Investment & Market Trends

A group of shareholders is reportedly close to taking Yinson Holdings Bhd (KL:YINSON) private in a deal that could value the Malaysian energy infrastructure company at around RM8 billion. The Lim family, which founded Yinson in the 1980s and remains its largest shareholder, is said to be partnering with infrastructure-focused investment firm Stonepeak Partners and local pension funds that are existing Yinson shareholders in a joint bid. Sources familiar with the matter say talks are at an advanced stage, with a deal potentially being announced within the next few weeks. The buyout would likely be executed via a scheme of arrangement, or court-approved agreement, which could increase the likelihood of the transaction’s success. However, the discussions are ongoing, and there is no certainty that the deal will proceed. Representatives for the Lim family and Stonepeak declined to comment, while Yinson did not respond to requests for comment outside business hours. Bloomberg News reported in June that Stonepeak, based in New York, was collaborating with the Lim family on a potential Yinson buyout. As of the end of February, the Lim family held 27.7% of Yinson, while the Employees Provident Fund and Kumpulan Wang Persaraan (Diperbadankan) owned 17.1% and 7%, respectively. Founded as a transport and logistics company, Yinson has since expanded into energy infrastructure, renewables, and technology. Its shares have fallen roughly 3% this year, giving it a market value of RM6.7 billion as of March 19. Malaysia’s stock market was closed for the Eid holiday on March 20 and 23.

Sorento Capital Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd, with completion targeted by the third quarter of 2026. The bathroom and kitchen sanitary ware company said the proposed transfer reflects its financial strength and ability to meet Bursa Malaysia’s profit track record requirements for a Main Market listing. The board believes the move will enhance the group’s credibility, prestige, and overall market positioning. Sorento added that the transfer is expected to improve visibility and attract a broader base of investors, particularly institutional funds, while better reflecting the group’s operational scale. The company said this could enhance the liquidity and marketability of its shares and strengthen stakeholder confidence. The proposed transfer will not affect Sorento Capital’s issued share capital, substantial shareholders’ holdings, or the group’s net assets, gearing, earnings, and earnings per share. Alliance Islamic Bank Bhd has been appointed as the principal adviser for the exercise.

Malayan Banking Bhd has sold its entire 19.16% stake in Alam Maritim Resources Bhd, which it had acquired last September under a scheme of arrangement. The disposal, comprising 85.38 million shares, was completed on Thursday, according to a Bursa Malaysia filing. No sale price was disclosed. Of the stake, 5.57 million shares (1.25%) were held by Maybank, while 79.81 million shares (17.91%) were held by its unit, Maybank Islamic Bhd. The shares, issued at 27.83 sen each with warrants on a one-for-four basis, were originally acquired for RM23.76 million. Following the sale, Maybank is no longer a substantial shareholder in Alam Maritim. The company’s current substantial shareholders include Saujana Holdings Sdn Bhd (10.65%), Azmi Ahmad (9.44%), and Datuk Aloysius Albert Michael (7.63%). The stake was part of Alam Maritim’s regularisation plan to exit PN17 status, which also involved a share capital reduction, share consolidation, and a rights issue with warrants. The company had entered PN17 in 2022 after reporting a RM209.5 million net loss, negative cash flows, and current liabilities exceeding assets. For the financial year ended June 30, 2025, Alam Maritim posted a net profit of RM33.94 million on RM481.29 million in revenue. As of December 31, 2025, current assets were RM194.38 million, current liabilities RM100.21 million, with negative operating cash flow. Shares in Maybank closed 14 sen lower at RM11.60, valuing the bank at RM140.14 billion, while Alam Maritim rose one sen to 27 sen, giving a market capitalisation of RM120.31 million.

Maybulk Bhd, Eonmetall Group Bhd and Leader Steel Holdings Bhd are selling three adjacent industrial land parcels in Klang, Selangor, to WG Malaysia VIII Sdn Bhd for a combined RM687.89 million. The buyer, an IT consultancy, plans to use the sites for a large-scale IT development. Maybulk, via its 60%-owned unit MBC Logistics Hub Sdn Bhd, is selling a 58.03-acre plot for RM278.05 million; Eonmetall is selling 66.03 acres for RM273.28 million; and Leader Steel is disposing of 33 acres for RM136.56 million. All three parcels are located in Kapar. The sale prices are mostly in line with independent valuations by Savills (M) Sdn Bhd. Eonmetall’s price is more than double its market capitalisation, while Leader Steel’s is nearly twice its market value. The transactions, involving companies with a common major shareholder and director, Datuk Goh Cheng Huat, require approval from non-interested shareholders. Maybulk expects a net gain of RM30.55 million and plans a special dividend of 3.5 sen per share, with the remainder for debt repayment and acquisitions. Eonmetall anticipates a RM57.82 million gain to fund debt, working capital, and investments. Leader Steel projects an RM18.39 million gain and a 3-sen special dividend, with remaining proceeds for debt and growth initiatives. The sales are expected to be completed in the second half of 2026, pending approvals. Shares closed mixed on Thursday: Maybulk up 0.5 sen at 37 sen (RM333 million market cap), Eonmetall down 1 sen at 26 sen (RM103.79 million), and Leader Steel up 1.5 sen at 45 sen (RM72.42 million).

Timberwell Bhd said the mandatory takeover offer by its largest shareholder, Wong Wai Foo, closed on Thursday (March 19), with Wong and his parties acting in concert securing a 69.43% stake in the company. According to a closing notice by RHB Investment Bank Bhd, Wong’s group held 61.83 million shares at 5pm upon the close of the offer. This marks a significant increase from the 36.94% stake held when the 90 sen-per-share takeover offer was launched after Wong emerged as the company’s single largest shareholder in January. The group has indicated its intention to maintain Timberwell’s listing status. Wong first surfaced as a shareholder on Jan 6 after acquiring 28.65 million shares, representing a 28.65% stake. He later increased his holdings to 32.71 million shares, or 36.73%, in February, triggering the mandatory takeover requirement. His entry coincided with the exit of three substantial shareholders: Tan Toeng Swie @ Lam Toeng Sui, who disposed of a 13.63% stake, non-executive director Agnes Soei-Tin Lamey, who sold 6.78%, and Lam Soei Lim, who sold 6.63%. Sabah-based Timberwell is involved in timber harvesting and forest rehabilitation. The company has recorded losses for three consecutive years, posting a net loss of RM644,000 on revenue of RM14.34 million for the financial year ended Dec 31, 2025. Timberwell shares closed 1.5 sen higher, or 1.69%, at 90.5 sen on Thursday, giving the company a market capitalisation of RM81 million.

Singapore-based DayOne Data Centers Ltd is reportedly close to filing confidentially for an initial public offering (IPO) in the US, potentially marking another multibillion-dollar deal in the booming data centre sector driven by artificial intelligence. Sources familiar with the matter said the company could submit its draft IPO registration to the US Securities and Exchange Commission as early as this week, though no final decisions have been made and timing may change. DayOne did not immediately respond to requests for comment. The company is said to be targeting around US$5 billion (RM19.7 billion) in its offering, working with Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley. Data centres have attracted significant investment as digital infrastructure demand surges with AI development, fueling mergers and acquisitions activity in Asia and the US. Formerly known as GDS International (GDSI), DayOne closed a Series C funding round of over US$2 billion in January, led by Coatue Management, to support international expansion. Its operations span Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Tokyo, and Finland. Other investors include GDS Holdings, Boyu Capital, Hillhouse Investment, SoftBank Vision Fund, Tekne Capital, Baupost Group, and Citadel CEO Ken Griffin.

Dialog Group Bhd has announced that its wholly-owned subsidiary, Dialog Chemicals Sdn Bhd (DCSB), together with Diyou PCR Sdn Bhd, will sell their 51% and 49% stakes, respectively, in Dialog Diyou PCR Sdn Bhd (DDPCR) to two companies managed by circular economy investment firm Circulate Capital. In a Bursa Malaysia filing on Monday, Dialog said DCSB and Diyou PCR will receive RM1 each from the purchasers, Ocean Fund Holdings Pte Ltd and Circulate Capital Ocean Fund I-B. Additionally, the buyers will pay US$8.5 million (about RM33 million) directly to DDPCR to fully repay the company’s bank loan. DDPCR, which produces, sells, and markets food-grade recycled polyethylene terephthalate (PET) pellets, has already ceased production. Dialog said the divestment allows the group to strategically refocus on its core energy businesses, supporting long-term growth and resilience. The sale price was determined on a willing-buyer, willing-seller basis, considering DDPCR’s audited total assets of RM33.6 million as of June 30, 2025. The original cost of DCSB’s investment in DDPCR was RM23.02 million, but it had been fully impaired in February 2025, resulting in no gain or loss aside from the RM1 cash consideration. Upon completion of the transaction, expected within 25 business days, DDPCR will cease to be a joint venture of Dialog. The group noted that the disposal will not affect its share capital, major shareholders, or have any material impact on earnings, net assets, or gearing.

Permodalan Nasional Bhd (PNB) has declined Sunway Bhd’s voluntary takeover offer (VTO) for its 13.3% stake in IJM Corp Bhd, citing the offer’s low valuation, small cash component, and IJM’s strong dividend prospects and long-term growth potential. In a statement on Monday, PNB said its board investment committee evaluated IJM’s intrinsic value against Sunway’s RM3.15 offer price and the potential future gains from the new Sunway shares to be issued. After a thorough and independent assessment, the fund concluded the offer did not meet its investment criteria or fiduciary duty to unit holders. PNB noted that IJM’s market price has long undervalued the company’s fundamentals and stressed that the decision should not be taken as guidance for other shareholders, who are encouraged to make their own assessment. Independent adviser M&A Securities also recommended rejecting the offer, highlighting that Sunway’s price represents a discount of up to 51% compared with IJM’s estimated value. The offer includes 10% cash (31.5 sen per share) and 90% new Sunway shares at 0.501 shares per IJM share, totaling around 1.76 billion new shares and RM1.1 billion in cash. Government-linked investment companies collectively hold about 45% of IJM, including the Employees Provident Fund (20.52%) and KWAP (9.64%). Sunway had set a deadline of April 6 for shareholders to accept the offer. Tan Sri Jeffrey Cheah, Sunway’s founder, previously warned the group would abandon the acquisition if it did not secure enough support. IJM shares closed at RM2.31 on Monday, down one sen, valuing the company at RM8.43 billion. Sunway closed at RM5.15, up one sen, for a market value of RM35.05 billion.

The Employees Provident Fund (EPF) has ceased to be a substantial shareholder in Johor-based SDS Group Bhd (KL:SDS), the operator of a chain of bakeries and cafes, following its latest share disposals. According to a Bursa Malaysia filing on Monday, the pension fund sold 165,000 shares, representing a 0.03% stake, on March 11. This reduced EPF’s total holding to 27.1 million shares, or 4.988%—just below the 5% threshold required for mandatory disclosure as a substantial shareholder. EPF first became a substantial shareholder in SDS in September 2025 with a 5.125% stake (27.84 million shares). The fund has gradually trimmed its position as the stock faced downward pressure, with SDS’ share price dropping more than 33% since EPF’s initial disclosure, closing at 48 sen on Monday, down one sen from last Friday, giving the company a market value of RM262.16 million. Listed on Bursa Malaysia’s ACE Market in October 2019, SDS moved to the Main Market in May 2023. The company has maintained consistent profitability, posting a full-year net profit of RM33.28 million for FY2025, up from RM32.55 million in FY2024.

Gagasan Nadi Cergas Bhd group managing director Datuk Wan Azman Wan Kamal has sold a 7.44% stake in the property and construction company, lowering his deemed interest from 64.69% to 57.25%. The sale, involving 56 million shares at 43 sen each, was completed on March 13, according to a Bursa Malaysia filing on Monday. The transaction is estimated to have netted Wan Azman approximately RM24.08 million. Last month, Gagasan Nadi Cergas proposed a bonus issue offering one warrant for every two shares held. The issuance could total up to 376.5 million warrants with a five-year tenure and an exercise price of 32 sen per warrant. If fully exercised, the company could raise up to RM120.48 million, intended for working capital, including payments to suppliers and subcontractors for materials and project progress claims. Since listing on Bursa Malaysia’s ACE Market in 2018, Gagasan Nadi Cergas has set its sights on a transfer to the Main Market later this year. The company’s shares are trading at a price-earnings ratio of 4.3 times, well below peers such as Nestcon Bhd (28.4 times), Gamuda Bhd (24.4 times), and Sunway Construction Bhd (24.7 times), according to AskEdge data. Shares closed 42 sen on Monday, down half a sen or 1.18%, giving Gagasan Nadi Cergas a market valuation of RM316 million.