Investment & Market Trends

Affin Bank Bhd has received approval from the Securities Commission (SC) for a change in controller, fulfilling a key condition for its proposed RM50 million acquisition of Pheim Asset Management Sdn Bhd (Pheim AM). In a Bursa Malaysia filing, the bank said the approval, granted on April 13, 2026, covers the change in control of Pheim AM, Pheim Islamic Asset Management Sdn Bhd and Pheim Unit Trusts Bhd as part of the proposed transaction. The approval is subject to any conditions imposed by the SC. Earlier this month, Affin Bank also obtained approval from Bank Negara Malaysia for the acquisition. First announced in November 2025, the proposed deal involves acquiring 100% equity interest in Pheim AM, marking a strategic move to strengthen the bank’s asset management capabilities.

Sasbadi Holdings Bhd has secured a RM17.2 million contract from the Ministry of Education (MoE) to publish, print and supply textbook packages under the new 2027 school curriculum. In a filing with Bursa Malaysia, the group said the contract was awarded to its wholly owned subsidiary, Sasbadi Sdn Bhd (SSB), together with its indirectly wholly owned subsidiary, The Malaya Press Sdn Bhd. Both entities have received a total of five letters of acceptance from the MoE in relation to the project. The contract is scheduled to run over a three-year period from April 9, 2026 to April 8, 2029, covering the production and nationwide distribution of the required educational materials. Sasbadi said the first tranche of the contract, valued at RM13.7 million, is expected to be delivered to schools across Malaysia starting from August 2026, in line with the rollout of the updated curriculum. The group noted that the contract is expected to contribute positively to its earnings and net assets for the financial year ending Aug 31, 2026, and throughout the duration of the contract period. This latest contract reinforces Sasbadi’s position as a key player in Malaysia’s educational publishing sector, particularly in supporting national curriculum initiatives through the provision of learning materials.

OSK Ventures International Bhd has exited its investment in Alternatives.pe following the acquisition of the Singapore-based private market data provider by Japanese business intelligence firm Uzabase Inc. Uzabase announced the deal on March 16 and completed the acquisition on April 1. The value of the transaction was not disclosed. OSK VI held a minority stake in Alternatives.pe through its ET Fund II, which focuses on Southeast Asia’s new economy companies. The exit was achieved within two years of the initial investment. Executive director Amelia Ong said the trade sale marks a successful outcome, adding that Alternatives.pe is now positioned to scale further as part of a larger private market data group. OSK VI had also been a user of the platform prior to investing, leveraging it for valuation and stakeholder reporting purposes. Founded in 2019, Alternatives.pe has developed one of the largest private market databases in Southeast Asia, covering over 350,000 companies. Its data is primarily sourced from official government filings, offering higher accuracy compared to platforms that rely on web-based or crowdsourced information. Ong said the investment was driven by a clear gap in the region, where institutional-grade private market data — comparable to platforms like PitchBook in Western markets — remains limited. Alternatives.pe addressed this need with its proprietary, filings-based database. She added that private market allocations in Asia-Pacific have been growing at a high-teens compound annual growth rate, alongside a steady increase in the number of private market firms. At the time of OSK VI’s investment, Alternatives.pe held an estimated 31% market share among venture capital firms actively investing in Southeast Asia, positioning it as a leading first mover in the space. On the exit decision, Ong noted that the acquisition by Uzabase offered strong strategic value, enabling faster growth for Alternatives.pe than it could achieve independently. She emphasised that OSK VI adopts a flexible investment approach, focusing on delivering meaningful returns rather than adhering to fixed holding periods. The firm maintains close engagement with its portfolio companies, including access to operational metrics and early preparation for potential exits. Uzabase, which operates the Speeda business intelligence platform and NewsPicks media outlet, said the acquisition supports its goal of becoming Asia’s leading economic information platform by 2028. It plans to integrate Alternatives.pe’s Southeast Asia and Australia datasets into Speeda’s global network.

Khazanah Nasional Bhd has disposed of a 3.13% stake, or 57.9 million shares, in TIME dotCom Bhd, following the telecom group’s recent share price peak of RM6.28. The transaction, carried out on April 8, did not disclose the exact proceeds in a Bursa Malaysia filing. However, Bloomberg off-market data showed that large blocks were traded at RM5.80 per share, indicating that the stake sale could be valued at up to RM335.82 million. The shares were sold at a 7.6% discount to TIME’s record closing price of RM6.28 on March 11. Following the disposal, Khazanah retains an estimated 10.04% stake in TIME, largely held through its investment vehicle, Pulau Kapas Ventures Sdn Bhd. Khazanah has been gradually reducing its shareholding in TIME through a series of block trades between 2023 and 2025, including the disposal of 131.15 million shares in 2025 alone. Meanwhile, TIME executive vice-chairman Afzal Abdul Rahim remains the company’s largest shareholder, with a 20.36% deemed interest. This comprises a 10.09% direct stake and a 10.27% indirect stake held via Megawisra Sdn Bhd and Global Transit International Sdn Bhd. For the financial year ended Dec 31, 2025, TIME reported an 11.8% increase in net profit to RM428.16 million, up from RM382.83 million a year earlier. Revenue also rose 6.1% to RM1.79 billion from RM1.69 billion. The company has also revised its dividend payout policy to 75% of net profit, after excluding extraordinary items, up from 50% previously. On the market front, TIME shares gained three sen, or 0.5%, to close at RM5.91 on Friday, giving the group a market capitalisation of RM10.93 billion. Over the past year, the stock has risen by 20.9%.

Systech Bhd executive chairman Datuk Ong Theng Soon has increased his stake in the e-business and cybersecurity firm to 4.71%. In a Bursa Malaysia filing on Friday, the group said Ong acquired 15.72 million shares, representing a 2.22% stake, via a direct business transaction on April 7. The shares were purchased at 9.5 sen each, for a total consideration of RM1.49 million. Ong first emerged as a shareholder in October 2025, shortly after his appointment as executive chairman, when he acquired 17.2 million shares or a 2.62% stake. He subsequently bought an additional 400,000 shares in November, raising his interest to 2.68%. Meanwhile, his spouse, Liew Su-Wen, had also built up a significant stake in Systech before gradually trimming her holdings in early 2026. Liew initially acquired 17 million shares (2.59%) on Oct 17, 2025, and quickly increased her stake by purchasing another 27 million shares (4%), bringing her total interest to 6.69% and making her a substantial shareholder. She continued to accumulate shares, adding a further 27.54 million shares on Oct 27 to reach a peak stake of 10.88%. However, from December onwards, Liew began reducing her holdings. She disposed of 3.5 million shares on Dec 18, lowering her stake to 9.63%, followed by additional disposals totalling 33.6 million shares in January, which reduced her interest to 4.87%. In February, she briefly increased her stake to 5.08% after acquiring 1.48 million shares, but subsequently pared down her holdings again on March 10 by disposing of 4.85 million shares. This brought her stake to 4.39%, below the 5% threshold required to be classified as a substantial shareholder. On the market front, Systech shares closed unchanged at 16 sen on Friday, giving the group a market capitalisation of RM113.5 million. The stock has gained approximately 10% year-to-date.

Ecobuilt Holdings Bhd (KL:ECOHLDS) has proposed to diversify its business into property development and the trading of building materials, as part of efforts to strengthen its earnings base. The group expects these new segments to contribute at least 25% of its net profit going forward. UOB Kay Hian Securities has been appointed as the adviser for the proposed diversification exercise. In a filing with Bursa Malaysia, Ecobuilt said it plans to set up new subsidiaries to undertake the respective businesses, subject to shareholders’ approval. The group noted that the move will allow it to leverage its existing experience, industry knowledge and network within the construction sector, while providing greater flexibility to tap into opportunities across different stages of the construction and property value chain. Ecobuilt added that the diversification is expected to complement its current construction activities and reduce reliance on a single business segment. However, the company highlighted that both property development and construction-related activities are subject to various regulatory requirements imposed by authorities. Similarly, the building materials trading segment may face compliance obligations, including business registrations, import or distribution approvals, and product standards. As at present, Ecobuilt has an outstanding unbilled order book of approximately RM196.8 million. This includes the Riveria Phase 2 project in Brickfields valued at RM165.07 million, and the Seiring – Block D project in Shah Alam worth RM31.73 million. Financially, the group remains in a net debt position of RM2.03 million as at Nov 30, 2025, with total borrowings of RM3.37 million exceeding its cash and cash equivalents of RM1.35 million. The company has also been loss-making since the financial year 2022. On the market front, Ecobuilt shares closed unchanged at 5.5 sen on Friday, giving the group a market capitalisation of RM23.1 million.

IOI Properties Group Bhd has announced plans to establish and list a real estate investment trust (REIT) comprising a portfolio of retail, office and hotel assets with a total value of RM7.58 billion. In a filing with Bursa Malaysia, the group said it intends to inject several Malaysian properties — including IOI City Mall and IOI City Park — into the proposed trust, to be known as IOIPG Malaysia REIT (IOIPG REIT). The REIT is expected to be listed on the Main Market of Bursa Malaysia with an initial fund size of 5.5 billion units. The move follows earlier reports in June 2025 that IOI Properties was exploring a REIT listing as part of efforts to manage debt arising from past acquisitions. In August last year, the group had also set up IOIPG REIT Management Sdn Bhd to act as the REIT manager. IOI Properties said the proposed listing is targeted for completion by the fourth quarter of 2026, subject to approvals from the Securities Commission Malaysia, Bursa Malaysia, the Ministry of Investment, Trade and Industry (Miti), and shareholders. The REIT will be established under a trust deed lodged with the Securities Commission and will focus on income-generating assets across retail, commercial, office and hospitality segments, in line with REIT guidelines. Under the proposed structure, the asset injection will be satisfied through the issuance of 5.5 billion units at an indicative price of 90 sen per unit, along with a cash component of RM2.65 billion. The cash portion will be funded through borrowings raised at the REIT level via a medium-term note programme. Following the injection, IOI Properties plans to offer up to 2.2 billion units, or 40% of the REIT, to investors through a combination of retail and institutional placements. Based on the indicative pricing, the exercise could raise approximately RM2 billion, while the REIT will also assume RM2.65 billion in debt as part of the transaction structure. The retail offering will include allocations for existing shareholders, employees and the public, including a Bumiputera portion. Meanwhile, the institutional tranche will be offered to selected investors, including Bumiputera investors approved by Miti. Final pricing will be determined closer to listing via a bookbuilding process, with the retail price set at the lower end of the institutional price range. Several hotel assets within the portfolio are expected to be leased back to IOI Properties-related companies under long-term arrangements upon completion of the exercise. Proceeds raised are expected to be channelled to IOI Properties and will primarily be used to repay borrowings, fund ongoing development and investment activities, as well as cover transaction-related expenses. Maybank Investment Bank Bhd and AmInvestment Bank Bhd have been appointed as joint principal advisers, global coordinators, bookrunners, managing underwriters and underwriters for the exercise. DBS Bank Ltd is also acting as joint global coordinator and bookrunner, while Knight Frank has been appointed as the independent property valuer. The REIT manager, IOIPG REIT Management, has an issued share capital of RM1 million. Its board includes IOI Properties group CEO Datuk Lee Yeow Seng and Datuk Ong Eng Bin. MTrustee Bhd has been proposed as trustee, with Rockwills International Bhd as its ultimate holding company, while Henry Butcher Malaysia (Mont Kiara) Sdn Bhd is expected to serve as property manager for the retail and office assets. Financially, IOI Properties reported a strong performance for the second quarter ended Dec 31, 2025, with net profit rising significantly to RM708.84 million from RM94.78 million a year earlier. Revenue also increased to RM1.04 billion from RM729 million. On the market front, IOI Properties shares rose 21 sen, or 6.14%, to close at RM3.63 on Friday, giving the group a market capitalisation of nearly RM20 billion. Over the past year, the stock has gained 108.9%.

Favelle Favco Bhd has announced the completion of its acquisition of French crane manufacturer Seram Industries SAS. The group had previously agreed to acquire Seram for a cash consideration ranging between €7.5 million and €10 million (approximately RM35.6 million to RM47.5 million), marking a strategic move to expand its international footprint. Seram is a wholly owned subsidiary of Marec Industrie SAS, which is controlled by its directors Joaquin Semis and Andrée Nee Vinas Semis. The company specialises in hydraulic balancing crane systems that are designed to enhance energy efficiency and improve lifting performance. Its solutions primarily cater to the industrial waste and recycling sector, while it also undertakes installation and maintenance of cranes and conveyor systems used in waste treatment facilities. For the financial year ended Dec 31, 2024, Seram reported a net profit of €1.76 million on revenue of €18.75 million, reflecting a stable performance within its niche segment. Previously, Favelle Favco noted that the acquisition is expected to broaden its product portfolio and support its strategic push into more automated and specialised heavy lifting equipment. The group also anticipates that the deal will strengthen its technical expertise while creating cross-selling opportunities across its global operations. The acquisition was fully funded through internally generated funds. As at Sept 30, 2025, Favelle Favco maintained a strong balance sheet, with cash reserves of RM219.92 million compared to borrowings of RM107.34 million. According to AskEdge data, Favelle Favco is currently trading at a price-to-earnings (P/E) ratio of 7.6 times, the lowest among its peers where comparisons are applicable. This valuation sits at the lower end of its historical range in recent years. In addition, the group’s price-to-net-asset (P/NAV) ratio stands at 0.5 times, which is below the peer average and also at its lowest level in recent years, indicating a relatively undervalued position. On the trading front, Favelle Favco shares closed unchanged at RM1.60 on Friday, giving the group a market capitalisation of approximately RM379.5 million.

Energy services provider KJTS Group Bhd has announced the completion of its acquisition of a 70.67% stake in specialist engineering firm iHandal Holdings Sdn Bhd. The acquisition, valued at RM10.1 million in cash, was first announced on March 5 and has now been finalised as part of KJTS’ strategic expansion plans. iHandal is known for its focus on energy efficiency solutions, particularly through its proprietary Heatfuse™ technology. The system is designed to capture and recycle waste heat generated from industrial processes, helping clients improve energy usage and reduce operational costs. The company serves a diverse portfolio of commercial and industrial clients, including hotels, hospitals, and manufacturing facilities. Its operations extend across multiple regions, namely Southeast Asia, South Asia, Oceania, and North America, positioning it as a growing player in the energy optimisation space. In an earlier filing, KJTS highlighted that the acquisition is expected to complement and strengthen its existing core businesses in cooling energy management and building support services. At the same time, it will enhance the group’s capabilities in delivering integrated energy optimisation solutions to its clients. KJTS also noted that the acquisition was fully funded through internally generated funds and will not result in any changes to its share capital or major shareholding structure. On the market front, KJTS shares closed two sen, or 2.6%, higher at 80 sen on Friday, giving the group a market capitalisation of approximately RM552.5 million.

Property group Ideal Capital Bhd has proposed a bonus issue of up to one billion shares on the basis of two new shares for every one existing share held. The entitlement date will be announced after all necessary approvals are obtained, the company said in a filing with Bursa Malaysia on Thursday. The exercise is aimed at increasing shareholder participation in the company’s equity while improving trading liquidity and marketability of its shares. For illustration, the theoretical ex-bonus price is estimated at RM1.1420 based on the five-day volume-weighted average market price (VWAMP), and RM1.1267 based on the lowest daily VWAMP over the three-month period up to April 8. Formerly known as Ideal United Bintang International Bhd, Ideal Capital is controlled by executive chairman Tan Sri Alex Ooi Kee Liang, who holds about 56% of the company together with his wife, executive director Puan Sri Phor Li Wei, via ICT Innotech Sdn Bhd. The company’s issued share capital currently stands at RM543.46 million, comprising 500 million shares. M&A Securities Sdn Bhd has been appointed as principal adviser for the bonus issue, which is expected to be completed by the third quarter of 2026. For the financial year ended Dec 31, 2025, Ideal Capital posted a 74.8% increase in net profit to RM158.43 million, while revenue rose 33.2% to RM1.24 billion. Shares of Ideal Capital last traded at RM3.50, valuing the group at RM1.75 billion.