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The Securities Commission Malaysia (SC) has obtained approval from the High Court to begin committal proceedings against Datuk Cheryl Tan Bee Geok for allegedly breaching a five-year court-ordered ban on serving as a director or being involved in the management of listed companies and their subsidiaries. High Court judge Leong Wai Hong granted the SC’s application on Wednesday, the capital market regulator said in a statement. Bee Geok is the wife of Supermax Corp Bhd founder Datuk Seri Stanley Thai Kim Sim. The case dates back to a consent judgement recorded by the High Court on Sept 17, 2020, following civil action by the SC over an insider trading offence involving shares of the former listed company APL Industries Bhd (APLI). Under the judgement, Bee Geok was prohibited for five years from serving as a director or being involved in the management of any public-listed company or its subsidiaries. However, the SC alleged that she continued to serve as a director of subsidiaries of a listed company and remained involved in their management, in breach of the court order. The SC did not name the companies involved. The regulator said it takes breaches of court orders in securities law cases seriously, warning that such conduct could weaken regulatory enforcement and undermine respect for court orders. The SC first filed an ex-parte application to begin committal proceedings against Bee Geok on Sept 17, 2025. The High Court later directed that the application be heard on an opposed ex-parte basis before granting leave on Wednesday. Insider Trading Case Bee Geok and her sister, Tan Bee Hong, were convicted of insider trading offences by the Kuala Lumpur Sessions Court in 2018. Both were sentenced to five years in jail and fined RM7 million each over insider trading involving APLI shares. At the time, Bee Geok was APLI’s group executive director and was responsible for financial matters after Supermax became a substantial shareholder in the company. The SC said Bee Geok had passed confidential information to her sister regarding audit adjustments proposed by APLI’s auditors. The adjustments resulted in APLI reporting a larger loss for the financial year ended June 30, 2007 and being classified as a Practice Note 17 (PN17) company. APLI announced the audit adjustments and its PN17 status to Bursa Malaysia on Oct 31, 2007. The SC said Bee Hong subsequently sold 350,000 APLI shares from her account on the same day after receiving the non-public information. On Sept 17, 2020, the High Court recorded a consent judgement between the SC and the two sisters and granted the reliefs sought by the regulator. APLI was later delisted from Bursa Malaysia in 2009.

K-One Technology Bhd is planning a RM46 million capital reduction and repayment exercise following the proposed RM94 million disposal of its cloud business arm, Global Access Points Sdn Bhd (GAP). The exercise is aimed at streamlining K-One’s capital structure and balance sheet, including reducing its accumulated losses, while allowing the group to return excess capital to shareholders. K-One said the proposed exercise could pave the way for a special distribution of up to RM75 million, or nine sen per share, based on its 832 million issued shares as at Aug 10. The proposed payout comprises a cash dividend of up to six sen per share, or RM47.6 million, and a capital repayment of three sen per share, amounting to RM27.4 million. The special distribution will only be carried out after the completion of the GAP disposal. K-One also noted that the nine sen per share figure is only a preliminary estimate. Following the capital reduction, K-One’s issued share capital will fall to RM77.64 million from RM123.64 million. Of the RM46 million credit generated from the exercise, RM27.41 million will be used for the capital repayment, RM12.58 million to offset accumulated losses, and RM6.02 million retained as a buffer against future losses. K-One’s accumulated losses stood at RM8.17 million as at Dec 31, 2025. Following the disposal and capital reduction, the group’s retained earnings are expected to increase to RM85.38 million. This would then fall to RM10.38 million after the proposed RM75 million distribution. The exercise will not involve any cancellation of shares or changes to shareholders’ ownership stakes. K-One expects its share price to be theoretically adjusted to 5.5 sen, compared with its closing price of 14.5 sen on Aug 10. Last Tuesday, K-One announced that it had agreed to dispose of its entire stake in GAP, an information and communication technology solutions provider, for RM94 million to Tokyo-listed ITOCHU Corp and its Singapore-based unit. UOBKH is acting as adviser for the proposed capital reduction and repayment exercise. K-One shares closed half a sen, or 3.57%, higher at 14.5 sen, giving the company a market capitalisation of RM121 million.

Pioneer Heat Holdings Bhd (Pioneer Heat), a mechanical engineering services provider, is targeting to raise approximately RM21.68 million through an initial public offering (IPO) ahead of its listing on the ACE Market of Bursa Malaysia Securities Bhd on Sept 17, 2026. The IPO comprises a public issue of 86.70 million new ordinary shares and an offer for sale of 17.35 million existing ordinary shares, priced at 25 sen per share. Following its listing, Pioneer Heat is expected to command a market capitalisation of approximately RM86.73 million. Of the IPO proceeds, RM4 million will be used to set up a new headquarters in Sendayan, Negeri Sembilan, while RM2.07 million has been earmarked for a new office in Sarawak. A further RM4.01 million will go towards purchasing machinery and equipment, RM7.90 million will be allocated as working capital, and RM3.70 million will be used to cover estimated listing expenses. From left: Wong Wei Lieh, executive director of Pioneer Heat, Wong Wan Chin, independent non-executive chairperson, Wong Wei Ken, CEO and executive director, Lim Chia Wei, managing director of Malacca Securities, Law Kim Fatt, co-head of corporate finance, and Tan Sin Jiang, vice-president. Pioneer Heat chief executive officer and executive director Wong Wei Ken said the new Sendayan headquarters will serve as the group’s operational base to cater to customers in the Central region. The facility will house administrative offices, warehouses and workshops, while the Sarawak office will support pipe spool and pipe structure fabrication activities and provide additional storage capacity. “The group recently obtained a Petroleum Sarawak Bhd (Petros) registered vendor licence, which is seen as opening up a huge opportunity to participate in the oil and gas market in this region,” he said at a media briefing following the launch of the group’s prospectus today. Pioneer Heat’s IPO application opens today and will close on Sept 3, 2026, ahead of its shares being scheduled for listing on the ACE Market of Bursa Securities on Sept 17, 2026. Malacca Securities Sdn Bhd acted as the lead advisor, sponsor, underwriter and placement agent for the IPO. Pioneer Heat has been in operation since 1997, providing mechanical engineering services with expertise in piping systems, heat treatment, flange management and non-destructive testing (NDT). The group’s services span the entire life cycle of industrial plants, including new plant construction, maintenance, scheduled plant restoration, renovation and upgrade projects.

Evocom Bhd and its subsidiaries (collectively, the Group) provide flexible staffing solutions and network support services for the ecommerce and logistics sectors, with the latter encompassing last-mile delivery, transhipment and parcel shipment activities. As part of its listing exercise, Evocom’s initial public offering (IPO) comprises a public issue of 113.91 million new ordinary shares, together with an offer for sale of 22 million existing ordinary shares by its shareholders. Of the new shares on offer, 22.78 million will be made available to the Malaysian public via balloting, providing retail investors with an opportunity to participate in the company’s listing. Meanwhile, a larger portion of 56.95 million shares has been allocated to approved bumiputra investors, to be identified by the Ministry of Investment, Trade and Industry (Miti), in line with the country’s equity ownership requirements. The remaining 34.17 million shares will be offered to selected investors, which typically include institutional and other strategic investors identified by the company and its advisers ahead of the listing. The IPO exercise underscores Evocom’s positioning within Malaysia’s growing ecommerce and logistics ecosystem, as the Group seeks to capitalise on rising demand for staffing flexibility and last-mile delivery infrastructure amid the continued expansion of online retail and parcel volumes in the region.