Investment & Market Trends

Shareholders of out-of-home (OOH) media company Seni Jaya Corp Bhd have given the green light for the company to proceed with its proposed acquisitions of Unilink Outdoor Sdn Bhd and Vision OOH Sdn Bhd, valued at a combined total of RM57.85 million. The approval was granted during Seni Jaya’s extraordinary general meeting (EGM), where shareholders reviewed and endorsed the strategic move aimed at expanding the company’s footprint in Malaysia’s OOH advertising sector. From left: Eng Cha Lun (BDO Capital Consultants, independent adviser), Tan Chee Ping (Berjaya Securities, principal adviser), Jason Thong Syn Chun (Seni Jaya, financial controller), Jeff Cheah See Heong (Seni Jaya, CEO), Julian Koh Lu Ern (Seni Jaya, independent non-executive director), Ong Kah Hoe (Seni Jaya, executive director), Datin Lee Nai Yee (Seni Jaya, non-independent non-executive director), Lee Chin Cheh (Seni Jaya, independent non-executive director), and Nicholas Tan (company secretary). Seni Jaya said the acquisitions align with its growth strategy to strengthen its presence in the outdoor advertising market and enhance its service offerings to clients across various industries. By integrating Unilink Outdoor and Vision OOH into its operations, the company expects to broaden its advertising network and improve its competitive positioning. The group did not disclose detailed plans regarding the integration of the acquired companies but emphasized that the move is expected to provide long-term value to shareholders and contribute positively to the company’s future revenue streams. With the approvals in place, Seni Jaya is now positioned to execute the acquisitions, which are expected to support the company’s objective of becoming a leading player in Malaysia’s OOH media landscape. The company also highlighted that the acquisitions will allow it to leverage synergies, optimize operational efficiencies, and tap into new growth opportunities in the outdoor advertising market.

Public Bank Bhd’s wholly-owned unit, Public Mutual Bhd, has announced distributions exceeding RM1.9 million for two of its funds for the financial year ended February 28, 2026. In a statement, the unit trust company said the payouts include 0.46 sen per unit for the Public Regular Savings Sequel Fund and 0.10 sen per unit for the PB ASEAN Dividend Sequel Fund. Public Mutual is Malaysia’s largest private unit trust company, managing more than 180 funds. It is also an approved Private Retirement Scheme (PRS) provider, offering nine PRS funds and operating 31 branches and customer service centres nationwide. The distributions reflect Public Mutual’s ongoing commitment to delivering returns to unit holders while maintaining a diverse portfolio of investment products across Malaysia.

Vietnam’s Ministry of Construction has approved a master plan to develop Da Nang International Airport through 2030, with a long-term vision extending to 2050, the Vietnam News Agency reported on Tuesday (March 3). Located in the Hoa Cuong and An Khe wards of Da Nang City, the airport will continue to serve as a major aviation hub for central Vietnam while retaining its dual-use function for both civil and military operations. Under the plan, the airport’s annual capacity is expected to reach around 20 million passengers and 100,000 tonnes of cargo by 2030. Passenger volumes are projected to remain stable through 2050, while cargo capacity is set to increase to 330,000 tonnes per year. The development will retain the airport’s two runways, expand apron space to accommodate 52 aircraft parking positions, and add new taxiways to improve operational efficiency. Currently, Da Nang International Airport operates 24 direct air routes, including 16 international connections, with approximately 112 flights daily. The expansion plan is designed to support future growth in passenger traffic and cargo throughput while enhancing the airport’s operational capabilities.

Sunway Healthcare Holdings Bhd (SHH), the healthcare arm of Sunway Bhd, is confident that investors will see value in its initial public offering (IPO) despite concerns that its proposed pricing may be relatively high compared to industry peers. SHH launched its IPO prospectus last Friday, revealing plans to raise up to RM2.86 billion through the offering. The healthcare group is targeting a maximum IPO price of RM1.45 per share, which, if achieved, would give the company an estimated market capitalisation of RM16.68 billion, based on 11.5 billion shares. The company is scheduled to list on the Main Market of Bursa Malaysia on March 18. According to SHH, the IPO will support its growth initiatives and further strengthen its position in the Malaysian healthcare sector. Market analysts have noted that while the pricing may appear elevated relative to peers, the company’s track record, market position, and growth potential make the IPO an attractive opportunity for investors seeking exposure to the healthcare sector. Sunway Healthcare Holdings operates a broad network of hospitals, medical centres, and ancillary healthcare services, making it one of the largest private healthcare providers in Malaysia. The funds raised from the IPO are expected to support expansion plans, enhance infrastructure, and improve service offerings across its healthcare network. The IPO also marks a significant milestone for Sunway Bhd, reinforcing its commitment to strengthening its healthcare segment while providing retail and institutional investors an opportunity to participate in the company’s growth story.

The Public Accounts Committee (PAC) has urged the Federal Land Consolidation and Rehabilitation Authority (Felcra) to review its 30,000-hectare commercial land bank target under Transformation Plan 2.0. The committee said the five-year goal should be reassessed to better reflect Felcra’s financial capacity, noting that only 4,016.89 hectares — or 13% of the target — had been achieved as of the fourth year in 2025. PAC warned that the shortfall raises concerns about Felcra’s ability to sustain long-term operating costs and remain competitive. With about 26,000 hectares still to be acquired, the committee said the target may not be realistic under current financial conditions. Felcra was advised to establish a clear acquisition plan and secure sufficient funding sources to safeguard its financial sustainability. The PAC’s review followed concerns raised by the Auditor General over governance weaknesses in Felcra Bhd’s RM241.76 million purchase of four oil palm estates between 2022 and 2024. The acquisitions involved one estate in Telupid, Sabah, and three leasehold estates in Gua Musang, Kelantan — Aring, Dabong and Sungai Rawit 2 — covering a total of 4,016.89 hectares. PAC identified weaknesses in procurement procedures, valuation processes and yield assessments. It noted that Felcra’s strategy of acquiring lower-performing and cheaper plantations could significantly delay returns, as actual yields differed from projections. As a result, the return on investment (ROI) period was extended to between 11 and 22 years. The committee also found that the Telupid acquisition did not fully comply with a prior board decision, while the three Kelantan estates were purchased in what it described as a rushed manner. To prevent similar issues, PAC recommended that Felcra conduct independent valuations and due diligence through qualified external consultants for future acquisitions. It also proposed a minimum 15 to 30-day timeline between board approval and signing of acquisition agreements to ensure proper governance. Although Felcra operates under the Ministry of Rural and Regional Development, PAC noted that the ministry does not oversee daily operations, as the agency funds its operating expenses internally. Final approval for plantation investments — capped at RM125 million — rests with Felcra’s board. Felcra is wholly owned by the Minister of Finance (Incorporated) and is responsible for rehabilitating and developing underperforming state land schemes into productive agricultural assets that support rural communities. In total, PAC issued nine recommendations aimed at strengthening governance, improving acquisition discipline and ensuring future expansion aligns with Felcra’s financial capacity.

Foreign investors continued their selling trend for a second straight week across eight Asian markets, recording total net outflows of US$2.02 billion (RM7.89 billion), according to MBSB Investment Bank Bhd (MBSB IB). In its fund flow report for the week ended Feb 27, 2026, the bank said South Korea accounted for the bulk of the outflows, while Vietnam and Malaysia experienced comparatively smaller withdrawals. Vietnam returned to net foreign selling after reopening from the Lunar New Year holiday and posting inflows the week before, with US$181.6 million in outflows. This came despite positive geopolitical news, including the US removing Vietnam from its strategic export control lists, which improves access to advanced US technologies such as semiconductor equipment and aerospace components. On Bursa Malaysia, foreign investors remained net sellers for the second consecutive week, with RM156.4 million in outflows. They sold on three out of five trading days, with the largest outflow recorded last Friday at RM108.1 million, followed by Thursday (RM83.7 million) and Monday (RM11.6 million). Inflows were seen on Tuesday and Wednesday, amounting to RM26.8 million and RM20.1 million respectively. Sectors that attracted foreign buying included healthcare (RM74.7 million), transportation and logistics (RM53.7 million), and property (RM51.3 million). Meanwhile, financial services saw the highest outflows at RM175.4 million, followed by telecommunications and media (RM90.5 million) and industrial products and services (RM53.3 million). Local institutions also recorded net outflows of RM85.1 million, marking their fourth straight week of selling. In contrast, local retail investors extended their buying streak to two weeks, with RM241.5 million in net inflows. Trading activity increased across the board, with average daily trading volume rising 28.2% among retail investors, 56.4% among local institutions, and 94.8% among foreign investors. For the month of February, foreign funds logged their fourth consecutive month of net selling. Across the eight Asian markets tracked by MBSB IB, total net foreign outflows reached US$1.52 billion, largely driven by continued selling in South Korea.

YTL Hospitality REIT is planning a private placement of up to 90 million new units to raise an estimated RM99 million, with the proceeds earmarked for repayment of the trust’s outstanding borrowings, the REIT’s manager Pintar Projek Sdn Bhd announced. The proposed placement represents approximately 5% of YTL Hospitality REIT’s enlarged unit capital and is based on an illustrative issue price of RM1.10 per unit. The final placement price will be determined closer to the issuance date, depending on market conditions and regulatory approvals. YTL Hospitality REIT’s units closed at RM1.19 on Thursday, giving the trust a market capitalisation of RM2.03 billion. As at the end of December 2025, YTL Hospitality REIT had total borrowings of RM1.41 billion, up 4.37% from RM1.35 billion in June. The trust’s cash and cash equivalents, including deposits, stood at RM264.28 million, highlighting the need to optimise its capital structure and reduce leverage through the proposed placement. The REIT manages a diversified portfolio of 18 hospitality properties across Asia and Australia. This includes 13 properties in Malaysia, two in Japan, and three in Australia. In addition, the REIT is developing a new Moxy hotel in Hokkaido, Japan, which is scheduled for completion in the fourth quarter of 2026. The placement proceeds are expected to provide additional financial flexibility to support the REIT’s ongoing operations and upcoming projects. YTL Hospitality REIT has emphasized that the private placement is intended primarily to strengthen its balance sheet and reduce interest-bearing debt, while maintaining its ability to pursue growth opportunities across its portfolio. The REIT continues to focus on delivering value to its unitholders through prudent capital management, operational efficiency, and expansion into key international markets. The move reflects the REIT’s strategy to balance debt obligations with growth initiatives, ensuring long-term sustainability and resilience amid challenging economic conditions for the hospitality sector. The private placement remains subject to approvals from the Securities Commission Malaysia, Bursa Malaysia Securities, and the REIT’s unitholders.

Gagasan Nadi Cergas Bhd has proposed a bonus issue of warrants on the basis of one warrant for every two shares held, according to a filing with Bursa Malaysia on Thursday. The exercise will involve the issuance of up to 376.5 million warrants, each with a five-year tenure and an exercise price of 32 sen per warrant. The proposed exercise price represents a discount of approximately 25% compared with the company’s five-day volume-weighted average price of 42.76 sen as at the latest practicable date. If all warrants are fully exercised, the company could potentially raise up to RM120.48 million in proceeds. Gagasan Nadi Cergas said the funds would primarily be used to strengthen working capital, with a focus on payments to suppliers and subcontractors for materials and progress claims related to ongoing projects. In addition, part of the proceeds will be allocated to cover operating expenses for future projects, helping the group to maintain smooth operations while continuing to expand its project pipeline. The proposed bonus issue is subject to approval from both Bursa Malaysia Securities and the company’s shareholders at an extraordinary general meeting. The company will provide further details and documentation to facilitate the approval process once scheduled. Shares in Gagasan Nadi Cergas closed up half a sen, or 1.14%, at 44.5 sen on Thursday, giving the group a market capitalisation of RM335 million. The bonus warrants issuance is part of the company’s broader strategy to optimise its capital structure, improve liquidity and provide additional funding flexibility as it pursues its growth and expansion plans. By offering discounted warrants to existing shareholders, Gagasan Nadi Cergas aims to reward shareholder loyalty while simultaneously raising funds to support its operational and project-related needs.

Citaglobal Bhd is proposing to raise RM42.09 million via a private placement of 46.77 million new shares to Berjaya Securities Sdn Bhd at an issue price of 90 sen per share. Upon completion, Berjaya Securities — an indirect wholly owned subsidiary of Berjaya Corporation Bhd — will become a substantial shareholder in Citaglobal. It is expected to hold an 8.66% stake under the minimum scenario, or 6.59% assuming full exercise and conversion of the company’s warrants and irredeemable convertible preference shares (ICPS), according to a filing with Bursa Malaysia. TIZA Global Sdn Bhd will remain Citaglobal’s largest shareholder with a 26.86% stake after the placement. TIZA Global is the private investment vehicle of Citaglobal executive chairman and president Tan Sri Mohamad Norza Zakaria. Based on the minimum scenario, TIZA Global is followed by the Pahang ruler, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, with an 11.92% stake, and Dedap Rimbun Sdn Bhd with 7.79%. Dedap Rimbun is controlled by Datuk Shabaruddin Ibrahim, group executive chairman of Mutiara Perlis Sdn Bhd, the master developer of the Perlis Maritime Corridor. The placement price of 90 sen represents a premium of 1.16% to the five-day volume-weighted average price (VWAP) and a 7.04% premium to the 12-month VWAP. Of the RM42.09 million in gross proceeds, RM13.5 million will be used to reimburse and settle the remaining cash payment for the acquisition of land in Gebeng, Pahang. Another RM18.5 million is allocated for business expansion and investments, including small hydro assets, a large-scale solar project and a bio-compressed natural gas upgrading facility. Citaglobal has earmarked RM8.6 million for working capital, while RM1.49 million will cover estimated expenses related to the placement. The exercise is expected to be completed by the second quarter of 2026, subject to approvals from shareholders and Bursa Malaysia Securities. TA Securities has been appointed as the principal adviser and placement agent. Citaglobal shares closed half a sen lower, or 0.55%, at 90 sen, giving the group a market capitalisation of RM444 million.

Several of Asia’s largest banks are preparing bids for HSBC Holdings plc’s retail business in Indonesia, according to sources familiar with the matter, as lenders seek to strengthen their presence in Southeast Asia’s biggest economy. Potential bidders include Singapore’s DBS Group Holdings Ltd, Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank Ltd (UOB), along with Malaysia’s CIMB Group Holdings Bhd and Japan’s Sumitomo Mitsui Financial Group Inc (SMFG). The sources requested anonymity as the discussions are private. HSBC is said to be working with financial advisers on a possible sale of its consumer banking operations in Indonesia. The assets could be valued at more than US$200 million (RM777.4 million). Binding offers are reportedly due by mid-March, although deliberations are still ongoing. The bank has previously stated that it is conducting targeted strategic reviews of its retail operations in Australia, Indonesia and Egypt, as well as HSBC Life Singapore, but no final decisions have been announced. Since becoming chief executive in 2024, Georges Elhedery has led a sweeping restructuring of HSBC, which included reducing management layers, cutting thousands of jobs and reorganising the group into four core divisions. The bank has also exited several non-core businesses as part of the overhaul. Spokespersons for DBS, UOB, OCBC, CIMB and SMFG declined to comment on the potential bids, while HSBC declined to provide additional details regarding its Indonesia review. Indonesia’s strong economic momentum — with growth reaching a three-year high last quarter — has made the market increasingly attractive to regional lenders. The potential sale follows a broader trend of global banks such as HSBC and Citigroup Inc divesting non-core assets. ANZ Group Holdings Ltd has also explored the possibility of selling its stake in PT Bank Pan Indonesia. HSBC has operated in Indonesia since 1884. It acquired PT Bank Ekonomi Raharja in the 2000s and rebranded it as PT Bank HSBC Indonesia in 2016. The Indonesian unit currently employs around 2,300 staff and operates 28 branches, serving corporate, institutional and retail clients. The bank had previously considered a potential initial public offering of its Indonesian business in 2022, according to people familiar with earlier discussions.