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KUALA LUMPUR, ICT services provider Omesti Bhd, via its 49%-owned indirect subsidiary Formis Network Services Sdn Bhd (FNS), has secured a RM30.31 million contract from the Ministry of Home Affairs. The 36-month contract, effective from Oct 15, 2025, to Oct 14, 2028, covers preventive and corrective maintenance of Local Area Network (LAN) equipment and ICT security systems at the Immigration Department’s headquarters and branch offices. Omesti said the award is subject to a formal contract between the Malaysian government and FNS. This marks Omesti’s third contract win this year. In February, it secured a three-year, RM70.5 million project for the third phase of the e-Courts system, and in August, it won a RM5.53 million lease-to-own project to supply 666 desktop computers for matriculation colleges under the Ministry of Education. Shares of Omesti closed 1 sen lower at 90 sen on Monday, giving the company a market capitalisation of RM97.32 million. The stock has fallen 35.7% year to date.

KUALA LUMPUR, Genting Bhd has proposed to privatise its subsidiary Genting Malaysia Bhd through a RM6.7 billion buyout offer valued at RM2.35 per share. According to a takeover notice filed with Bursa Malaysia on Monday, the offer represents a 9.8% premium over Genting Malaysia’s last traded price of RM2.14 before the stock was suspended last Friday. The deal will be fully in cash, with no share-swap component. The offer is conditional upon Genting securing more than 50% of Genting Malaysia’s voting shares. The group currently owns 49.36%. If successful, the move will see Genting Malaysia — listed for nearly four decades — withdrawn from Bursa Malaysia. It would also mark one of the largest privatisation exercises in recent years, following Malaysia Airports Holdings Bhd’s RM12 billion takeover earlier this year. The timing of the buyout coincides with Genting Malaysia’s bid for a casino licence in New York, part of its US$5.5 billion (RM23.2 billion) integrated resort project in Queens. A decision is expected by Dec 1, with licence awards due by year-end. Analysts, however, are sceptical of the offer. UOB Kay Hian’s Jack Goh described the RM2.35 price as “unattractive”, noting it is below average valuations and about 20% lower than the stock’s 2024 peak. He added that it does not reflect potential upside from the pending New York licence and the stock’s high liquidity. Genting Malaysia’s shares have fallen over 5% year to date and continue to trade below pre-pandemic levels. Most analysts remain cautious, with 11 ‘hold’, four ‘sell’, and three ‘buy’ calls, and an average target price of RM2.06, according to Bloomberg data. Both Genting and Genting Malaysia will resume trading on Tuesday. Genting Malaysia, listed since 1989, operates the group’s flagship Resorts World Genting, along with casinos in the US, UK, and Egypt.

KUALA LUMPUR, Port Klang-based logistics provider Likei Logistic Services Bhd is planning to list on Bursa Malaysia’s ACE Market to support its business expansion. According to its draft prospectus, the initial public offering (IPO) will comprise 92.19 million new shares and 51.63 million existing shares offered for sale, collectively representing 41.78% of the company’s enlarged share capital. The issue price has not yet been fixed. Proceeds from the offer for sale will go to its largest shareholder and non-independent non-executive director, Keith Law Li Kit, whose stake will be reduced from 59.63% to 28.66% following the listing. Funds raised from the issuance of new shares will be used to expand Likei’s fleet of commercial vehicles, construct a new warehouse, and strengthen its working capital. Likei and its subsidiaries provide container haulage, freight forwarding, and warehouse services. For the financial year ended March 31, 2025 (FY2025), the company posted a profit after tax of RM10.55 million on revenue of RM37.12 million, with a PAT margin of 30.23%. Container haulage and logistics services contributed RM25.45 million, or 68.56% of total revenue, followed by freight forwarding (RM10.3 million), warehouse services (RM1.03 million), and goods trading (RM344,000). KAF Investment Bank Bhd has been appointed as the principal adviser, sponsor, underwriter, and placement agent for the IPO.

KUALA LUMPUR, Cahya Mata Sarawak Bhd said the Sarawak Economic Development Corporation (SEDC) is no longer a substantial shareholder after disposing of 1.62 million shares in the open market on Oct 9. Following the sale, SEDC’s stake in the Sarawak-based conglomerate dropped to 4.97%, below the 5% threshold that defines a substantial shareholding under Bursa Malaysia’s listing rules. SEDC — the state’s development and investment agency — had been gradually reducing its holdings in CMSB since March this year, when its stake stood at 5.67%. SEDC’s involvement in CMSB dates back to the company’s founding in 1974, when it was established as Cement Manufacturers Sarawak Sdn Bhd through a joint venture between the Sabah and Sarawak state economic development corporations. CMSB was listed on the stock exchange in 1989. The share sale comes amid a weaker financial performance by CMSB. For the second quarter ended June 30, 2025 (2QFY2025), the group posted a net loss of RM11.32 million compared to a net profit of RM33.37 million a year earlier, mainly due to an unrealised foreign exchange loss of RM30.67 million from financing activities. Quarterly revenue slipped 11.2% year-on-year to RM246.92 million, while operating profit dropped 70% to RM12.77 million, dragged by higher costs and weaker contributions from associates. For the first half of FY2025, net profit declined 80.4% to RM14.01 million, with revenue down to RM493.05 million from RM555.36 million a year ago. By segment, the cement division’s profit before tax (PBT) fell 3% to RM68.72 million, while the phosphates segment’s losses widened to RM87.19 million, largely due to foreign exchange losses from US dollar-denominated shareholder loans. Excluding these forex impacts, CMSB said its normalised PBT for the first half would have been RM55.18 million. The group expects its earnings to improve in the second half of the year as construction activity picks up with better weather conditions. CMSB’s shares closed one sen higher at RM1.36 on Monday, valuing the company at RM1.46 billion. Year to date, the stock has gained 13.3%.