Investment & Market Trends

Malayan Banking Bhd (Maybank) has received approval from Bank Negara Malaysia (BNM) to acquire the remaining 30.95% stake in Maybank Ageas Holdings Bhd, the holding company of Etiqa’s insurance and takaful businesses, for RM4.83 billion. Following BNM’s approval on 1 September 2026, Maybank announced that it had signed an unconditional share purchase agreement with Belgian insurance group Ageas to complete the acquisition. The deal, first announced on 3 August 2026, will be fully financed using Maybank’s internally generated funds. Maybank currently owns 69.05% of Maybank Ageas through its subsidiary, Etiqa International Holdings Sdn Bhd. Once the acquisition is completed, Maybank Ageas will become a wholly-owned subsidiary of the banking group. Maybank Ageas oversees Etiqa’s insurance and takaful operations in Malaysia and Singapore, offering life and general insurance, as well as family and general takaful products. Maybank said gaining full ownership would provide greater flexibility to strengthen its insurance and takaful businesses. The acquisition is expected to support faster product development, expand bancassurance services, strengthen takaful offerings and improve operational efficiency. The RM4.83 billion purchase price includes adjustments relating to an RM800 million dividend that Maybank Ageas will distribute upon completion of the transaction. Of this amount, Ageas will receive RM248 million, while Maybank will receive RM552 million. According to Maybank, the acquisition values Maybank Ageas at 1.98 times its book value and 15.3 times its earnings. The transaction was expected to be completed on 11 September 2026. Following the acquisition, Maybank’s net assets per share are projected to decrease from RM7.73 to RM7.19, based on its financial position at the end of December 2025. The group’s total borrowings are expected to increase from RM44.24 billion to RM45.54 billion, while its gearing ratio is projected to rise from 0.47 times to 0.52 times. Meanwhile, Maybank shares declined two sen, or 0.19%, to RM10.56 during Tuesday’s midday trading session, giving the banking group a market capitalisation of approximately RM127.73 billion. The acquisition represents a significant step in Maybank’s strategy to strengthen its insurance and takaful operations, allowing the group to exercise full control over Etiqa’s future business development and expansion.

Private equity firm Navis Capital Partners has completed the sale of The Food Purveyor Sdn Bhd, the company behind Malaysia’s Village Grocer supermarket chain, to Thai retail group CP Axtra Public Company Ltd. Although the final transaction value was not disclosed, CP Axtra previously estimated the deal to be worth approximately RM1.66 billion when it announced the acquisition in March 2026. CP Axtra is the retail arm of Thailand’s CP Group, one of the country’s largest multinational conglomerates. Navis Capital Partners managing partner Rodney Muse said CP Group’s extensive experience in food retailing would help strengthen The Food Purveyor’s product offerings, logistics operations, technology capabilities and international expansion opportunities. The Food Purveyor operates several well-known supermarket brands in Malaysia, including Village Grocer, Ben’s Independent Grocer, BSC Fine Foods, Pasaraya OTK and The Food Merchant. The company was founded by the Ong family, which opened its first premium Village Grocer supermarket in Bangsar in 2004. Navis first invested in The Food Purveyor in 2014, supporting its growth and expansion across Peninsular Malaysia. Since then, the supermarket operator has expanded its network to 55 stores, strengthening its presence in Malaysia’s premium grocery retail market. Following the completion of the acquisition, The Food Purveyor has become an indirect subsidiary of CP Axtra through Lotus’s Stores (Malaysia) Sdn Bhd, which operates the Lotus’s hypermarket chain in Malaysia. The acquisition brings The Food Purveyor’s premium supermarket brands under the same retail group as Lotus’s, creating opportunities for stronger operational collaboration and business growth. Navis was advised by Rothschild, Wong & Partners and PricewaterhouseCoopers throughout the transaction. The completed sale marks a significant ownership change for The Food Purveyor as it enters its next phase of growth under CP Axtra.

TRC Synergy Bhd has secured a RM149.98 million subcontract from Gamuda Engineering Sdn Bhd for underground infrastructure works at a hyperscale data centre project. In a filing with Bursa Malaysia on 8 September 2026, the construction company announced that the contract was awarded to its wholly-owned subsidiary, TRC Construction Sdn Bhd. The project commenced on 14 August 2026 and is scheduled for completion on 25 November 2026. TRC Synergy said the contract is expected to contribute positively to the group’s earnings and net assets per share during the project period. This marks the company’s second contract win in 2026. Earlier in January, TRC Synergy secured a RM249 million contract to construct new complex buildings in Precinct 5, Putrajaya. The project was awarded to its wholly-owned subsidiary, Trans Resources Corporation Sdn Bhd, by Gilang Cendana Sdn Bhd, a subsidiary of Putrajaya Holdings Sdn Bhd. In December 2025, the group also secured a RM550.8 million contract from SRS Consortium Sdn Bhd, a Gamuda-led joint venture, for construction works related to Penang’s Mutiara Light Rail Transit (LRT) Line. According to its financial results for the second quarter ended 30 June 2026, TRC Synergy has participated in tenders worth more than RM3.7 billion over the past two quarters. These tenders cover several sectors, including data centres, the Mutiara LRT project, government buildings, schools and other infrastructure developments. The company is actively pursuing new projects to strengthen its existing order book, which currently stands at approximately RM1.2 billion. TRC Synergy expressed confidence in securing additional contracts before the end of 2026. Meanwhile, the company’s shares closed unchanged at 26.5 sen, giving it a market capitalisation of approximately RM127.3 million. The latest contract further expands TRC Synergy’s involvement in Malaysia’s growing data centre and infrastructure construction sectors.

Favelle Favco Bhd has secured four new contracts worth a combined RM131.7 million to supply tower and offshore cranes. In a filing with Bursa Malaysia on 8 September 2026, the crane manufacturer announced that its wholly-owned subsidiaries, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pty Ltd, will each supply one tower crane. Both tower cranes are expected to be delivered by the end of 2026. Meanwhile, Favelle Favco Cranes (M) Sdn Bhd will also supply two offshore cranes. The first is scheduled for delivery by mid-2027, while the second will be delivered in stages between the second and third quarters of 2027. The company said the newly secured contracts are expected to contribute positively to its earnings and net assets for the financial year ending 31 December 2026 and subsequent financial years. Favelle Favco also confirmed that the contracts will not affect its share capital or shareholding structure. Following the announcement, Favelle Favco shares closed unchanged at RM1.56 on Tuesday, giving the company a market capitalisation of approximately RM373.31 million. The latest contract wins add to Favelle Favco’s crane supply business, with deliveries scheduled across 2026 and 2027.

Public Bank Bhd has proposed to take its Hong Kong-listed subsidiary, Public Financial Holdings Ltd (PFHL), private by purchasing the remaining shares it does not already own for HK$2.50 (RM1.29) per share. Public Bank currently holds a 73.23% stake in PFHL and plans to acquire the remaining 26.77%, representing approximately 293.9 million shares, for a total of HK$734.75 million. According to a filing with Bursa Malaysia, the bank confirmed that the offer price is final and will not be increased. The proposed privatisation will be carried out through a court-approved arrangement, under which shares held by minority shareholders will be cancelled and replaced with new shares issued to Public Bank. Once completed, PFHL will become a wholly-owned subsidiary of Public Bank. The HK$2.50 offer represents a 61.29% premium over PFHL’s last traded share price of HK$1.55 on 19 August 2026. It is also 83.82% higher than the company’s average closing price of HK$1.44 over the previous 360 trading days. However, the offer price is 64.64% below PFHL’s unaudited net asset value of HK$7.08 per share as of 30 June 2026. Trading in PFHL shares has been suspended since 20 August, pending the announcement. PFHL operates several financial businesses, including banking, stockbroking, investment property leasing and vehicle financing. Its banking operations cover 29 branches in Hong Kong and one branch in China. Public Bank said the proposal provides minority shareholders with an opportunity to sell their shares at a premium, particularly as PFHL’s shares have historically traded at significant discounts to their book value. The bank added that taking PFHL private would help reduce listing expenses, simplify the group’s corporate structure and allow greater focus on its core banking operations. It also expects the move to contribute positively to future earnings. For the first six months ended 30 June 2026, PFHL recorded a net profit of HK$25.19 million, compared with HK$2.57 million during the same period last year. Operating income increased slightly to HK$692.22 million from HK$685.16 million. For the financial year ended 31 December 2025, PFHL returned to profitability with a net profit of HK$79.65 million, reversing a net loss of HK$999.39 million in 2024. The proposed privatisation remains subject to several conditions, including approval from at least 75% of the votes cast by eligible minority shareholders at a court-convened meeting. Meanwhile, Public Bank shares closed unchanged at RM5, valuing the banking group at approximately RM97.05 billion. The proposed acquisition is expected to strengthen Public Bank’s control over its Hong Kong operations while supporting its long-term business growth and operational efficiency.

Singapore’s CapitaLand Investment Ltd is targeting US$500 million in commitments from investors for its third Asia-Pacific credit programme, according to people familiar with the matter. The latest fundraising effort by the Temasek Holdings Pte Ltd-controlled asset manager comes months after it secured US$320 million for its second vehicle, ACP II, which added approximately US$600 million to its funds under management. According to the people, who spoke on condition of anonymity as the matter is private, ACP III will continue the focus of its previous credit strategies on senior secured, asset-backed investments. CapitaLand Investment will primarily target existing investors for the third fund and is aiming for a first close by year-end, the people said. A spokesperson for CapitaLand Investment declined to comment. The fundraising initiative comes as private credit in Asia faces mounting scrutiny, with investors increasingly questioning whether loans backed by collateralised assets remain safe bets. The collapse of Australian property developer Bathla Group, which relied heavily on private debt, has heightened concerns that the country’s A$200 billion (US$144 billion) private credit market — where real estate accounts for as much as 60% of lending — may be beginning to show cracks. The firm’s first credit programme, ACP I, raised A$265 million, which financed two prime mixed-use developments in Melbourne and Adelaide, the company said in April. The second funding pool was allocated toward mortgage loans for logistics, office and living assets in Sydney and Seoul. The company has said its real estate credit platform has deployed more than S$10 billion (US$7.9 billion) across the Asia-Pacific region through Wingate Group Holdings, which it acquired in 2025. Wingate, one of Australia’s largest private credit managers, was among more than 40 asset managers that had lent to Bathla before its collapse, according to a report last month. CapitaLand Investment has been undergoing a series of personnel changes in recent months. In July, the firm disbanded its special opportunities team, which had been dedicated to pursuing higher-risk strategies. Separately, Jeff French joined the firm in March as chief operating officer of its alternatives business, following a stint at BNP Paribas Asset Management.

P.A. Resources Bhd (PARB), through its wholly owned subsidiaries, has accepted additional banking facilities totalling RM255.45 million to support the group’s existing operations and the development of a new plant. In a filing with Bursa Malaysia today, PARB said its wholly owned subsidiaries, P.A. Extrusion (M) Sdn Bhd (PAESB) and Professional Aluminium Smelting Sdn Bhd (PASSB), had accepted and executed separate letters of offer dated Aug 11, 2026, for the additional banking facilities. PAESB has accepted additional conventional banking facilities of RM205.45 million granted by AmBank (M) Bhd, while PASSB has secured additional Islamic banking facilities of RM50 million granted by AmBank Islamic Bhd. On the rationale behind the move, PARB said the group had, on July 14, 2026, announced the renewal of its supply agreement with First Solar for a contract value of approximately US$322.17 million (US$1 = RM4.04) for the period from July 1, 2026 to Dec 31, 2027. “This represents an increase of approximately US$90.27 million, or 38.9%, compared with the fourth renewal valued at US$231.9 million for the period from Jan 2, 2024 to July 1, 2025,” the company said, adding that the higher contract value is expected to increase the group’s production as well as its working capital requirements. Of the total banking facilities, RM50 million will be used to support anticipated increases in working capital requirements arising from higher sales value and the group’s expansion plans through product and market diversification, with utilisation expected to correspond with rising business activity and the resulting earnings potential. A further RM65.45 million will be used to finance the construction of a new plant and the acquisition of plant and machinery, while RM140.0 million will fund the new plant’s working capital requirements, including the purchase of raw materials, inventory holdings and financing on credit terms extended to customers, the company added. “The new plant is expected to increase the group’s monthly aluminium extrusion production capacity from about 3,500 tonnes to 8,500 tonnes, strengthening the group’s ability to fulfil the increase in customer orders and further its product and market diversification strategies,” it said. “Overall, the additional banking facilities will provide the group with the financial flexibility required to fulfil the renewed supply agreement, implement its capacity expansion plan and support anticipated business growth, while preserving its existing working capital resources and maintaining the group’s commitment to its dividend policy,” it added.

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.

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.

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.