Investment & Market Trends

Mudajaya Group Bhd’s indirect wholly owned subsidiary, Xelmont Ltd, is selling its 45% stake in Real Jade Ltd to Minyi Holdings Ltd (MHL) for HK$234 million (RM118.45 million). In a filing with Bursa Malaysia, Mudajaya said the disposal proceeds will mainly be used to offset debt owed to MHL, which amounted to HK$244.97 million as at April 30, 2026. The group added that the remaining balance of HK$10.97 million, along with the related interest, will be settled in cash. Mudajaya said the disposal allows the group to unlock part of its investment in Real Jade while still retaining a controlling stake in the company. This will enable the group to continue benefiting from any future growth and operational improvements at Real Jade.

Big Caring Group Bhd, Malaysia’s largest pharmacy chain operator, is reportedly seeking to raise up to RM3 billion through a planned initial public offering (IPO), potentially making it one of the country’s largest listings in recent years. According to sources familiar with the matter, the pharmacy retailer is targeting a listing by October this year. Discussions remain ongoing and details, including the IPO size and timeline, could still change. Backed by private equity firm Creador Sdn Bhd, Big Caring plans to offer up to 25.5% of its enlarged share capital in the listing. Part of the proceeds raised is expected to be used for debt repayment. The planned IPO comes amid a strong year for Malaysia’s capital market, with around RM5.6 billion raised through IPOs so far in 2026. Among the largest listings this year was Sunway Healthcare Holdings Bhd, which raised RM3.3 billion in March after exercising its over-allotment option. Big Caring currently operates several well-known pharmacy brands, including Big Pharmacy and Caring Pharmacy, with a combined network of 626 outlets nationwide, according to its prospectus. The company also plans to expand aggressively by opening around 40 to 50 new outlets annually over the next three to five years. Creador, which invested in the company in 2015, currently owns about 34% of Big Caring and is expected to sell up to 14.8% of its stake through the IPO exercise. The company was founded by Lee Meng Chuan and Lim Sin Yin, who remain significant shareholders in the business. Big Caring did not respond to requests for comment on the proposed listing.

Billionaire Tan Sri Vincent Tan is reportedly considering selling his remaining 30% stake in Prudential Assurance Malaysia Bhd, according to people familiar with the matter. Tan is said to be in discussions with advisers regarding a potential divestment following the earlier disposal of a 19% stake in the insurer this year. Sources indicated that the stake sale could value Prudential Malaysia at more than RM20 billion, although discussions remain at an early stage and may not necessarily lead to a transaction. The proposed valuation could also change as deliberations continue, the sources added. Tan’s investment vehicle, Detik Ria Sdn Bhd, which is also linked to the Johor royal family, previously resolved a long-standing legal dispute with Prudential Plc last year. The settlement resulted in Prudential acquiring a 19% stake in the Malaysian insurer. The deal at the time valued Prudential Assurance Malaysia at approximately RM8 billion, leaving Detik Ria with a 30% holding while Prudential Plc retained a 70% stake, which is the maximum foreign ownership permitted under Malaysian insurance regulations. Any potential buyer for Tan’s remaining stake would need to be Malaysian due to local ownership rules governing the insurance sector. Tan declined to comment on the matter, while Prudential and its Malaysian unit did not respond to requests for comment.

Aquawalk Group Berhad (“Aquawalk” or “the Group”), whose subsidiaries develop and operate several world-class aquaria including Aquaria KLCC, has today announced that its wholly-owned subsidiary, Aquawalk (Indonesia) Sdn Bhd (“AQWID”), has entered into a Shareholders cum Joint Venture Agreement (“SJVA”) with PT Maju Batu Bersama (“PTMBB”) to jointly undertake the development, ownership and operation of a new oceanarium in East Java, Indonesia (“Project”). This is Aquawalk’s second venture in the Indonesian market, the other being Jakarta AQuarium Safari. The Project will be undertaken through a newly incorporated joint venture company (“JVCo”) in Indonesia, with Aquawalk holding a 60% equity stake and PTMBB holding the remaining 40%. Group Executive Chairman of Aquawalk, Dato’ Simon Foong (拿督冯重兴) said, “This joint venture marks another important milestone in our growth journey. Indonesia remains a key market for us, supported by strong domestic consumption, favourable demographics, and a growing tourism sector. Our collaboration with PTMBB allows us to combine our technical and operational expertise with local market knowledge to deliver a compelling oceanarium in East Java.” The new oceanarium, to be branded “Aquaria Java Timur Park” will be developed within Jawa Timur Park 3 in Batu, East Java, an existing and operational integrated tourism and leisure development by the Jawa Timur Park Group. This family-oriented destination is already an established attraction in East Java, comprising a range of themed attractions, educational and entertainment facilities, as well as retail and supporting amenities. A lease agreement is expected to be executed between PTMBB and the JVCo, for a minimum term of ten years, with an option to renew for a further ten years, in respect to the development and operation of the Project. The total initial investment for the project is estimated at approximately IDR110 billion (approximately RM24.6 million), to be funded proportionately by the joint venture partners. Aquawalk’s share of the investment amounts to approximately IDR66 billion (approximately RM14.8 million), which will be funded by the Group’s initial public offering proceeds allocated for expansion. Under the terms of the SJVA, Aquawalk will take on the role of design, development, construction, and operations of the oceanarium, leveraging its track record in delivering world-class marine attractions, while PTMBB will support the project through local coordination including liaison with the master developer, landowner, and relevant authorities, as well as ensuring regulatory compliance through securing necessary approvals, licenses, and permits. Dato’ Simon added, “A key advantage of this project is that we are not building a destination from scratch. Jawa Timur Park 3 is already a well-established tourism destination with a steady visitor base, which gives the new oceanarium an immediate platform on opening and shortens the typical ramp-up curve for a new attraction. We aim to deliver an attraction that contributes to tourism in the region and supports marine education and conservation.”

Eversendai Corporation Bhd has secured four new projects worth a combined RM400 million across Singapore and India, further strengthening the group’s order book and regional presence. In a Bursa Malaysia filing, the global structural steel turnkey contractor said one of the projects was awarded by Kajima Overseas Asia Singapore Pte Ltd for the Toa Payoh Integrated Development in Singapore. The project includes the construction of a polyclinic, library, sports facilities, stadium, town park and basement levels. In India, Eversendai secured a major project in Amaravati, Andhra Pradesh, involving the construction of an integrated office building under the Secretariat Towers development. The group said the 40-storey tower is designed to house state-level government department offices and features advanced engineering elements such as column-free interiors, a central core and an external diagrid frame to improve structural efficiency and maximise usable space. The project will also utilise composite metal decking with steel framing to support faster construction and reduce structural load. In Mumbai, Eversendai was awarded a contract by Larsen & Toubro Ltd for structural steel long-span works for the Prestige Tower Y development. Its scope of work includes structural steel works, engineering, connection design and preparation of detailed shop drawings. The group also secured another project in Mumbai from The New Era Agencies Private Ltd for the construction of a high-rise residential building known as Dhuleva One 50 at Malabar Hill under a cost-plus contract arrangement. Eversendai said the latest contract wins reflect the group’s capability in delivering large-scale and high-value engineering and construction projects across multiple markets. The company added that it remains supported by a strong order book, active tender pipeline and continued demand for its engineering and construction expertise. Executive chairman Tan Sri A K Nathan said the continued support and confidence from clients, stakeholders and employees reaffirm the group’s operational resilience and market positioning. “While certain external market circumstances may be beyond our control, our focus on executing with excellence and our commitment to rebuilding stronger remain unwavering,” he said.

CGS International Securities said Petronas Chemicals Group Bhd (PCG) could see significant benefits if Petroliam Nasional Bhd (Petronas) eventually takes full control of Pengerang Petrochemical Co Sdn Bhd (PPC). In a research note, the brokerage said the move would be positive for PCG as PPC is expected to continue recording large losses. The view follows Petronas’ recent statement that full ownership of PRefChem would allow the group to improve operational alignment and flexibility across its value chain. CGS International said the statement suggests Petronas may eventually seek full integration of both Pengerang Refining Company Sdn Bhd (PRC) and PPC, collectively known as PRefChem. Recently, Petronas and Saudi Aramco announced that Aramco would dispose of its 50% equity interest in PRC and PPC to Petronas. Following the transaction, Petronas will fully own PRC, while Petronas and PCG will each hold a 50% stake in PPC. According to CGS International, if PCG were no longer exposed to PPC’s operations, the company could return to focusing on its more profitable ethane- and methane-based feedstock business, instead of being tied to the loss-making naphtha-based operations in Pengerang. The brokerage estimated that without its 50% stake in PPC, PCG’s core net profit forecast for the financial year ending Dec 31, 2026 could be 46% higher than current estimates, with further gains projected for FY2027 and FY2028. However, CGS International noted that there is currently no immediate impact on PCG as the group still retains its 50% stake in PPC and is expected to continue working closely with Petronas at the Pengerang complex. The brokerage also said PCG’s share price has recently faced pressure due to concerns over weaker petrochemical selling prices and feedstock prices, alongside ongoing plant turnaround losses at Kertih. Despite this, CGS International maintained an “Add” rating on PCG with a target price of RM6.58, citing expectations of a strong earnings recovery in the second quarter of 2026. It added that any eventual disposal of PCG’s stake in PPC to Petronas could further improve market sentiment towards the stock.

The National Chamber of Commerce and Industry of Malaysia (NCCIM) expects Malaysian businesses to remain resilient despite growing global economic uncertainties. The chamber said 2026 is expected to be a year of consolidation, driven by challenges such as geopolitical tensions, rising production costs, and disruptions to global supply chains. NCCIM vice-president Datuk Dr AT Kumararajah said businesses are likely to adopt a more cautious approach, although government support measures are expected to help cushion the impact. He highlighted initiatives including a RM5 billion loan facility aimed at supporting small and medium enterprises (SMEs) and other sectors affected by the global energy crisis. Kumararajah said this during a media briefing on the National Economic Forum (NEF) 2026 held in Kuala Lumpur today. Also present at the briefing were NCCIM president Datuk Seri N Gobalakrishnan, Federation of Malaysian Manufacturing vice-president Michelle Hah Mei Kian, and NCCIM secretary-general Gnanasambanthan Supramanion. Carrying the theme, “A World in Transition: Securing Malaysia’s Economic Future in an Era of Disruption,” the NEF 2026 will be organised by NCCIM on July 2, 2026, and is expected to attract 500 delegates, including policymakers, business leaders, entrepreneurs, and think tanks. Meanwhile, Malaysian International Chamber of Commerce and Industry (MICCI) executive director Lee Han Ling said ongoing geopolitical developments, including the tariff war and conflicts in the Middle East, have created opportunities for Malaysia to position itself as a gateway to the ASEAN region. She said multinational companies are increasingly seeking to diversify and expand supply chains beyond a single country, contributing to continued foreign direct investment (FDI) inflows into Malaysia.

Retirement Fund Inc (KWAP), also known as Kumpulan Wang Persaraan Diperbadankan, has emerged as a substantial shareholder in Aeon Co (M) Bhd following a recent share acquisition. Retirement Fund Inc, better known as Kumpulan Wang Persaraan Diperbadankan (KWAP), has emerged as a substantial shareholder in Aeon Co (M) Bhd.  In a filing with Bursa Malaysia on Monday, the operator of the Japanese supermarket chain in Malaysia said KWAP acquired a total of 1.57 million shares on May 20. Following the acquisition, KWAP now holds 43.23 million shares, representing a 3.08 per cent direct stake, as well as 27.87 million shares, equivalent to a 1.99 per cent indirect stake, in Aeon Co. At Friday’s market close, Aeon Co shares slipped one sen to RM1.14, with 2.8 million shares traded.

Bank Pembangunan Malaysia Bhd (BPMB) has partnered with the Malaysia External Trade Development Corporation (MATRADE) to strengthen Malaysia’s export ecosystem and support broader economic transformation efforts through more than RM700 million in strategic initiatives under the BizConnect with Exporters Programme. Datuk Wira Dr. Mohammad Hardee Ibrahim, Group Chief Strategy Officer of BPMB Group, with export-oriented and export-ready companies at the flagship BizConnect session, a pilot initiative aimed at fostering collaboration, strengthening business networks and supporting business growth and internationalisation. In a statement, BPMB said BizConnect serves as a platform to enhance business capabilities, improve global competitiveness, and support Malaysian companies seeking expansion into regional and international markets. The initiative also reinforces BPMB Group’s role in driving measurable developmental impact, in line with Bank Negara Malaysia’s performance measurement framework, by supporting stronger business resilience, greater export participation, and sustainable economic growth. As part of its role in operationalising RM9 billion in strategic initiatives under Budget 2026, BPMB said more than RM700 million in export-focused financing, protection, and capacity-building solutions will be made available to accelerate export expansion, business internationalisation, and global competitiveness. Following a successful pilot session in Kuala Lumpur involving 30 companies, BizConnect is expected to engage nearly 100 export-oriented and export-ready businesses across Kuala Lumpur, Penang, and Johor Bahru. Participating businesses will receive end-to-end support, including access to tailored financing solutions, export advisory and market intelligence, strategic partnerships and ecosystem linkages, as well as capacity-building programmes aimed at strengthening international market readiness. BPMB said the programme offers businesses access to a comprehensive suite of solutions, including the “Jaguh Serantau” Programme, Business Exports Programme, Export Leap Scheme, and Malaysia Global Connect Go Export Cover. In addition, BizConnect facilitates strategic engagements between exporters, industry partners, and MATRADE, enabling businesses to explore financing opportunities, strengthen export readiness, establish cross-border partnerships, and identify pathways for sustainable global expansion. “By bridging access to capital, expertise, and strategic networks, BizConnect enhances the ability of Malaysian companies to compete more effectively in global markets while contributing towards broader national economic resilience,” BPMB said.

Ningbo Fresh Technology Co Ltd of China will invest an additional RM263 million to expand its operations in Tanjong Malim, Perak, further strengthening Malaysia’s automotive industry ecosystem. Perak Menteri Besar Datuk Seri Saarani Mohamad said the company already operates an automotive component manufacturing plant in Tanjong Malim and is now planning to scale up its presence at the Tanjong Malim Hi-Tech Park. He said the expansion is aimed at serving both local and export markets, and is expected to boost the state’s economic growth while creating high-skilled job opportunities and supporting technology transfer and local talent development. “This investment is expected to further stimulate the state’s economic growth, creating high-skilled job opportunities and accelerating technology transfer and local talent development,” he said in a Facebook post. Saarani is currently leading a Perak trade and investment mission to China, which includes visits to several companies such as Ningbo Fresh Technology in Shanghai. He added that Perak will continue to position itself as a strategic investment destination for the automotive and high-technology sectors, as well as future-focused industries. Earlier during the mission, the Perak State Agricultural Development Corporation also signed a memorandum of strategic cooperation with Shuita Energy Group Co Ltd to explore renewable energy development projects in the state.