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Investment & Market Trends

Hextar Portfolio Raises Hextar Retail Stake, Triggers Mandatory Offer

Hextar Portfolio Sdn Bhd’s conditional voluntary takeover offer for Hextar Retail Bhd has turned into a mandatory offer after the company acquired an additional 4.82% stake in the retailer. Hextar Portfolio purchased an additional 22.41 million shares on the open market, raising its overall stake in Hextar Retail to approximately 35.4%. Following this latest acquisition, Hextar Portfolio now holds a total of 164.7 million shares in Hextar Retail, according to an announcement made through RHB Investment Bank Bhd. The latest round of share purchases triggered a mandatory takeover offer for all remaining Hextar Retail shares not already owned by Hextar Portfolio, the ultimate offeror, and parties acting in concert with them, in accordance with takeover regulations governing significant shareholding thresholds. The offer notice was first served on Hextar Retail’s board on Aug 10, on behalf of Hextar Portfolio, through RHB Investment Bank. Hextar Portfolio is an investment vehicle owned by Datuk Ong Choo Meng that operates within the broader Hextar Group, a diversified conglomerate spanning multiple listed entities and a wide range of business sectors across various industries. The shift from a voluntary to a mandatory offer marks a significant development in the ongoing corporate exercise, as Hextar Portfolio’s increased stake now compels it to extend the same offer terms to all remaining shareholders of Hextar Retail, potentially paving the way for a full takeover of the company should shareholder acceptance levels prove sufficient.

Energy & Technology

Parkson Credit Partners Boost Bank To Widen Digital Financial Access

Parkson Credit Sdn Bhd and Boost Bank have entered into a strategic partnership aimed at expanding access to digital banking and financing solutions for underserved Malaysians, combining Parkson Credit’s consumer financing network with Boost Bank’s digital banking capabilities. The collaboration will offer customers more seamless access to a range of financial products, including loans, insurance, and current and savings accounts, all supported by simplified onboarding processes and digital channels designed to make financial services more accessible to a broader segment of the population. Parkson Credit Chief Executive Officer Danny Poh said the partnership supports the company’s ongoing push to make financial services more accessible while improving the overall efficiency of its financing ecosystem. He added that the alliance would allow both companies to serve underserved communities more effectively while broadening their reach across new customer segments that may have previously had limited access to formal financial products. Boost Bank Chief Executive Officer Fozia Amanulla said the partnership is aimed at making banking more relevant to customers’ everyday needs by linking digital banking services with Parkson Credit’s consumer financing expertise. She noted that this integration reflects a broader industry trend of financial institutions collaborating to deliver more comprehensive, accessible solutions rather than operating in silos. The companies said the collaboration will strengthen their ability to deliver connected financial services while supporting greater participation in Malaysia’s digital economy, particularly among communities that have historically faced barriers to accessing formal banking and financing options. By combining Parkson Credit’s established consumer financing network with Boost Bank’s digital-first infrastructure, the partnership is expected to create a more integrated financial ecosystem that addresses the evolving needs of Malaysian consumers, particularly as more everyday transactions and financial decisions increasingly shift towards digital platforms. The initiative also reflects the growing role that digital banks are playing in Malaysia’s financial landscape, as traditional consumer financing companies increasingly seek partnerships with digital-native institutions to enhance their service offerings and extend their reach into previously underserved markets.

The Executives

DFI Retail Group Names New Chief Digital And yuu Rewards Officer

DFI Retail Group has appointed Kshitij Mulay as group chief digital and yuu rewards officer, effective Sept 17. He succeeds Wee Lee Loh, who is returning to Singapore to be closer to his family after three years with the group. Mulay will be based in Hong Kong and will report to Scott Price, group chief executive, as a member of the management committee. He will take on responsibility for DFI’s digital, yuu, retail analytics and retail media portfolios, following a transition period with Loh to ensure continuity. Group Chief Digital and yuu Rewards Officer of DFI Retail Group – Kshitij Mulay. Mulay joins DFI from Sephora Asia, where he served as chief information officer covering both digital and technology. He brings more than 25 years of international experience leading digital, technology and business transformation across some of the world’s leading consumer and retail organisations, including Sephora and Procter & Gamble. Throughout his career, he has led large-scale transformation programmes spanning digital commerce, data and analytics, AI, customer experience, technology modernisation and organisational change. Most recently, Mulay led Sephora Asia’s digital and technology agenda across a multi-country business, helping drive eCommerce growth, omnichannel innovation, AI-enabled customer experiences and cloud transformation. He is recognised for building high-performing teams and translating technology investments into meaningful business outcomes. Since joining DFI in 2023, Loh has played an important role in advancing the group’s digital transformation journey, with the digital ecosystem expanding to serve millions of loyalty members, process over 100,000 daily eCommerce orders, and scale DFI’s retail media and insights capabilities into a significant new growth avenue for the group. Price said, “I want to thank Wee Lee for his leadership and many contributions over the past three years, including his role in scaling our digital ecosystem and building new growth avenues in retail media. We wish him and his family every success. I’m confident that Mulay’s experience, leadership and passion for innovation will build on these strong foundations and help accelerate our customer, digital and data transformation journey across the group.” This appointment comes as the group delivered strong performance amid an evolving macroeconomic climate in the first half of 2026, underpinned by disciplined execution and a focus on driving higher returns. For the first half of 2026, subsidiary like-for-like (LFL) sales growth from continuing businesses improved further to 3%, according to the company. This was driven by sustained strong momentum in the health and beauty segment, as well as a return to growth in both the convenience and home furnishings businesses. Capturing a significant share of daily essential customer missions in Hong Kong, the DFI Omni Platform — powered by yuu — enables deeper customer engagement across offline and online touchpoints, maximises data capture and unlocks incremental margin opportunities beyond core retail through DFIQ Media and DFIQ Insights. Overall, digital turned profitable, with eCommerce and DFIQ Media contributing approximately 35% of total revenue growth in the first half of 2026. This was supported by improved underlying eCommerce economics, a rising online sales penetration rate of 6.9%, and DFIQ Media revenue growing threefold compared to the first half of 2025. As of June 2026, more than 10,000 digital media-ready screens were available across DFI outlets.

Investment & Market Trends

Kerjaya Prospek Shares Rise On RM858mil Data Centre Contract Win

Kerjaya Prospek Group Bhd (KPGB) shares rose in early trade today after the group secured an RM858 million contract for mechanical, electrical and plumbing (MEP) fit-out works at a data centre in Iskandar Puteri, Johor. At 10.24am, KPGB shares had risen four sen to RM3.12, with 467,100 shares traded. In a note today, Public Investment Bank Bhd said KPGB, through its wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd, had accepted a letter of award dated Sept 1, 2026, from a data centre developer for the MEP fit-out works. The contract carries a fixed lump-sum value of RM858 million. “The project is set to begin in the third quarter of 2026 and is expected to be completed within eight months. This win brings KPGB’s year-to-date contract wins to RM3.2 billion and its total outstanding order book to RM5.9 billion, further expanding its client base,” the research house said in the note. Public Investment Bank estimated that the project would contribute approximately RM26.0 million, or 9.6% of KPGB’s forecast earnings for the financial years 2026 and 2027, reflecting the meaningful boost the contract is expected to bring to the group’s overall financial performance. The bank maintained its “Outperform” call on KPGB and raised its target price to RM3.90, up from RM3.30 previously, citing the strength of the contract win and the company’s growing order book as key drivers behind the upgraded outlook. With this latest addition, KPGB’s expanding order book underscores its continued momentum in securing high-value construction and fit-out projects, particularly within Malaysia’s fast-growing data centre segment, which has become an increasingly significant contributor to the group’s overall project pipeline.

Energy & Technology

MDEC Named National Digital Tech Validator For Digital AgTech Programme

The Malaysia Digital Economy Corporation (MDEC) has been appointed by the Ministry of Agriculture and Food Security (KPKM) as the National Strategic Digital Technology Validator and implementing agency for the Digital AgTech Programme, aimed at driving digital transformation in the agri-food sector. MDEC said the appointment, announced at the Malaysia Agriculture, Horticulture and Agrotourism Exhibition (MAHA) 2026 on Aug 30, will expand its mandate to accelerate the adoption of artificial intelligence (AI) and digital technologies across the agri-food sector. “The initiative aims to increase productivity, optimise resource utilisation, strengthen food security and enhance the industry’s competitiveness,” the agency said in a statement. MDEC chief executive officer Anuar Fariz Fadzil said food security and digital economy development are two closely interrelated strategic national agendas. He said the appointment would help farmers and agro-entrepreneurs improve efficiency, expand market opportunities and strengthen the resilience of the country’s food supply. “Through i-AGRI, BidFresh and Agrovator@Sekolah, we are building an ecosystem that connects data, innovation, talent development and market access,” he added. To date, more than 800 Digital AgTech systems, including over 100 AI-based systems, have been deployed nationwide by local technology companies holding Malaysia Digital (MD) status. The implementation spans the crop, livestock, fisheries and aquaculture subsectors, with more than 30,000 participants having received training and exposure to Digital AgTech technologies. MDEC said the event also saw the launch of three strategic initiatives: the Digital Agriculture Technology Adoption Platform (i-AGRI), the BidFresh Platform and the Agrovator@Sekolah programme. The three initiatives complement one another in strengthening the country’s Digital AgTech ecosystem through data-driven planning, expanded market access and future talent development. The i-AGRI platform is an integrated platform that consolidates information on technology adoption across the crop, livestock, fisheries and aquaculture subsectors through statistics, maps, charts and interactive visualisations. BidFresh, meanwhile, directly connects agro-entrepreneurs with buyers through a digital platform that facilitates market matching, information sharing and transactions. Agrovator@Sekolah is a national talent development initiative that exposes primary and secondary school students to AI, the Internet of Things (IoT), automation and smart farming.

News

Indonesia Names NuEnergy’s Tanjung Enim Project A National Strategic Project

Indonesia has designated NuEnergy Gas Ltd’s Tanjung Enim Production Sharing Contract (PSC) as a National Strategic Project, granting the coal bed methane development greater government support as it moves towards production. NuEnergy, a 70%-owned subsidiary of Globaltec Formation Bhd, said Indonesia’s Ministry of National Development Planning had notified the company that President Prabowo Subianto had approved the designation, recognising the project’s importance to the country’s energy development priorities. In a filing with Bursa Malaysia, the company said the status is expected to facilitate closer coordination with the Ministry of Energy and Mineral Resources and other government authorities as it advances the project’s first approved Plan of Development (POD). The designation is also expected to support coordination on land access, permitting and infrastructure, potentially reducing execution risks and improving schedule visibility for the project. The Tanjung Enim project in South Sumatra is aimed at increasing Indonesia’s domestic gas supply through the development of coal bed methane resources, while also supporting local employment, skills development and infrastructure investment in the region. The designation comes as NuEnergy progresses its 25 million standard cubic feet per day (MMSCFD) Tanjung Enim POD 1. Indonesia’s Ministry of Energy and Mineral Resources approved the POD in June 2021 under a gross split scheme, with NuEnergy noting it was the first coal bed methane POD approved in Indonesia. The plan covers two target areas spanning approximately 33 sq km, or 13% of the Tanjung Enim PSC acreage, with production targeted at 25 MMSCFD. Separately, Globaltec said NuEnergy is raising A$3.05 million through a private placement of new shares priced at A$0.038 each, to support the development and commercialisation of its gas assets. The proceeds will primarily fund Tanjung Enim’s early gas sales initiative, or Phase 1, which targets one MMSCFD, followed by Phase 2, involving 24 MMSCFD. The funds will also be used to advance NuEnergy’s three other PSCs and to support working capital. The placement shares come with one free option for every two shares, exercisable at A$0.06 each over a two-year period. “Following completion of the placement, Globaltec Group’s equity interest in NuEnergy will be diluted marginally from 70% to 68%. NuEnergy will remain a subsidiary of Globaltec,” the company said. Globaltec added that the placement is not expected to have any material effect on the group’s earnings and net assets for the financial year ending June 30, 2027.

The Executives

Ikea Malaysia Appoints Takeshi Murai As Country Retail Director

Ikea Malaysia has appointed Takeshi Murai as its country retail director, effective today, succeeding Malcolm Pruys, who has led the Malaysia business since September 2022. The home furnishing retailer said the appointment comes as it enters its next phase of growth, with a focus on affordability, stronger omnichannel experiences and expanding its overall market reach. Country Retail Director of Ikea Malaysia – Takeshi Murai. “Murai’s first major milestones will be the opening of Ikea Kuching in December 2026, Ikea Malaysia’s first store in East Malaysia and its first small-format store,” the company said in a statement, signalling an important expansion for the retailer in the coming months. Murai, who brings nearly two decades of Ikea experience across Asia and Europe, joined the company in Osaka, Japan, in 2008, before going on to take on various retail and market leadership roles in Japan, Sweden and Finland. He relocated to Malaysia in 2024, initially serving as store manager of Ikea Batu Kawan, where he oversaw retail operations and customer experience, before subsequently taking on responsibility for Ikea’s stores across the Klang Valley. Murai said understanding how Malaysians live would remain fundamental to keeping Ikea relevant to their needs in his new role, as the company continues to look for ways to make its products and experiences more affordable and accessible across both its physical stores and digital channels. “Opening Ikea Kuching later this year is an important part of that journey. For the first time, we will bring the physical Ikea store experience to East Malaysia, closer to customers who have known and shopped with us for years. I am excited about what lies ahead and the opportunity to continue growing Ikea Malaysia together with our co-workers, customers and communities,” he said. Pruys, reflecting on his four-year tenure, said he was proud of how Ikea Malaysia had continued to evolve alongside its customers’ changing needs. “As Ikea Malaysia moves into its next chapter, I believe the business is in a strong position to keep growing in ways that are relevant, accessible and meaningful. Takeshi knows Ikea, he knows Malaysia, and most importantly, he understands that everything we do starts with the many people and how they live at home,” he said.

Investment & Market Trends

Zetrix AI To Acquire 50% Stake In MYEG Ventures Philippines For RM130m

Zetrix AI Bhd is acquiring a 50% stake in Philippines-based information technology services provider MYEG Ventures Inc for RM130 million through a cash-and-share deal. In a bourse filing, the digital services provider said it had entered into a share purchase agreement with Next Lion Ltd on Sept 1 to acquire 15.25 million ordinary shares in MYEG Ventures. Next Lion’s sole shareholder and director is Yap Shon Leong. MYEG Ventures is principally involved in providing information technology services and holds a 60% stake in MYEG Philippines Inc. Upon completion of the acquisition, MYEG Philippines will become a subsidiary of Zetrix AI. Zetrix AI said the acquisition is aimed at strengthening the group’s expansion strategy in the Philippines by establishing and enhancing its presence in the market. It is also expected to broaden the group’s business operations and customer base, complement its existing business strategies, and support its long-term growth plans in the country. Zetrix AI plans to fund the acquisition through a combination of cash and the issuance of up to 360.57 million new ordinary shares in the group. Barring any unforeseen circumstances, the acquisition is expected to be completed within three months of all conditions precedent being met, on a date to be mutually agreed between Zetrix AI and Next Lion. Trading in Zetrix AI was halted for one hour and is scheduled to resume at 10am on Wednesday. The counter last traded at 26.5 sen, its lowest level in 12 years, after coming under heavy selling pressure since last week.

ESG

Protecting What Manufacturers Cannot Afford to Lose

Packaging is easy to overlook when everything goes right. But as products become more valuable and supply chains more demanding, companies such as Clean Pack are turning protection into an increasingly sophisticated part of manufacturing. Packaging is designed to disappear. Once an electronic component, piece of furniture or manufactured product reaches its destination safely, the foam, carton and protective materials surrounding it have largely completed their job. Few customers stop to consider what went into protecting the product along the way. Director of Clean Pack Sdn Bhd – Kok Keng Tong. But when packaging fails, everybody notices. A damaged component can mean rejected shipments, replacement costs, production delays and dissatisfied customers. Multiply that across thousands of products moving through increasingly complex supply chains, and packaging becomes less of a consumable and more of a business risk. That is the space occupied by Malaysian manufacturer Clean Pack Sdn Bhd. The company designs and manufactures industrial packaging including EVA, PE and PU foam, die-cut components, bubble bags, corrugated cartons and anti-static materials for sectors including electronics, furniture, apparel and other manufacturing industries. Its real business, however, is protecting value.   More Than a Box Industrial packaging is becoming increasingly technical. Different products respond differently to impact, vibration, pressure and static electricity. Standard packaging may be cheaper initially, but if it fails to protect what is inside, the eventual cost can be considerably higher. Clean Pack therefore works with manufacturers to develop packaging around individual product requirements, taking into account materials, dimensions, densities and protection levels. This changes the relationship between manufacturer and packaging supplier. The question is no longer simply how many cartons or foam inserts are required. It becomes: What are you transporting? What could damage it? How much protection does it actually need? And can that protection be achieved more efficiently? Increasingly, that final question matters.   Engineering Out the Excess Manufacturers today face simultaneous pressure to control costs, improve efficiency and reduce environmental impact. Packaging sits directly at the intersection of all three. Over-engineering creates unnecessary material, cost and waste. Under-engineering exposes valuable products to damage. Finding the balance requires more than simply using less packaging. It requires better design. Clean Pack’s approach is to create packaging that is fit for purpose — providing sufficient protection without adding material unnecessarily. Better-designed packaging can also improve storage, handling and logistics efficiency, making packaging part of the broader supply-chain equation. Over the past 12 to 18 months, the company has placed greater emphasis on material utilisation, manufacturing efficiency and waste reduction. Instead of focusing exclusively on higher production output, Clean Pack has invested resources in improving material yield, quality control and production processes to minimise scrap and rework. There is an environmental benefit, but also a clear commercial one. Every piece of unnecessary material represents cost. Every rejected component consumes resources without creating value. And every product damaged because of inadequate packaging can generate another round of manufacturing, transportation and waste. Efficiency and sustainability increasingly point in the same direction.   Managing the Complexity of Growth Clean Pack’s own expansion has created another challenge: maintaining responsiveness and consistency as operations become more complex. As customer requirements, product varieties and production volumes increase, businesses can no longer depend primarily on individual knowledge. Clean Pack has responded by strengthening standardised processes, quality management and delegation across the organisation. Its ISO 9001 quality management standards support that emphasis on consistency, while investments in automation, manufacturing capabilities and employee development are preparing the company for increasingly sophisticated customer demands. Leadership has evolved alongside the business, with greater responsibility given to managers and teams to solve problems and drive continuous improvement. That transition is particularly important in customised manufacturing. More customers and designs mean more variables to manage. The organisation behind the factory must therefore become more sophisticated alongside the products it makes.   Protecting More Than the Product Clean Pack’s next ambition is to move beyond being viewed simply as a packaging manufacturer. It wants to become a more integrated solutions provider, using engineering, automation, process improvement and data-driven decision-making to help customers address protection, efficiency and sustainability simultaneously. That ambition reflects how industrial packaging itself is changing. As manufacturing becomes more sophisticated, the companies supporting manufacturers must evolve with it. Packaging suppliers increasingly need to understand materials, logistics, product characteristics and environmental performance — not merely manufacture something to put around a product. Because what Clean Pack ultimately protects is larger than what sits inside the box. It protects the manufacturer’s investment in making it, the cost of transporting it, the reputation attached to it and the customer’s expectation that it will arrive exactly as intended. Those are things manufacturers cannot afford to lose.  

Lifestyle

What Does It Take To Build The Next Big Food Brand?

For Muiz Hot Chicken, the answer has less to do with opening as many outlets as possible and more to do with building the systems, people and infrastructure that allow a brand to grow without losing what made customers choose it in the first place. Everyone has an opinion about fried chicken. How crispy should it be? How spicy? How much should it cost? Is it worth travelling for, or does convenience win? In Malaysia, where consumers have no shortage of local and international choices, getting someone to try a new food brand may be relatively easy. Getting them to come back is considerably harder. Founder of Muiz Food Industries Sdn. Bhd – Muhamad Muizzuddin bin Remle. That is the environment in which Muiz Hot Chicken is trying to build its next chapter. Established in 2013 under Muiz Food Industries Sdn. Bhd., the homegrown halal food brand has developed around a relatively straightforward proposition: quality fried chicken at an accessible price. But building the next big food brand requires considerably more than a good recipe. Behind the restaurants and kiosks is a growing business spanning franchise operations, food manufacturing, raw-material supply, training, quality assurance and operational support. It is this less visible side of Muiz that may ultimately determine how far the brand can go.   Getting the Everyday Meal Right Food is one of the most personal consumer businesses. People may be willing to experiment, but they also develop habits quickly. A favourite meal becomes a regular order. A convenient restaurant becomes the default choice. And when consumers know exactly what something should taste like, inconsistency becomes immediately noticeable. For Muiz, that makes accessibility important — but consistency equally so. Its customer base stretches across families, students and working professionals, placing the brand firmly within the everyday dining market. These are consumers who are looking not only for taste, but also value, convenience and reliability. Those expectations have expanded considerably in recent years. Consumers now interact with food brands through delivery platforms, social media, digital promotions and physical stores. Food safety, service, convenience and brand reputation increasingly sit alongside price and taste when deciding where to eat. Muiz has consequently had to think about the customer experience as something much larger than what happens at the counter.   The Restaurant Is Only the Front End What customers see is fried chicken. What they do not see is the infrastructure required to make that chicken taste the same across a growing network of outlets. Muiz manufactures and supplies food products and raw materials to its franchisees and business partners. This gives the company greater involvement in the supply chain supporting the brand and, importantly, greater ability to protect consistency as it expands. That matters because scale has a habit of exposing weaknesses. A handful of outlets can often be managed through close supervision. Add more locations, franchisees, employees and suppliers, and informal ways of working become increasingly difficult to sustain. Standard operating procedures become essential. Training has to be repeatable. Quality needs to be monitored. Communication must travel quickly through the organisation. For Muiz, growth has therefore required its leadership to become increasingly systems-driven. It is a transition familiar to many entrepreneurial businesses: the company can no longer depend solely on individuals knowing what to do. The knowledge has to become part of the organisation itself.   The Franchisee Has to Win Too There is another customer in Muiz’s business model: the entrepreneur operating under its name. Franchising has allowed countless food businesses to expand, but selling a franchise and building a successful franchise network are two very different propositions. Muiz sees its role as extending beyond providing a name, menu and outlet format. Its franchise ecosystem includes operational training, supply-chain management, quality assurance, marketing support and continuous business coaching. That distinction is important. Every franchise outlet carries the reputation of the entire brand. A poorly managed location does not only affect its owner; it can influence how consumers perceive every other outlet carrying the same name. The success of the franchisee and the reputation of the brand are therefore closely connected. For Muiz, creating opportunities for aspiring entrepreneurs has become part of the broader purpose of the business. Its growth generates employment, supports suppliers and creates potential entry points for people who want to operate businesses of their own. The challenge is making sure opportunity is accompanied by enough structure to make it sustainable.   Why Bigger Isn’t Always Better There is an obvious way to demonstrate growth in the restaurant industry: open more stores. Muiz is becoming more cautious about treating outlet numbers as the ultimate measure of success. For the company today, growth means strengthening its restaurant network while simultaneously developing manufacturing capabilities, improving its supply chain, investing in people and increasing operational efficiency. It also means knowing when not to grow. Rapid expansion can produce impressive numbers, but it can also place enormous pressure on supply chains, employees, franchisees and quality control. If the infrastructure behind the brand cannot keep pace with the storefronts carrying its name, growth can quickly become a liability. Muiz says it is deliberately avoiding expansion that could compromise product quality, franchisee performance or customer trust. That philosophy is shaping where capital goes next. Investments are being assessed according to whether they improve customer experience, increase scalability and create longer-term value rather than simply producing faster expansion.   Building for What Comes Next The same thinking is beginning to influence Muiz’s approach to sustainability and governance. Over the past year, the company has started incorporating environmental, social and governance principles into its strategy through governance improvements, stakeholder engagement and operational assessments. For a growing food company, these considerations eventually touch almost every part of the organisation — from sourcing and manufacturing to employment, waste, supply-chain practices and relationships with franchise partners. Some initiatives inevitably require additional investment without producing an immediate financial return. Muiz sees them instead as part of preparing the organisation for a larger and more resilient future. And

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