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TOKYO, French-Italian eyewear giant EssilorLuxottica has received approval to raise its stake in Japan’s Nikon Corp to as much as 20% under Japan’s Foreign Exchange and Foreign Trade Act, Nikon announced on Monday. EssilorLuxottica, the maker of Ray-Ban sunglasses, has also increased its shareholding to 10.8% from 9.6%, becoming Nikon’s largest shareholder. Nikon — known for its cameras, lenses, and chipmaking equipment — is classified as a “core” company for national security by Japan’s finance ministry. EssilorLuxottica first formed a lens joint venture with Nikon in Tokyo in 2000 and has been gradually increasing its stake since last year, driving a rally in Nikon’s shares, which rose 5% on Monday. The eyewear group is also collaborating with Meta to develop smart glasses, expanding its reach into next-generation wearable technology. The move comes amid rising foreign interest in Japanese tech firms. Recently, Taiwan’s Yageo Corp won approval to acquire thermistor maker Shibaura Electronics after a national security review.

Tata Capital Ltd has begun taking orders for its initial public offering (IPO), which could raise up to 155 billion rupees (US$1.7 billion or RM7.4 billion) — making it India’s largest IPO so far this year and setting the stage for a record month in the country’s IPO market. The financial services arm of the Tata Group is offering shares at between 310 and 326 rupees each until Wednesday, valuing the company at up to 1.4 trillion rupees. Trading is expected to start on Oct 13. At that valuation, Tata Capital would be worth more than twice HDB Financial Services Ltd, which listed earlier this year. The IPO will be followed closely by another billion-dollar listing — LG Electronics Inc’s Indian unit — underscoring growing investor confidence and strong liquidity in India’s capital markets. Together, new listings could push India’s October IPO proceeds beyond US$5 billion. “There is now ample capacity to absorb supply,” said Raghuram K, partner at Uniqus Consultech, citing strong mutual fund inflows that continue to fuel investment appetite. Tata Capital’s offering comprises up to 475.8 million new and existing shares sold by the company, its parent, and International Finance Corp. As of 10.30am Monday in Mumbai, the issue had received bids for 9% of the shares offered, according to BSE data. Ahead of the IPO, Tata Capital raised 46.4 billion rupees from anchor investors including Morgan Stanley, Goldman Sachs, Nomura, and Life Insurance Corp of India. The deal gives investors exposure to the Tata Group’s financial services arm, marking India’s biggest IPO since Hyundai Motor India Ltd’s US$3.3 billion debut last year. Founded in 2007, Tata Capital offers a wide range of financial services to retail, corporate, and institutional clients. As of June 2025, it managed assets worth 2.33 trillion rupees, serving 73 million customers. Analysts at ICICI Direct said Tata Capital’s diversified portfolio and steady growth make it an appealing long-term investment. At the top of the pricing range, Tata Capital would trade at 3.4 times book value — cheaper than rivals such as Bajaj Finance Ltd, Cholamandalam Investment & Finance Co, and HDB Financial Services, according to SBI Securities. India’s IPO boom reflects strong corporate expansion, deep domestic liquidity, and growing retail participation. Despite some cooling in stock market momentum this year, India remains one of the world’s most active IPO markets, ranking fourth globally with US$11.2 billion raised as of the third quarter. JPMorgan, JM Financial, and Kotak Mahindra Capital expect the trend to continue, supported by regulatory easing that encourages large private firms to list and more flexible financing rules for IPO investors.

KUALA LUMPUR, ACE Market-listed HHRG Bhd has proposed a bonus issue of up to 491.68 million warrants, on the basis of two warrants for every five existing shares held. The warrants will be issued at no cost to shareholders and will not raise immediate funds. The amount of funds raised will depend on the number of warrants exercised during the exercise period. According to the biomass company’s filing on Monday, the exercise price and entitlement date will be determined later. Based on an illustrative exercise price of eight sen per warrant, the full exercise could raise up to RM39.33 million, which would be used for working capital purposes. Malacca Securities Sdn Bhd has been appointed as the principal adviser for the exercise, which is expected to be completed by the fourth quarter of 2025. HHRG’s largest shareholder is the Ch’ng family through Cfamillie Holdings Sdn Bhd with a 15.31% stake, followed by GH Consortium Sdn Bhd — linked to former executive chairman Datuk H’ng Choon Seng and Goh Boon Leong — holding 11.94%. In May, HHRG changed its financial year-end from March 31 to Sept 30. It later reported a net loss of RM2.15 million for the three months ended March 31, 2025, compared to a net profit of RM256,000 a year earlier, mainly due to one-off legal and fair value expenses. For the quarter ended June 30, 2025, the group posted a net profit of RM1.73 million, down from RM5.98 million previously, as revenue slipped slightly to RM30.4 million from RM31.03 million. HHRG’s shares closed 1.5 sen lower at 8.5 sen on Monday, valuing the company at RM89.11 million.

KUALA LUMPUR, Lion Industries Corp Bhd said it remains committed to its steel business and is exploring partnerships to revitalise its two Amsteel Mills plants amid a challenging market environment. In a filing with Bursa Malaysia, the group clarified that it has no plans to shut down Amsteel Mills permanently, except for upgrading works to improve efficiency. According to the group, the Bukit Raja plant — which has been operating since 1978 — will undergo upgrades with new machinery and processes to enhance efficiency and competitiveness. Lion Industries is also in discussions with potential strategic partners to bring in advanced technology and expertise. “This will make the plant more efficient, cost-competitive, and better aligned with market demands,” the company said. Meanwhile, operations at its Banting plant have been temporarily suspended due to high operating costs, including a recent rise in electricity tariffs that made production uneconomical. The company is exploring partnerships to introduce new processes and products to restart the facility. An announcement will be made once a suitable partner is identified, it added. Lion Industries, which is also involved in property development and building materials, saw its shares close two sen or 10.26% lower at 17.5 sen on Monday — a two-month low — valuing the company at RM122.49 million. Year to date, the stock has fallen nearly 24%.