Investment & Market Trends

Timberwell Bhd announced that the mandatory takeover offer by its largest shareholder, Wong Wai Foo, has become unconditional after his collective shareholding, including parties acting in concert (PACs), exceeded the 50% threshold. According to Timberwell’s Bursa filing on Thursday, Wong and his PACs now hold a 54.95% stake in the timber product manufacturer. The 90 sen per share takeover offer, which was triggered in January following Wong’s emergence as the company’s largest shareholder, remains open until 5pm on March 19. At the start of the takeover on Feb 26, Wong and his PACs held a 36.94% stake. They have indicated their intention to retain Timberwell’s listing status. Wong’s entry coincided with the exit of three substantial shareholders: Tan Toeng Swie @ Lam Toeng Sui (13.63% sold), non-executive director Agnes Soei-Tin Lamey (6.78%), and Lam Soei Lim (6.63%). Based in Sabah, Timberwell is involved in timber harvesting and forest rehabilitation. The company has reported losses for the past three consecutive years, including a net loss of RM644,000 for FY2025 on revenue of RM14.34 million. Timberwell shares closed at 89 sen on Thursday, down half a sen or 0.56%, giving the company a market valuation of RM79.26 million.

OGX Group Bhd’s initial public offering (IPO) ahead of its ACE Market listing on March 12, 2026, has been oversubscribed by 10.11 times, highlighting strong demand from Malaysian investors. The IT infrastructure solutions provider received 7,051 applications from the Malaysian public for 416.8 million shares worth RM145.88 million, far exceeding the 37.5 million shares allocated under the public portion. For the bumiputra public allocation, there were 3,887 applications for 199.5 million shares, representing an oversubscription rate of 9.64 times. Meanwhile, the general public portion attracted 3,164 applications for 217.29 million shares, translating to an oversubscription rate of 10.59 times. The 18.75 million shares set aside for eligible directors, employees, and contributors to OGX’s success were fully subscribed. In addition, all 75 million shares offered via private placement to institutional and selected investors were fully taken up. Shares allocated to bumiputra investors, approved by the Ministry of Investment, Trade and Industry, were also fully subscribed. The IPO consists of a public issue of 150 million new shares at 35 sen each, alongside an offer for sale of 75 million existing shares in conjunction with OGX’s ACE Market debut. UOB Kay Hian (M) Sdn Bhd serves as the company’s principal adviser, sponsor, underwriter, and placement agent for the IPO.

Raya Aviation Holdings Sdn Bhd, the parent company of cargo carrier Raya Airways, has emerged as the largest shareholder of NexG Bhd after acquiring two private companies previously linked to the group’s current and former executives. In a filing with Bursa Malaysia on Wednesday (March 4), Raya Aviation disclosed that it now holds 711.7 million NexG shares, representing a 20.4% stake, following the takeover of Skyelimit Alliance Sdn Bhd and Trendtrove Tradin Sdn Bhd. Skyelimit Alliance holds 561.7 million shares (16.1%) in NexG, while Trendtrove Tradin owns 150 million shares (4.3%). According to records from the Companies Commission of Malaysia (SSM), Raya Aviation’s ultimate ownership remains unclear, as CIMB Islamic Trustee Bhd holds 99% of the company. Its directors are Mohamad Yusof Ishak and Mohamad Najib Ishak, with Tan Tong Lang serving as company secretary. Mohamad Najib is also the group managing director of Raya Airways. Raya Aviation was previously known as Amrul Nizar Anuar Resources Sdn Bhd before changing its name on Dec 22, 2020. Raya Airways itself was formerly known as Transmile Air Services. Prior to the takeover, Skyelimit Alliance was wholly owned by Tan Sri Mohd Khairul Adib Abd Rahman, who stepped down as NexG’s executive deputy chairman in October 2025, less than six months after assuming the role. Khairul Adib also held shares in NexG through Kuantum Juang Sdn Bhd, which is 99.9% owned by RHB Trustees Bhd. Meanwhile, Trendtrove Tradin was wholly owned by NexG executive director Datuk Ab Hamid Mohamad Hanipah, who transferred ownership of the company to his son Anwar Ab Hamid in October 2025. A filing dated March 4 shows that Anwar has since ceased to be a shareholder of Trendtrove Tradin. Both Skyelimit Alliance and Trendtrove Tradin maintain pledged securities accounts with Velocity Capital Sdn Bhd, the financing arm of Velocity Capital Partner Bhd. NexG’s other substantial shareholder is executive chairman and group CEO Datuk Abu Hanifah Noordin, who holds a 9.58% stake in the company. Despite securing four government contracts worth more than RM2.5 billion, NexG has faced financial setbacks due to investments in volatile penny stocks that have significantly declined in value. For the third quarter ended Dec 31, 2025 (3QFY2026), NexG reported a net loss of RM130.88 million, largely due to a fair value loss of RM145.6 million on other investments. Among the losses, NexG invested RM88 million to acquire 220 million shares in MMAG Holdings Bhd at 40 sen each, representing a 9.53% stake. The stock has since plunged 94% to 2.5 sen. The company also holds a 32.61% stake in Classita Holdings Bhd, now known as NexG Bina Bhd, along with 414.31 million warrants purchased for RM93.25 million. The combined investment is currently valued at about RM20.1 million, reflecting an 80% loss, with shares trading at 3 sen and warrants at 1 sen. Velocity Capital had also invested in MMAG around the same period. In March last year, it spent RM60 million to acquire the shares at 40 sen each, representing a 6.49% stake. However, it exited the investment in January this year, selling its entire holding in two tranches — 32.6 million shares on Jan 9 and 117.4 million shares on Jan 12 — at about 6.5 sen per share, resulting in an estimated 84% loss. NexG’s cash position has weakened over the past year. Total cash declined to RM47.11 million from RM73.21 million, while its cash balance fell to RM25.5 million from RM61.6 million. However, bank deposits increased to RM21.61 million from RM11.61 million. The group’s total borrowings stood at RM53.77 million, comprising RM38.87 million in short-term debt and RM14.9 million in long-term obligations. NexG shares fell one sen, or 3.6%, to 27 sen on Wednesday, giving the company a market capitalisation of RM942 million. The stock has dropped nearly 50% from its 52 sen peak in October last year.

Pemandu Group has officially launched its investment arm, Pemandu Capital, marking its entry into direct equity ownership with the acquisition of a majority stake in personal care manufacturer Intramiles Sdn Bhd. Intramiles produces over 1,600 products spanning hair care, skin care and body care categories, serving a broad customer base in the fast-moving consumer goods segment. Announcing the move, Pemandu Group chairman Datuk Seri Idris Jala said the launch signals a shift from advisory to active ownership. “With Pemandu Capital, we are putting our skin in the game. This is not advisory from the sidelines. We are building companies from within — embedding leadership, driving execution and creating enduring enterprise value,” he said in a statement. Pemandu Group chairman Datuk Seri Idris Jala (second from left) shaking hands with Intramiles Sdn Bhd co-founder Chan Chum with CEO Nishan MPR Veera Kumar (left) and co-founder Low Sau Choo during the launch of Pemandu Capital. Intramiles co-founders Chan Chum and Low Sau Choo will remain actively involved in the company’s operations. They said the partnership reflects Pemandu Capital’s commitment to preserving the company’s legacy while accelerating its next phase of growth. Pemandu Capital aims to position Intramiles as a globally competitive player through structured growth strategies, while safeguarding the founders’ vision and business foundation. The firm’s investment model is structured around three phases: stabilising financial and operational performance within the first 100 days, strengthening margins and operational discipline, and expanding into new markets, customer segments and product offerings. As part of this hands-on approach, Nishan MPR Veera Kumar has been appointed chief executive officer of Intramiles. He was previously the first chief operations officer of Pemandu Associates and is currently managing director of Perintis Akal Sdn Bhd. His role will focus on embedding leadership and driving operational execution from within the company. Pemandu Group said the acquisition represents the first case under its Transformational Capital framework, as it seeks to build a broader portfolio of high-potential small and medium enterprises. Founded in 2009 as Malaysia’s government delivery unit under the Prime Minister’s Department, Pemandu later transitioned into the private sector as a consultancy and investment group. It has since expanded its footprint internationally, working with organisations across Asia, Africa and the Middle East. Today, the group operates through its consulting arm, Pemandu Associates, and its newly launched investment arm, Pemandu Capital, applying its proprietary 8-Step Big Fast Results methodology in both advisory and ownership roles. Idris, a former Cabinet minister, is widely recognised for leading the turnaround of Malaysia Airlines and previously held senior leadership roles at Shell.

Lembaga Tabung Haji has become a substantial shareholder in Duopharma Biotech Bhd following its latest acquisition of shares in the pharmaceutical company. According to a filing with Bursa Malaysia on Tuesday, the pilgrimage fund crossed the 5% disclosure threshold after purchasing 500,000 shares, representing a 0.052% stake, on Monday. The acquisition raised Tabung Haji’s total shareholding in Duopharma to 5.046%, equivalent to approximately 48.54 million shares. Lembaga Tabung Haji has emerged as a substantial shareholder of Duopharma Biotech Bhd after acquiring 500,000 shares on Monday, bringing its total stake to 5.046%, representing 48.54 million shares. With this development, Tabung Haji joins the list of key institutional shareholders in Duopharma. Permodalan Nasional Bhd (PNB) remains the company’s largest shareholder with a 44.104% stake, while the Employees Provident Fund (EPF) holds 9.087%. The move reflects Tabung Haji’s continued strategy of building strategic positions in established Malaysian companies across various sectors. Last month, the fund re-emerged as a substantial shareholder in electronic manufacturing services provider SKP Resources Bhd with a 5.092% stake after being absent from the company’s share register for nearly a decade. In addition, Tabung Haji recently acquired significant stakes in newly listed tanker operator Orkim Bhd, where it holds 5.006%, and retailer AEON Co (M) Bhd, with a 5.013% stake. These investments signal a broader diversification effort across healthcare, manufacturing, logistics, and retail sectors. Duopharma shares closed three sen, or 2.07%, higher at RM1.48 on Tuesday, giving the group a market capitalisation of approximately RM1.42 billion. The stock has risen more than 19% over the past year, reflecting improved investor sentiment and steady performance in the healthcare sector. Tabung Haji’s latest acquisition further strengthens its presence in Malaysia’s capital markets, positioning the fund as an increasingly active institutional investor in publicly listed companies.

AWC Bhd may be affected by escalating tensions in the Middle East, Hong Leong Investment Bank warned, flagging potential downside risks to the company’s earnings forecasts. The conflict’s spillover to Saudi Arabia and the United Arab Emirates—where AWC has operations—could delay project execution, the research house said, increasing the company’s reliance on Malaysia and Singapore for revenue. “Given that Middle East projects generally carry higher margins, this shift is likely to keep group profitability relatively lower,” Hong Leong added. As a result, Hong Leong downgraded AWC’s stock from ‘buy’ to ‘hold’ and cut its target price by 21 sen to 56 sen, revising down earnings forecasts by 8%–16% for the financial years ending June 2026–2028. On Wednesday, the stock closed unchanged at 56 sen, after losing nearly 4% earlier in the week. AWC shares have declined almost 38% over the past 12 months, despite record-high jobs on hand, following multiple quarters of missed earnings estimates. The company currently has only one ‘buy’ call among four analysts, with the remaining three recommending ‘hold.’ The consensus target price is 60 sen, based on Bloomberg’s analyst average. “While AWC’s strong order book provides revenue visibility, the anticipated slowdown in the Middle East is likely to weigh on near-term profitability,” Hong Leong said. The research house also noted that ongoing geopolitical uncertainty in the region could reduce investor appetite for stocks with direct exposure to the Middle East.

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.