Investment & Market Trends

MTT Shipping and Logistics Bhd is looking to raise up to RM652 million through an initial public offering (IPO) on the Main Market of Bursa Malaysia, potentially marking the largest fundraising exercise in Malaysia’s transportation and logistics sector in more than a decade. MTT Shipping and Logistics Bhd executive chairman Datuk Seri Ong Kean Lee (centre) with other representatives at the group’s prospectus launch. The Malaysia-based container liner operator has opened applications for both retail and institutional investors at an IPO price of RM1.03 per share. The retail portion will close on April 3, followed by the institutional offering on April 6, ahead of its planned listing on April 21. If fully subscribed, the listing would be the biggest logistics-related IPO on Bursa Malaysia since 2013, when AirAsia X Bhd raised RM987.7 million and Westports Holdings Bhd raised RM2.03 billion. MTT Shipping is principally engaged in container liner shipping, vessel chartering, container storage and related logistics services. The group operates across key regional markets including Brunei, China, India, Indonesia, Thailand and Singapore. It also owns the largest fleet of Malaysian-flagged containerships, with an average age of 6.7 years as at Sept 1, 2025, making it the youngest fleet among local operators. Based on an enlarged issued share capital of 2.50 billion shares and the IPO price, the group is expected to command a market capitalisation of approximately RM2.6 billion upon listing. Executive chairman Datuk Seri Ong Kean Lee said the timing of the listing is aligned with evolving regional trade dynamics and continued demand for reliable shipping capacity across domestic and regional routes. The IPO will involve the issuance of 633.5 million new shares, comprising 571 million shares for institutional investors and 62.5 million shares for retail investors. There will be no offer for sale, and the listing will offer investors up to a 25.3% stake in the company. For the financial year ended Dec 31, 2024, MTT Shipping recorded a profit after tax of RM253.6 million on revenue of RM1.20 billion. About 95.7% of the IPO proceeds will be used to acquire at least 12 new container vessels as part of the group’s expansion strategy, with the balance allocated for listing-related expenses. The company has also outlined a dividend policy targeting a minimum payout of 50% of annual net profit, subject to working capital requirements and capital expenditure plans. CIMB Investment Bank Bhd has been appointed as principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter. CLSA Ltd and CLSA Securities Malaysia Sdn Bhd are acting as joint global coordinators and bookrunners, while Affin Hwang Investment Bank Bhd is serving as joint bookrunner and underwriter.

Putrajaya may need to tighten the RON95 petrol subsidy, either by reducing the current 300-litre monthly quota or raising the pump price back to RM2.05 per litre, analysts say. Both measures are being considered as realistic options if crude oil prices remain high, placing greater strain on government finances. CGS International Research (CGSI Research) noted that cutting the subsidised quota could allow the government to target support more efficiently toward lower-income households while limiting the immediate impact on the consumer price index (CPI). The research house highlighted that rising geopolitical tensions in the Middle East have pushed crude oil prices above US$100 per barrel, increasing the likelihood of renewed price pressures. Hong Leong Investment Bank Research similarly pointed out that the conflict has tilted Malaysia’s inflation risks upward. “For now, we maintain our 2026 CPI forecast at 1.7% year-on-year, but we are monitoring global energy prices and government policy responses closely. A potential RON95 price reversion to RM2.05 per litre may occur if the Middle East conflict persists,” it said. CGSI Research added that higher oil prices would first affect transport costs, with knock-on effects across other CPI segments. Their calculations suggest that every US$10 increase in average oil prices could push Malaysia’s annual CPI up by around seven basis points, assuming no policy changes. Rising fuel costs would also increase the fiscal burden of the current subsidy programme, potentially prompting a retail price adjustment or a reduction of the 300-litre allocation. Looking ahead, the research house warned of upside risks to its CPI forecast if Middle Eastern oil supply disruptions keep global prices elevated. For now, CGSI maintains its 2026 CPI projection at 1.5%, following a moderation to 1.4% y-o-y in February 2026, compared with 1.6% in January. Apex Securities Research noted that headline inflation averaged 1.5% in the first two months of 2026, below the 10-year average of 1.8%. However, rising geopolitical tensions could increase costs for logistics, utilities, and raw materials, gradually feeding into consumer prices. Fuel prices remain the main domestic risk, as RON95 accounts for 5.7% of the CPI basket. Under a scenario where Brent crude remains around US$101 per barrel and subsidised RON95 rises to RM2.40 per litre or higher, Apex said headline inflation could exceed 3%, potentially prompting a rate hike by Bank Negara Malaysia. However, the research house considers this a low-probability scenario, noting that the highest subsidised RON95 price to date was RM2.38 per litre in November 2017. “Monetary tightening may not be ideal in a cost-push environment, as it could weigh on household spending and business financing,” Apex added, suggesting that the government is unlikely to implement a sharp fuel price increase that would significantly raise living costs.

RHB Trustees Bhd has emerged as a substantial shareholder of Omesti Bhd after acquiring an 8.7% stake in the ICT company. In a Bursa Malaysia filing, the trustee disclosed that it purchased 201.92 million shares on March 18. The transaction price was not revealed. The filing noted that the shares are held on behalf of the Kenanga Islamic Absolute Return Fund, which is managed by Kenanga Investors Bhd. Although the seller was not identified, the block size closely matches shares disposed of by Kenanga Yield Enhancement Fund on March 13. Following the disposal, the fund now holds about eight million shares, representing a 0.34% stake in Omesti. Teguh Sedaya Sdn Bhd remains Omesti’s largest shareholder with a 22.57% stake. The investment vehicle is linked to Datin Seri Yasmin Hanim Arbee Mohammed Isa Arbee and Nur Atisya Mohd Yunus. Executive director Monteiro Gerard Clair is another substantial shareholder, holding a 5.384% direct stake and a 2.865% indirect interest in the company. Shares in Omesti rose 0.5 sen, or 6.7%, to close at eight sen on Tuesday, giving the company a market capitalisation of RM175.47 million.

Alam Maritim Resources Bhd’s head of global subsea business, Alvin Ch’ng Yi Ming, has become a substantial shareholder in the company after acquiring an 8.91% stake. According to a Bursa Malaysia filing, Ch’ng purchased 39.7 million shares on March 19. While the transaction value was not disclosed, the shares would be worth roughly RM10.72 million based on the closing price of 27 sen on the same day. Ch’ng’s stake follows Maybank Banking Bhd’s exit from Alam Maritim. Maybank sold its entire direct stake of 5.67 million shares (1.249%) and its indirect holding of 79.81 million shares (17.91%) through Maybank Islamic Bhd on March 19. Maybank had acquired a 19.16% stake in the company in September last year under a scheme of arrangement, paying 27.83 sen per share, or RM23.76 million in total, with warrants issued on a one-for-four basis. In a separate filing, Alam Maritim revealed that two other substantial shareholders also increased their stakes. Datuk Aloysius Albert Michael, CEO of the company’s global subsea business, raised his holding to 55.51 million shares, representing 12.436% of the company, up from 7.626%. Saujana Holdings Sdn Bhd increased its stake to 66.92 million shares, or 15.019%, from 10.65%, acquiring 19.46 million shares between March 17 and March 24. Alam Maritim’s scheme of arrangement was part of a broader plan to exit its PN17 status. The plan also included a share capital reduction, share consolidation, and a rights issue with warrants. The company entered PN17 status in 2022 after its auditor, Baker Tilly Monteiro Heng PLT, issued a disclaimer of opinion for the 18-month period ending June 30, 2022, citing a net loss of RM209.5 million, current liabilities exceeding current assets, and negative operating cash flows. Alam Maritim closed unchanged at 27 sen on Tuesday, giving it a market capitalisation of RM120 million.

Savvy Games Group has agreed to acquire Moonton, the mobile game studio owned by ByteDance Ltd, as the Saudi Arabian company expands its mobile gaming portfolio. The deal values Moonton at approximately US$6 billion, according to sources familiar with the matter. The transaction is expected to close soon, Moonton CEO Zhang Yunfan said in a memo reviewed. Management will remain in place, and employees will be offered incentive programs. Savvy CEO Brian Ward said the acquisition will strengthen the company’s mobile gaming division and esports presence. Savvy, a subsidiary of Saudi Arabia’s US$1 trillion Public Investment Fund (PIF), is a key part of the kingdom’s push to become a global gaming hub. Moonton is known for its multiplayer mobile games, particularly Mobile Legends: Bang Bang, which has been installed more than 1.5 billion times, with strong popularity across Southeast Asia. Saudi Arabia is also developing a gaming district in Qiddiya City near Riyadh, featuring amusement parks, golf courses, and esports arenas. Savvy previously acquired Scopely, maker of Monopoly GO, in 2023 and agreed to buy Niantic Inc’s Pokémon Go last year for US$3.5 billion. Mobile gaming now accounts for the majority of global gaming spending, outpacing console and PC games, with Asia expected to drive most of the growth, according to Newzoo’s Global Games Market Report 2025. ByteDance, which paid around US$4 billion for Moonton in 2021, is selling the studio to focus on generative AI. The company has recently scaled back its gaming operations, including winding down Nuverse, and cutting jobs as it competes with Chinese tech rivals in AI and digital platforms. A ByteDance spokesperson said, “We are proud of Moonton’s impressive growth into a leading mobile gaming player in Southeast Asia. This transaction marks a natural next step in its journey.”

Vietnam Prosperity JSC Bank (VPBank) is seeking a sustainability‑linked loan of around US$1.2 billion, people familiar with the matter said, in what could become one of Vietnam’s largest ESG‑tied financings. The Hanoi-based bank has appointed more than a dozen lenders to underwrite the three-year facility, the sources added, asking not to be identified due to the confidential nature of the discussions. Sumitomo Mitsui Banking Corp (SMBC) is serving as the sole coordinator of the deal. SMBC’s parent company, Sumitomo Mitsui Financial Group, holds roughly 15% of VPBank’s shares. The proposed loan highlights the continued appeal of ESG-linked financing in emerging markets, even as the growth of such instruments has moderated following a recent expansion. Neither VPBank nor SMBC responded to requests for comment. Last May, VPBank arranged a US$1 billion loan from global lenders to support women-led businesses, green initiatives, and other socially responsible projects. Other recent ESG-linked deals include COFCO International Ltd securing a US$435 million revolving credit facility from Standard Chartered Plc, tied to social and climate targets in agricultural supply chains, and the State Bank of India marketing a US$500 million syndicated social loan focused on women’s economic empowerment and gender equality. Sustainability-linked loans reached approximately US$139 billion in 2025 and are expected to grow to around US$160 billion in 2026, according to a February report by ING analysts.

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).