disclose its total assets under management. Data platform Global SWF estimates that the fund oversees approximately US$936 billion in assets. As of March 2024, its five-year annualised nominal return stood at 6.1%, unadjusted for inflation. Analysts said the fund’s ongoing use of the secondary market underlines a growing trend among large institutional investors seeking flexibility and diversification amid an uncertain macroeconomic backdrop. “This is part of a broader shift toward dynamic portfolio management, where funds like GIC actively recycle capital to capture better risk-adjusted returns,” one investment banker familiar with sovereign funds noted.

KUALA LUMPUR, KNM Group Bhd has chosen to prioritise its financial recovery over maintaining its listing status, as it moves forward with the €270 million (RM1.34 billion) sale of its German subsidiary, Deutsche KNM GmbH (DKNM) — a transaction it deems critical to restoring stability. In a filing on Monday, the debt-laden engineering group said it has withdrawn its appeal against Bursa Malaysia’s rejection of its Practice Note 17 (PN17) regularisation plan. The withdrawal means KNM will be delisted on Nov 5, 2025, ending its 22-year tenure on the local exchange. Bursa had previously rejected the regularisation plan, citing the company’s inability to demonstrate long-term business sustainability. KNM explained that pursuing an appeal would have delayed regulatory processes and potentially jeopardised the completion of the DKNM sale. The company described the delisting as a strategic move to accelerate its turnaround and complete the disposal of DKNM to Japan’s NGK Insulators Ltd — the “highest and most credible offer” received. “KNM has endured some of its toughest years and is now on the verge of transformation. If delisting is what it takes to complete the NGK sale, eliminate debt, and restore growth, it is a necessary step forward,” said group chief executive officer Ravindrasingham Balasingham in a separate statement. KNM added that the current market value of its shares reflects “minimal value”, rendering the delisting largely symbolic. Remaining listed under PN17, it said, restricts fundraising and negatively impacts the group’s credibility with clients and investors. According to the company, delisting will allow it “to move faster, execute projects more effectively, and focus on restoring profitability without further delays.” KNM’s decision follows Bursa Malaysia’s warning to its major shareholder, MAA Group Bhd, on Oct 23 that convening a shareholder meeting on the proposed sale would breach listing rules. MAA, which owns a 19.37% stake, had planned to hold an EGM on Oct 30 after KNM rejected its earlier request, citing regulatory non-compliance. MAA had also stressed that the transaction with NGK Insulators must be completed by Oct 30 to avoid liquidation. As it moves toward delisting, KNM said it will proceed with the EGM on Oct 30 to seek shareholder approval for the sale. The disposal is expected to reduce the group’s RM1.3 billion debt burden and generate RM100 million in cash to fund operations and drive its turnaround. “KNM currently has nearly 33,000 shareholders and about 450 creditors, all of whom stand to benefit from the completion of the DKNM disposal. The upcoming EGM is a critical milestone in ensuring KNM’s recovery and financial sustainability,” it said. KNM added that the sale of DKNM, which holds its key asset Borsig GmbH, is essential to debt repayment and lowering gearing. Creditors have agreed to allow the group to retain RM100 million from the sale proceeds for working capital. The group emphasised that delisting does not equate to closure, noting it will continue to operate as an unlisted public company with shareholder rights preserved under the Companies Act 2016. KNM said it will focus on financial and operational recovery using the retained funds and may consider re-listing once its position improves. “The board is fully committed to KNM’s turnaround and believes this decisive action, though difficult, is the only responsible path to protect the company and create long-term value for stakeholders,” the statement said. KNM was classified as a PN17 company in October 2022 after auditors flagged going-concern issues. Before its suspension, the company’s shares last traded at half a sen, valuing it at RM20.23 million.

KUALA LUMPUR, THMY Holdings Bhd, a Penang-based test solutions engineering company, made an impressive debut on the ACE Market, with its share price nearly tripling from its initial public offering (IPO) price. The counter closed at 91 sen, marking a 194% increase from its IPO price of 31 sen per share. At market open, the stock began trading at 80 sen, representing a 158.1% premium, with 46.3 million shares changing hands. From left: Affin Hwang Investment Bank Berhad chairman and independent non-executive director Hasli bin Hashim, THMY independent non-executive director Aw Ee Leng, THMY executive director and chief operating officer Chew Yap Meng, THMY executive director and chief executive officer Ooi Can Nix, THMY independent non-executive chairman Datuk Dr. Mohd Sofi bin Osman, THMY independent non-executive directors Datuk Cheok Lay Leng and Chua Hooi Luan, and Affin Hwang Investment Bank Berhad chief executive officer, Hanif Ghulam Mohammed. THMY specialises in providing automated test solutions for the electrical and electronics (E&E) sector, serving industries such as technology, telecommunications, semiconductors, industrial automation, and healthcare. Speaking at a press conference following the listing ceremony, executive director and chief executive officer Ooi Can Nix expressed optimism about the company’s growth prospects, driven by the rapid expansion of artificial intelligence (AI) and data centres. “We have a number of strong multinational clients operating in these fast-growing segments. AI and data centres are connected to a wide range of industries, and we believe the momentum in these areas will directly benefit THMY,” Ooi said. He added that the company is well-positioned to capitalise on the global E&E uptrend, supported by increasing demand for advanced testing solutions and automation technology. On the group’s dividend policy, Ooi said there are currently no plans to introduce one, as THMY remains focused on reinvesting for growth. “Our priority is expanding the business, so dividends are not a key consideration at this stage,” he noted. Prior to its listing, THMY’s IPO was oversubscribed by 35.57 times, raising RM44.6 million from its public issue. The proceeds will be used primarily to fund its new factory in Batu Kawan, Penang, with RM25.9 million allocated for the construction and partial purchase of new industrial land. Other allocations include RM5.2 million for repayment of bank borrowings, RM3.7 million for new machinery and equipment, RM3.1 million for working capital, and RM1.9 million for design and research and development (R&D) expenditure. “We aim to unlock new opportunities with the construction of our new factory, which will increase production capacity and enhance our technological capabilities through investments in innovation and automation,” Ooi said. He added that THMY’s existing production facility is currently operating at about 85% utilisation, and the group plans to optimise and expand its capacity to meet rising demand. “With proper planning and a reorganised layout, we definitely have room to scale up,” he said. For the first quarter ended June 30, 2025, THMY recorded a revenue of RM14.2 million and a net profit of RM3 million. Ooi concluded that the successful listing marks a new chapter for the company. “Our team is motivated to build on this momentum, strengthen our market positioning, and create long-term value for our shareholders as we pursue opportunities in both domestic and regional markets,” he said.