Investment & Market Trends

DXN Holdings Bhd is ramping up its manufacturing presence in Latin America with a new facility in Brazil, where it will invest at least 100 million Brazilian reals (about RM77 million) over five years. In a statement, the wellness products manufacturer said the new facility in Ibiá, Minas Gerais, is expected to become its largest manufacturing base in Latin America, strengthening its ability to serve Brazil and other markets in the region. Latin America is DXN’s largest revenue contributor, accounting for 61.2% of the company’s revenue, or about RM1.2 billion, for the financial year ended Feb 28, 2026. The region had roughly 4.8 million captive consumers as at July 31, underscoring its importance to the company’s long-term growth strategy. DXN Holdings Bhd has announced the groundbreaking of its new manufacturing facility in Ibiá, Brazil, marking a significant step in the Company’s continued expansion of its manufacturing footprint across Latin America. The facility is being built on a 100,745-square-metre site provided by the Municipality of Ibiá under a conditional land donation arrangement. Construction is targeted for completion by September 2029, with production expected to begin by the end of the year. DXN executive director and group chief executive officer Prajith Pavithran said the investment would allow the company to manufacture closer to its customers, improving product availability while shortening supply routes and enabling faster responses to shifts in demand. “This investment reflects our confidence in Latin America and our commitment to building the capabilities needed to support the region’s long-term growth. Once operational, the Brazil facility will provide greater flexibility to develop and introduce products tailored to Brazilian and regional consumer preferences,” he said. DXN said the facility will also strengthen its vertically integrated supply chain, with raw materials sourced from both its own agricultural operations and local suppliers. Among them will be Arabica coffee beans from DXN’s 155.8-hectare plantation in Ibiá, linking the company’s upstream cultivation activities with its downstream manufacturing. According to Ibiá mayor Gillianno Mamao, the facility is expected to create between 200 and 250 direct and indirect jobs. The Brazil investment is part of DXN’s broader RM500 million capital expenditure programme to expand manufacturing capacity across multiple regions. The company currently operates two manufacturing facilities in Mexico and is also developing facilities in Peru and Bolivia. DXN held the groundbreaking ceremony for its Peru facility in September 2025, followed by its Bolivia facility in April this year. With the addition of the Brazil facility, DXN will have a more localised manufacturing network spanning four key Latin American markets, which could help reduce supply chain lead times and offer greater flexibility to tailor products to regional demand. The expansion follows DXN’s earlier memorandum of understanding with Apex Brasil to support its broader investment plans and deepen its operating presence in Brazil. Malaysia External Trade Development Corporation trade commissioner to Brazil, Amirul Azman Ahmad, said the investment reflects the growing internationalisation of Malaysian companies and their shift beyond exports and distribution toward local manufacturing and integration into regional supply chains. “The development of a significant manufacturing base in Brazil demonstrates how Malaysian companies can progress beyond exports and distribution towards deeper localisation, manufacturing and integration into regional supply chains,” he said.

PN17-listed Industronics Bhd has lodged a police report and removed former executive director Liu Wing Yee Amy from all positions within the group after discovering more than HK$96 million in trade receivables concentrated among a small number of customers at its Hong Kong subsidiary, ECGO International Ltd. In a filing with Bursa Malaysia, Industronics said it will conduct a detailed forensic review of past transactions, fund flows, banking records and receivables to establish the facts, assess potential recovery and determine the necessary legal, regulatory and governance actions. The company said the transactions, recoverability of the receivables and any potential impairment or recovery remain subject to further verification and review. Liu had resigned as an executive director on Sept 19, 2024, according to Industronics’ latest annual report. ECGO is the group’s only active Hong Kong subsidiary. Its main activities include watch trading and cloud computing services. ECGO contributed HK$73.11 million, or RM39.65 million, to the group’s revenue in the financial year ended Dec 31, 2025 (FY2025), down from HK$91.06 million a year earlier due mainly to weaker watch sales. Industronics has since stopped its main business activities and watch trading operations in Hong Kong. The group reported zero revenue in its latest quarterly results for the first quarter ended March 31, 2026. The company said it is still too early to determine the financial impact of the issue or how much of the receivables can be recovered. It also stressed that no conclusion has been made that any individual had committed an offence or wrongdoing. The latest development adds to Industronics’ financial challenges. The company was recently classified as a Practice Note 17 (PN17) company after its auditor, UHY Malaysia PLT, issued a disclaimer of opinion on its FY2025 financial statements. The auditor raised concerns over the group’s inventories, trade and other receivables, revenue and cost of sales, citing gaps in documentation, an incomplete audit scope and limited access to financial information. It also said Industronics’ ability to continue as a going concern depends on the successful execution of new ventures and financial support from related parties. Separately, substantial shareholder Bluemount Investment Fund has filed a lawsuit against Industronics and certain directors or officers, seeking up to US$5.152 million. Industronics said on Wednesday that it had borrowed US$4.6 million from Bluemount in March 2025 for 36 months at an annual interest rate of 12%. The funds were mainly intended for a proposed pre-initial public offering investment in AMES Hotel or other agreed investments. Bluemount is seeking repayment of the loan and accrued interest. Industronics said it does not admit to any breach or default, and no liability has been determined by the court. Bluemount holds a 6.789% stake in Industronics. Industronics shares were unchanged at three sen on Wednesday, giving the company a market capitalisation of RM21.2 million

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.

For more than four decades, Ameen Products Sdn Bhd has built its business around a relatively straightforward proposition: making affordable cordial beverages at a quality and scale that work for both households and commercial customers. Now, the Malaysian manufacturer is looking beyond its domestic base. Established in 1982, Ameen Products has grown from serving the local market to building distribution throughout Peninsular Malaysia, while gradually establishing an overseas presence. Its products are now reaching markets including Singapore, Bahrain, Jeddah, the United Arab Emirates, Fiji, Rwanda and Mali. Managing Director and Head of Ameen Products Sdn Bhd – Mohammed Irfan Amanulla Khan. The expansion comes as the company prepares for a new phase of growth — one that will require greater manufacturing capacity, stronger internal systems and an organisation capable of supporting a broader international footprint. For Ameen Products, however, the strategy is not to diversify away from the business it knows. Instead, it is doubling down on it.   A Business Built Around Value Under the Ameen brand, the company specialises in cordial drinks supplied through wholesalers, distributors, retailers and hypermarkets, as well as to food service operators and export customers. The product serves a practical market. For households, cordial provides an economical way to prepare beverages in larger quantities. The same economics matter even more for restaurants, caterers, institutions and other commercial operators that need to serve large numbers of people while keeping costs under control. That value proposition has remained remarkably consistent since Ameen Products began operating in 1982. At the time, the company identified growing demand for affordable beverage concentrates that could cater to larger households and commercial users. Providing consistent quality at a competitive price became an important part of the business. The market surrounding that proposition, however, has changed. Affordability remains important, particularly as consumers and businesses become increasingly conscious of costs, but purchasing decisions are no longer driven by price alone. Expectations surrounding food safety, manufacturing standards, quality assurance, product variety and healthier choices have become more pronounced. Ameen Products has consequently had to evolve the way it manufactures and develops its products while preserving the accessibility that helped establish the brand. It is a balancing act familiar to many long-established consumer businesses: modernise the company without losing the attributes that built its customer base in the first place.   Staying Close to the Core Ameen Products’ plans for expansion are relatively focused. The company has identified three priorities for its next phase: strengthening its existing cordial business, increasing production capacity and developing its presence in international markets. Rather than using growth as an opportunity to move into unrelated sectors, management intends to concentrate resources on the beverage category where the company already has decades of manufacturing and market experience. It is a deliberate decision. Growth, in Ameen’s view, should not be measured purely by higher sales volumes. A larger business also needs to be more resilient, sustainably profitable and supported by stronger relationships with customers and commercial partners. This thinking influences how the company allocates capital. Manufacturing efficiency, product quality, customer relationships and market expansion take priority because each contributes directly to the competitiveness of the core business. The approach may be less dramatic than aggressive diversification, but it reflects a longer-term view of where the company’s advantage lies. After more than 40 years in the same industry, Ameen has accumulated knowledge of its products, customers, suppliers and distribution channels that would be difficult to reproduce quickly. The opportunity now is to make that experience work across a larger market.   Scaling Brings a Different Set of Problems Expansion also changes the demands placed on a business. Processes that work effectively at one level of production do not necessarily translate smoothly when volumes increase, customer networks become larger and products travel into more markets. For Ameen Products, maintaining consistency across operations, product quality and customer service has become increasingly important as the organisation grows. Scaling therefore requires more than additional production. It means stronger systems, clearer processes and greater use of data to support decision-making. It also requires management to rethink how the organisation is led. As the business becomes larger, senior leaders cannot remain involved in every aspect of daily operations. Their role increasingly shifts towards building structures, developing teams and establishing the systems that allow decisions to be made effectively throughout the organisation. That transition will become particularly important if Ameen’s export business accelerates. International markets add another layer of complexity to manufacturing. Different customers and markets bring different requirements, while supply chains, logistics, quality controls and commercial relationships must all perform consistently across greater distances. Export growth is therefore as much an organisational challenge as it is a sales opportunity.   The Advantage That Does Not Appear on the Label One of Ameen Products’ more valuable assets is also among its least visible: the commercial relationships it has accumulated over decades. The company has longstanding ties with customers, distributors, suppliers and retail partners, with some relationships extending over many years. For a manufacturer, those relationships can become an important competitive advantage. Reliability matters when customers depend on consistent supply. Responsiveness matters when market conditions change. Operational flexibility matters when customers encounter unexpected demand or challenges of their own. Ameen believes its ability to deliver on these less visible aspects of the business has helped sustain relationships beyond individual transactions. The result is a degree of trust that cannot be created through marketing alone. It also provides a useful foundation as the company enters new markets. While price and product can secure an initial opportunity, maintaining international business over the longer term requires consistency behind the scenes.   Investing Before the Next Push Ameen Products is also taking a measured approach to the operational demands created by higher demand. Over the past 12 to 18 months, the company has prioritised improvements designed to increase manufacturing efficiency, optimise the use of resources, reduce waste and strengthen quality controls. Not every investment produces an immediate financial return. But for a manufacturer preparing

The simplified dual initial public offering (IPO) listing framework between Malaysia and Hong Kong will take effect next month, strengthening capital market ties between the two economies. Transport Minister Anthony Loke Siew Fook said the framework was part of the latest efforts to deepen economic cooperation between Malaysia and Hong Kong. The framework follows a memorandum of understanding (MOU) signed by the Securities Commission Malaysia (SC) and Hong Kong’s Securities and Futures Commission on July 23. Loke said the MOU expands the mutual recognition of funds to include exchange-traded funds (ETFs) and real estate investment trusts (REITs), while also introducing the simplified dual IPO listing framework. Speaking at the opening of “Think Business, Think Hong Kong 2026” on Tuesday, Loke said Bursa Malaysia had also been recognised as a Recognised Stock Exchange by Hong Kong Exchanges and Clearing Ltd (HKEX). This allows public listed companies on Bursa Malaysia to apply for a secondary listing in Hong Kong, giving Malaysian companies greater access to Hong Kong investors and capital. Loke said the success of the framework would ultimately depend on companies and fund managers using the opportunities created by the new arrangements. He also highlighted the growing connectivity between Malaysia and Hong Kong, with Kuala Lumpur and Hong Kong less than four hours apart by air and sharing the same time zone. Cathay Pacific has added a fourth daily flight between Kuala Lumpur and Hong Kong since March, while Malaysia Airlines introduced direct flights from Kuala Lumpur to Shenzhen and Changsha in July, bringing its Greater China network to nine destinations. Loke said the strong logistics and financial capabilities of Hong Kong, combined with Malaysia’s growing electronics, semiconductor and other high-value exports, offer further opportunities for businesses in both markets. He encouraged businesses to take advantage of closer cooperation in capital markets, trade and investment to further strengthen economic ties between Malaysia and Hong Kong.

Sports Toto Bhd has disposed of part of its investments in 7-Eleven Malaysia Holdings Bhd and Berjaya Assets Bhd for a total cash consideration of RM16.61 million, according to a filing. The company’s wholly owned subsidiary, Magna Mahsuri Sdn Bhd, sold 5.03 million shares, representing a 0.45% stake, in 7-Eleven Malaysia yesterday for RM10.05 million, or RM2 per share. In a separate transaction, Sports Toto also disposed of 21.87 million shares, equivalent to a 0.85% interest, in Berjaya Assets for RM6.56 million, or 30 sen per share. Following the two disposals, Sports Toto and its subsidiaries continue to hold about 7.89 million shares, or a 0.71% stake, in 7-Eleven Malaysia, as well as 29.35 million shares, representing a 1.15% interest, in Berjaya Assets. The gaming and lottery group said the proceeds from the sale would be channelled towards investment purposes and/or working capital requirements, which include investments in debt securities as well as covering the company’s operating expenses. The disposals come as Sports Toto continues to manage its portfolio of investments across various sectors, with the group periodically adjusting its holdings in listed companies as part of its broader capital allocation strategy. No further details were provided on whether additional disposals of its remaining stakes in either company are being considered.

The Indonesia Stock Exchange (IDX) launched the country’s first physically backed gold exchange-traded fund (ETF) on Monday, Aug 10, in a move authorities say will strengthen the national bullion ecosystem and broaden investment options for the public. The launch, held at the IDX office in Jakarta, was attended by officials from the Coordinating Economy Ministry, the Finance Ministry, the Financial Services Authority (OJK) and self-regulatory organisations. The initiative was also positioned as a way to improve financial inclusion by linking the capital market to the bullion ecosystem, giving investors a new avenue to gain exposure to gold. Deputy Finance Minister Juda Agung described the rollout as a concrete step in the government’s broader capital market reform agenda, which includes efforts to boost liquidity and deepen the market. He noted that global demand for gold ETFs has been rising, with worldwide gold ETF assets under management reaching US$559 billion in 2025, backed by 4,025 tonnes of physical gold. “Today we have achieved a new milestone. The bullion market will continue to grow, while the capital market will deepen further,” he said, adding that the public will gain access to a wider range of gold investment alternatives. Coordinating Economy Minister Airlangga Hartanto said he expects Indonesia’s gold assets to keep growing following the ETF launch, potentially overtaking countries like Singapore and India. He pointed to domestic gold assets managed by state-owned pawnshop PT Pegadaian, which have reached 153 tonnes, equivalent to roughly US$20 billion. OJK Chairwoman Friderica Widyasari Dewi said the ETF rollout is part of the government’s quick-win initiatives and confirmed the product has been designed to comply with syariah principles. Separately, reports indicate the ETF is trading under the ticker XTRA, with Friderica calling the launch the realisation of an initiative that had been studied for more than a decade, made possible by regulatory changes and the maturing of Indonesia’s financial ecosystem. President Director of PT Kustodian Sentral Efek Indonesia (KSEI), Samsul Hidayat, said he expects the vehicle to serve as a viable option for both retail and institutional investors, while bridging the capital market with the wider national bullion framework. Some reports note that the launch actually comprised five separate gold-backed ETFs, marking a new step in the development of Indonesia’s capital market and giving investors a way to gain gold exposure without directly purchasing or storing physical bullion.