Investment & Market Trends

Indonesian businessman Andi Syamsuddin Arsyad, widely known as Haji Isam, has reportedly submitted a US$3 billion (RM12.2 billion) cash offer to acquire a controlling stake in PT Bayan Resources, one of Indonesia’s largest coal mining companies. According to people familiar with the negotiations, an entity controlled by Isam has proposed acquiring a 62% equity interest in the Jakarta-listed coal producer, currently held by billionaire Low Tuck Kwong and his daughter, Elaine Low. The offer follows several weeks of discussions between the parties and values Bayan Resources at approximately US$4.8 billion, significantly below its current stock market valuation of around US$26 billion. The proposed valuation represents a discount of more than 80% to the company’s market capitalisation, highlighting the considerable difference between its publicly traded share price and the value being discussed for the controlling stake. Sources familiar with the matter said negotiations remain ongoing, with no certainty that an agreement will be reached. Neither representatives of Isam nor Bayan Resources and the Low family have publicly commented on the reported discussions. Proposed Acquisition Could Reshape Indonesia’s Coal Industry If completed, the acquisition would significantly strengthen Isam’s position in Indonesia’s coal mining sector and potentially establish him as the country’s leading coal industry magnate. The 49-year-old businessman, who originates from Kalimantan, controls PT Jhonlin Group, a diversified conglomerate with substantial interests in coal mining and other industries. Jhonlin Group is already a major participant in Indonesia’s coal industry, having reportedly requested government approval to produce approximately 60 million tonnes of coal this year. Acquiring a majority interest in Bayan Resources would further expand Isam’s exposure to the sector, combining his existing mining interests with one of Indonesia’s largest established coal producers. Isam is also known for his political connections, having been among the prominent supporters of Indonesian President Prabowo Subianto during the country’s 2024 presidential election campaign. The potential transaction would represent a significant development in Indonesia’s coal industry, particularly as major producers navigate changing market conditions and government policies. Bayan’s Market Valuation Faces Industry Challenges Despite Bayan Resources’ substantial market capitalisation, analysts and market observers have long expected the Low family’s controlling interest to be sold at a discount to its publicly traded valuation. One contributing factor is the company’s relatively limited free float, which refers to the proportion of shares available for public trading. With fewer shares actively traded in the market, Bayan’s stock price may not fully reflect the value that a buyer would be willing to pay for a large controlling interest. Thin trading volumes can also contribute to a higher quoted market valuation than might be achievable through a major block transaction. In addition, the longer-term outlook for thermal coal remains uncertain as governments and industries increasingly shift towards cleaner energy sources. Indonesia’s coal mining industry is also facing regulatory pressures, including production restrictions introduced by the government in an effort to support coal prices. These developments have affected the operating environment for several major coal producers and may influence investment decisions and valuations across the sector. Government Coal Production Limits Add Pressure The proposed acquisition comes at a challenging time for Indonesia’s coal mining industry, with President Prabowo’s administration implementing measures aimed at managing production levels and supporting market prices. The government has reduced production quotas for several major coal companies, limiting the volume of coal they are permitted to extract. According to people familiar with the matter, Bayan Resources was among the companies most significantly affected by these restrictions. Other major producers, including PT Bumi Resources and PT Adaro Andalan, were reportedly less affected by the quota reductions. Some mining companies have also faced substantial penalties related to forestry permit violations, adding further regulatory and financial pressure to the industry. These challenges have contributed to uncertainty surrounding the future profitability and operating capacity of coal mining businesses in Indonesia. For potential investors, such conditions may influence the valuation of mining assets and the structure of acquisition agreements. Low Tuck Kwong’s Majority Stake at Centre of Negotiations Bayan Resources was founded in 2004 by Low Tuck Kwong, one of Indonesia’s wealthiest businessmen. Born in Singapore, Low relocated to Indonesia in his early twenties and became an Indonesian citizen in 1992. Over the following decades, he built Bayan Resources into one of the country’s leading coal producers, with operations spanning coal mining and supporting infrastructure, including port facilities. The 78-year-old billionaire derives much of his wealth from his shareholding in Bayan Resources, according to the Bloomberg Billionaires Index. Beyond the coal industry, Low also holds investments in renewable energy, including a 78% interest in Singapore-based Metis Energy Ltd. His family’s proposed disposal of its controlling interest in Bayan would represent a major ownership change for the company if negotiations result in a completed transaction. Bayan Records US$3.4 Billion in Annual Revenue Bayan Resources remains a major player in Indonesia’s coal industry, supported by its established mining operations and infrastructure network. The company sold approximately 68 million tonnes of coal last year, generating revenue of around US$3.4 billion. Its operations also include port facilities that support coal transportation and export activities, providing essential infrastructure for its mining business. The scale of Bayan’s production and existing infrastructure could make the company an attractive acquisition target for investors seeking to expand their presence in Indonesia’s coal sector. However, any transaction would need to take into account the company’s operating outlook, government production restrictions and broader market conditions. Deal Could Be Finalised Before Year-End Sources familiar with the discussions indicated that the proposed acquisition could be completed before the end of the year if the parties reach an agreement on the transaction terms. Financing for the acquisition may involve Indonesian state-owned banks, although no formal funding arrangements have been confirmed. Meanwhile, Bayan Resources shares declined by as much as 3.5% during Wednesday’s trading session before recovering some losses. By 2.56pm in Jakarta, the stock was trading approximately 1.1% lower. The reported offer has drawn attention because of the substantial discount to Bayan’s market valuation and the potential implications for

SSF Home Group Bhd has announced that Low Kok Yew has emerged as its third-largest shareholder after increasing his equity interest in the home furniture retailer to 6.51%, exceeding the 5% threshold required to be classified as a substantial shareholder. According to a filing with Bursa Malaysia on Wednesday, Low acquired 13.55 million shares, representing a 1.69% stake in the company, from SSF Home’s Executive Director and Deputy Chief Executive Officer, Lok Kok Khong, on 7 September 2026. The transaction was valued at approximately RM4.88 million, marking a significant increase in Low’s shareholding in the Bursa Malaysia-listed furniture and home furnishings retailer. Prior to the acquisition, Low held a 4.81% equity interest in SSF Home. Following the transaction, his total shareholding increased to 6.51%, positioning him as the company’s third-largest shareholder. The acquisition also resulted in changes to the shareholding structure among SSF Home’s major investors. Following the disposal, Lok, who remains the company’s second-largest shareholder, holds approximately 68.06 million shares, equivalent to an 8.5% direct equity interest. Meanwhile, SSF Home’s Managing Director and Chief Executive Officer, Wong Choong Loong, continues to be the company’s largest shareholder, maintaining a controlling direct stake of 49.1%. The latest transaction highlights a shift in the ownership distribution among SSF Home’s major shareholders, although Wong continues to retain the largest individual interest in the company. Shareholding Changes Draw Market Attention Low’s increased investment places him among the company’s key shareholders, with his equity interest now exceeding the substantial shareholding threshold under Bursa Malaysia’s disclosure requirements. Crossing this threshold requires the relevant shareholding information to be disclosed to the market, providing investors with greater transparency regarding changes in the company’s ownership structure. The transaction involved the transfer of existing shares between shareholders rather than the issuance of new shares by SSF Home. As such, the share purchase represents a change in ownership of the company’s existing equity, without increasing its total issued share capital. The acquisition also reflects Low’s increased financial exposure to SSF Home, although the company has not disclosed any additional details regarding his investment intentions or potential future involvement in the business. SSF Home Shares Close Lower Meanwhile, shares of SSF Home ended the trading session slightly lower following the latest shareholding disclosure. The counter declined by half a sen, or 1.4%, to close at 35.5 sen, giving the company an estimated market capitalisation of RM284 million. On a year-to-date basis, SSF Home’s share price has fallen by approximately 15.5%, reflecting weaker stock performance over the period. The latest shareholding development comes against this backdrop of declining share prices, with investors continuing to monitor the company’s market performance and corporate announcements. Despite the ownership changes, SSF Home’s existing major shareholder structure remains largely intact, with Wong retaining his position as the largest shareholder, followed by Lok and Low. The transaction represents a notable development in SSF Home’s shareholder composition, with Low now holding a substantial equity interest in the company. Further changes in major shareholdings, if any, will be subject to the applicable disclosure requirements under Bursa Malaysia’s regulatory framework.

Zetrix AI Bhd co-founder and largest individual shareholder Wong Thean Soon, widely known as TS Wong, has reduced his shareholding in the company to 13.14% following a series of substantial share disposals amid heightened market volatility. According to filings with Bursa Malaysia, Wong’s remaining interest as of Wednesday comprises a direct stake of 7.58%, equivalent to 596.87 million shares, and an indirect stake of 5.56%, representing 438.17 million shares. The latest transactions mark a significant reduction from his previous combined shareholding of 29.49%, which consisted of a 15.19% direct interest and a 14.30% indirect interest. Wong and his investment vehicle, Asia Internet Holdings Sdn Bhd, collectively disposed of approximately 1.245 billion Zetrix AI shares, representing a 16.35% stake, for a total consideration of RM321.34 million over several trading days. Based on regulatory filings, Wong personally sold 64.99 million shares between 7 and 8 September 2026 at prices ranging from 26.1 sen to 30.5 sen per share, generating approximately RM18.87 million. During the same period, Asia Internet Holdings disposed of 262.58 million shares at prices ranging between 27 sen and 29.9 sen each, with the transactions valued at approximately RM74.49 million. The substantial reduction in Wong’s shareholding comes as Zetrix AI faces significant selling pressure in the stock market, with margin call liquidations contributing to a sharp decline in its share price and overall market valuation. Zetrix AI Loses Over RM3.4 Billion in Market Value Zetrix AI has experienced a steep decline in its market capitalisation, with approximately RM3.467 billion in market value erased between 26 August and 2 September 2026. The company’s share price fell from 66 sen on 26 August, when its market capitalisation stood at RM5.199 billion, to a 12-year low of 22 sen on 2 September. This represented a decline of 66.69%, reducing the company’s market valuation to approximately RM1.732 billion. The sharp sell-off was driven by heavy selling pressure associated with margin call liquidations, which can occur when investors holding shares purchased through margin financing are required to provide additional collateral or sell their holdings following a decline in share prices. Such forced selling can intensify downward pressure on a stock, particularly during periods of heightened market uncertainty. Despite some price movements following the decline, Zetrix AI shares remained under pressure. The stock closed at 27 sen on Wednesday, falling 3.5 sen, or 11.48%, during the trading session. At that closing price, the company’s market capitalisation stood at approximately RM2.175 billion. The substantial fluctuations in Zetrix AI’s share price have drawn attention to the company’s ownership changes and ongoing corporate developments. Zetrix AI Revises Philippine Joint Venture Acquisition Amid the share price volatility, Zetrix AI also announced changes to a proposed acquisition involving its business interests in the Philippines. On 2 September 2026, the company initially announced plans to increase its effective ownership in a Philippine joint venture. However, the proposed transaction was subsequently called off on Friday, with Zetrix AI citing movements in its share price as the reason for the cancellation. The company later revived the acquisition plan on Monday, introducing a revised transaction structure involving a different seller. Under the revised agreement, Zetrix AI intends to acquire the remaining 50% equity interest in MyEG Ventures Inc from IPVG Employees Inc, replacing Next Lion Ltd as the seller identified in the original proposal. The transaction is valued at RM130 million and will be settled through a combination of shares and cash. Upon completion, the acquisition will increase Zetrix AI’s effective ownership in MYEG Philippines Inc from 51% to 74.5%. The proposed transaction represents an effort by Zetrix AI to strengthen its ownership position in its Philippine operations despite the recent volatility affecting its share price. Market Focus Remains on Shareholding Changes and Corporate Developments The reduction in Wong’s shareholding, together with the substantial decline in Zetrix AI’s market capitalisation, highlights a period of significant market pressure for the company. Investors are likely to monitor further regulatory disclosures, changes in major shareholdings and developments surrounding the proposed Philippine acquisition. While the revised transaction could strengthen Zetrix AI’s ownership in MYEG Philippines Inc, its completion remains subject to the applicable transaction terms and conditions. The company’s recent share price movements and ownership changes remain key developments as Zetrix AI navigates a period of heightened market volatility.

Singapore-based DBS Bank is facing a lawsuit seeking approximately S$1.298 billion (US$1.03 billion) in damages in connection with the multibillion-dollar 1Malaysia Development Bhd (1MDB) financial scandal. DBS Group, Southeast Asia’s largest banking group, confirmed the legal action on Wednesday, marking another development in ongoing efforts to recover funds allegedly misappropriated from Malaysia’s former state investment fund. DBS rejected the claim and said it would fight it vigorously, adding that the company has made no provision for the lawsuit. The claim was initiated by liquidators representing four companies, namely BlackRock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners and TKIL Global Investments. In an emailed statement to Reuters, the liquidators confirmed that they had formally filed and served a claim against DBS Bank, seeking damages exceeding US$1 billion. The legal action forms part of broader efforts to recover funds connected to the 1MDB scandal, which has been the subject of investigations, legal proceedings and asset recovery initiatives across multiple jurisdictions. However, the specific allegations against DBS Bank have not been publicly detailed in the information disclosed by the lender. DBS Rejects Allegations and Vows to Defend Lawsuit DBS has firmly rejected the claim and stated that it intends to vigorously defend itself against the legal action. The banking group also confirmed that it has not made any financial provision for the lawsuit, indicating that no amount has been set aside in its accounts specifically for the claim. DBS did not provide further information regarding the nature of the allegations or the specific transactions that may be involved in the proceedings. The lender noted that no claims relating to the matter had previously been brought against it. The lawsuit introduces a significant legal claim against one of Southeast Asia’s largest financial institutions, although the outcome remains uncertain and the allegations have yet to be determined by the courts. Legal Action Adds to Ongoing 1MDB Recovery Efforts The latest proceedings come amid continuing international efforts to trace and recover funds allegedly diverted from 1MDB. The Malaysian state investment fund became the centre of one of the world’s most prominent financial scandals following investigations into allegations of large-scale embezzlement and money laundering. According to United States investigators, approximately US$4.5 billion was misappropriated from 1MDB between 2009 and 2014 through a complex network of transactions involving entities and individuals across several countries. The scandal prompted extensive investigations by regulatory authorities and law enforcement agencies worldwide, leading to legal proceedings, financial settlements and asset recovery actions. Efforts to recover the funds have continued through civil litigation and other legal mechanisms, with liquidators and authorities seeking to identify assets and pursue claims against parties alleged to have been involved in related financial transactions. The lawsuit against DBS represents another development in these recovery efforts, although the bank disputes the claim. Other International Banks Face Related Legal Proceedings DBS is not the only major international financial institution to face legal action connected to efforts to recover funds associated with 1MDB. In July 2025, liquidators pursuing the recovery of 1MDB-related funds filed a lawsuit against Standard Chartered Bank in Singapore. The liquidators alleged that Standard Chartered had enabled fraudulent activities that resulted in financial losses exceeding US$2.7 billion between 2009 and 2013. Those allegations form part of separate legal proceedings and do not establish liability on the part of Standard Chartered. The actions highlight the continuing legal and financial implications of the 1MDB scandal, particularly as recovery efforts extend beyond the individuals and entities originally investigated. They also demonstrate the complexity of pursuing claims involving historical financial transactions across international banking systems and multiple jurisdictions. DBS Shares Close Lower Following Development Meanwhile, shares of DBS Group ended the trading session 0.8% lower at S$77.50. The share price movement came as the banking group disclosed the substantial damages claim, although the extent to which the lawsuit influenced trading activity was not established. Despite the size of the claim, DBS has maintained its position that it will contest the legal action and has not recognised a provision relating to the proceedings. The case is expected to draw attention as part of the continuing international legal efforts surrounding 1MDB, given the scale of the damages sought and the involvement of one of Southeast Asia’s largest banking groups. For now, the lawsuit remains a disputed civil claim, with any potential financial implications for DBS dependent on the outcome of the legal proceedings.

Parkson Holdings Bhd, through its 54.97%-owned subsidiary Parkson Retail Group Ltd (PRGL), has renewed the lease for its retail premises in Nanchang, China, under an agreement valued at approximately 185 million yuan (RM111 million). Parkson Holdings Bhd’s 54.97 per cent-owned subsidiary, Parkson Retail Group Ltd (PRGL), has renewed the lease for its retail premises in Nanchang, China for 185 million yuan (RM111 million). The lease renewal forms part of the group’s ongoing retail operations in China, providing long-term access to the premises for another 15 years. In a filing, Parkson Holdings said PRGL, which is listed on the Hong Kong Stock Exchange, entered into the renewal agreement through its indirect wholly-owned subsidiary, Jiangxi Parkson Retail Co Ltd. The agreement was signed with Jiangxi Kaimei Development Co Ltd on 9 September 2026 and covers a 15-year lease period commencing on 1 January 2027 and ending on 31 December 2041. The leased property comprises a basement-level floor and four additional floors, spanning Levels One to Four of the retail premises in Nanchang. The renewal will enable Parkson to continue occupying the premises over the agreed period, supporting the continuity of its retail operations at the location. Under International Financial Reporting Standard 16 (IFRS 16), which governs lease accounting, the transaction will be recognised as a right-of-use asset in PRGL’s financial statements. A right-of-use asset represents a company’s contractual right to use a leased property for a specified period, rather than outright ownership of the premises. As a result, the lease renewal will be reflected in the group’s financial reporting in accordance with the applicable accounting requirements. Parkson Holdings stated that the recognition of the right-of-use asset is not expected to have a material impact on the group’s earnings for the financial year ending 31 December 2026. The company also indicated that the transaction is not expected to materially affect its net assets, based on its audited consolidated statement of financial position as at 31 December 2025. The agreement provides PRGL with a long-term leasing arrangement for its Nanchang retail premises, allowing the group to maintain its presence at the location without acquiring ownership of the property. The 15-year commitment also provides greater certainty over the availability of the premises, an important consideration for retail businesses operating from established commercial locations. With the lease extending until the end of 2041, Parkson will retain the contractual right to occupy the specified retail space throughout the agreed period, subject to the terms of the renewal agreement. The transaction represents a continuation of Parkson’s existing retail presence in Nanchang, while maintaining its financial reporting obligations under international accounting standards.

Bursa Malaysia Securities Bhd has issued a public reprimand against Techna-X Bhd for failing to comply with the Main Market Listing Requirements following delays in submitting its annual report and discrepancies between its unaudited and audited financial results. In a statement, Bursa Malaysia said Techna-X failed to release its annual report for the 18-month financial period ended 31 December 2025 within the stipulated deadline of 30 April 2026. The company subsequently issued the report on 8 May 2026, five market days after the deadline. The regulator also identified discrepancies in Techna-X’s sixth quarterly financial report for the period ended 31 December 2025, which was announced on 27 February 2026. According to Bursa Malaysia, the quarterly results did not incorporate several accounting adjustments that were later reflected in the company’s audited financial statements. Techna-X initially reported an unaudited loss attributable to owners of the company of RM23.58 million. However, its audited financial statements recorded a higher loss of RM29.25 million. The difference amounted to RM5.677 million, representing a deviation of 24.1% from the previously announced unaudited results. Techna-X attributed the discrepancy to additional audit adjustments, including impairment losses involving other receivables, amounts owed by associated companies and intangible assets. The adjustments also included accounting changes arising from the waiver of debts owed to directors of a subsidiary. However, Bursa Malaysia rejected the company’s explanation, stating that the circumstances requiring these adjustments had already existed when the quarterly financial report was prepared. “Hence, there was no reasonable change in circumstances and Techna-X could not rely on the finalisation of the audit or external auditors’ recommendations to justify its failure to take into account the adjustments,” the regulator said. Bursa Malaysia further explained that the delay in issuing the annual report was primarily due to Techna-X’s failure to maintain or provide the necessary financial information, supporting documents and accounting records required by its external auditors to complete the audit within the prescribed timeframe. Although the annual report was submitted only five market days late, the regulator stressed that the delay had prevented investors from accessing the company’s audited financial information for a period exceeding 18 months. As part of its enforcement measures, Bursa Malaysia has directed Techna-X to subject its quarterly financial reports to a limited review by its external auditors for four consecutive quarters, beginning no later than the financial period ending 30 September 2026. The company is also required to ensure that its directors and relevant employees undergo training on compliance with the Main Market Listing Requirements, particularly those relating to financial reporting obligations. In addition, Techna-X’s board of directors must conduct a comprehensive review of the adequacy and competency of its finance and accounting personnel, as well as evaluate the effectiveness of its existing financial reporting policies, internal procedures and controls. These measures are intended to strengthen the company’s financial reporting practices, improve regulatory compliance and minimise the risk of similar breaches in the future. Bursa Malaysia clarified that its investigations did not establish that any of Techna-X’s directors had caused or permitted the breaches. Nevertheless, the regulator emphasised that directors remain responsible for maintaining appropriate standards of corporate governance, accountability and oversight to ensure that their companies comply with applicable listing requirements. “Bursa Malaysia views the breaches seriously and has reminded Techna-X and its board of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public and ensure that such breaches do not recur,” it said. The enforcement action reinforces Bursa Malaysia’s commitment to maintaining transparency, accuracy and accountability in corporate financial reporting, while safeguarding the interests of shareholders and the investing public.

Malayan Banking Bhd (Maybank) has received approval from Bank Negara Malaysia (BNM) to acquire the remaining 30.95% stake in Maybank Ageas Holdings Bhd, the holding company of Etiqa’s insurance and takaful businesses, for RM4.83 billion. Following BNM’s approval on 1 September 2026, Maybank announced that it had signed an unconditional share purchase agreement with Belgian insurance group Ageas to complete the acquisition. The deal, first announced on 3 August 2026, will be fully financed using Maybank’s internally generated funds. Maybank currently owns 69.05% of Maybank Ageas through its subsidiary, Etiqa International Holdings Sdn Bhd. Once the acquisition is completed, Maybank Ageas will become a wholly-owned subsidiary of the banking group. Maybank Ageas oversees Etiqa’s insurance and takaful operations in Malaysia and Singapore, offering life and general insurance, as well as family and general takaful products. Maybank said gaining full ownership would provide greater flexibility to strengthen its insurance and takaful businesses. The acquisition is expected to support faster product development, expand bancassurance services, strengthen takaful offerings and improve operational efficiency. The RM4.83 billion purchase price includes adjustments relating to an RM800 million dividend that Maybank Ageas will distribute upon completion of the transaction. Of this amount, Ageas will receive RM248 million, while Maybank will receive RM552 million. According to Maybank, the acquisition values Maybank Ageas at 1.98 times its book value and 15.3 times its earnings. The transaction was expected to be completed on 11 September 2026. Following the acquisition, Maybank’s net assets per share are projected to decrease from RM7.73 to RM7.19, based on its financial position at the end of December 2025. The group’s total borrowings are expected to increase from RM44.24 billion to RM45.54 billion, while its gearing ratio is projected to rise from 0.47 times to 0.52 times. Meanwhile, Maybank shares declined two sen, or 0.19%, to RM10.56 during Tuesday’s midday trading session, giving the banking group a market capitalisation of approximately RM127.73 billion. The acquisition represents a significant step in Maybank’s strategy to strengthen its insurance and takaful operations, allowing the group to exercise full control over Etiqa’s future business development and expansion.

Private equity firm Navis Capital Partners has completed the sale of The Food Purveyor Sdn Bhd, the company behind Malaysia’s Village Grocer supermarket chain, to Thai retail group CP Axtra Public Company Ltd. Although the final transaction value was not disclosed, CP Axtra previously estimated the deal to be worth approximately RM1.66 billion when it announced the acquisition in March 2026. CP Axtra is the retail arm of Thailand’s CP Group, one of the country’s largest multinational conglomerates. Navis Capital Partners managing partner Rodney Muse said CP Group’s extensive experience in food retailing would help strengthen The Food Purveyor’s product offerings, logistics operations, technology capabilities and international expansion opportunities. The Food Purveyor operates several well-known supermarket brands in Malaysia, including Village Grocer, Ben’s Independent Grocer, BSC Fine Foods, Pasaraya OTK and The Food Merchant. The company was founded by the Ong family, which opened its first premium Village Grocer supermarket in Bangsar in 2004. Navis first invested in The Food Purveyor in 2014, supporting its growth and expansion across Peninsular Malaysia. Since then, the supermarket operator has expanded its network to 55 stores, strengthening its presence in Malaysia’s premium grocery retail market. Following the completion of the acquisition, The Food Purveyor has become an indirect subsidiary of CP Axtra through Lotus’s Stores (Malaysia) Sdn Bhd, which operates the Lotus’s hypermarket chain in Malaysia. The acquisition brings The Food Purveyor’s premium supermarket brands under the same retail group as Lotus’s, creating opportunities for stronger operational collaboration and business growth. Navis was advised by Rothschild, Wong & Partners and PricewaterhouseCoopers throughout the transaction. The completed sale marks a significant ownership change for The Food Purveyor as it enters its next phase of growth under CP Axtra.

TRC Synergy Bhd has secured a RM149.98 million subcontract from Gamuda Engineering Sdn Bhd for underground infrastructure works at a hyperscale data centre project. In a filing with Bursa Malaysia on 8 September 2026, the construction company announced that the contract was awarded to its wholly-owned subsidiary, TRC Construction Sdn Bhd. The project commenced on 14 August 2026 and is scheduled for completion on 25 November 2026. TRC Synergy said the contract is expected to contribute positively to the group’s earnings and net assets per share during the project period. This marks the company’s second contract win in 2026. Earlier in January, TRC Synergy secured a RM249 million contract to construct new complex buildings in Precinct 5, Putrajaya. The project was awarded to its wholly-owned subsidiary, Trans Resources Corporation Sdn Bhd, by Gilang Cendana Sdn Bhd, a subsidiary of Putrajaya Holdings Sdn Bhd. In December 2025, the group also secured a RM550.8 million contract from SRS Consortium Sdn Bhd, a Gamuda-led joint venture, for construction works related to Penang’s Mutiara Light Rail Transit (LRT) Line. According to its financial results for the second quarter ended 30 June 2026, TRC Synergy has participated in tenders worth more than RM3.7 billion over the past two quarters. These tenders cover several sectors, including data centres, the Mutiara LRT project, government buildings, schools and other infrastructure developments. The company is actively pursuing new projects to strengthen its existing order book, which currently stands at approximately RM1.2 billion. TRC Synergy expressed confidence in securing additional contracts before the end of 2026. Meanwhile, the company’s shares closed unchanged at 26.5 sen, giving it a market capitalisation of approximately RM127.3 million. The latest contract further expands TRC Synergy’s involvement in Malaysia’s growing data centre and infrastructure construction sectors.

Favelle Favco Bhd has secured four new contracts worth a combined RM131.7 million to supply tower and offshore cranes. In a filing with Bursa Malaysia on 8 September 2026, the crane manufacturer announced that its wholly-owned subsidiaries, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pty Ltd, will each supply one tower crane. Both tower cranes are expected to be delivered by the end of 2026. Meanwhile, Favelle Favco Cranes (M) Sdn Bhd will also supply two offshore cranes. The first is scheduled for delivery by mid-2027, while the second will be delivered in stages between the second and third quarters of 2027. The company said the newly secured contracts are expected to contribute positively to its earnings and net assets for the financial year ending 31 December 2026 and subsequent financial years. Favelle Favco also confirmed that the contracts will not affect its share capital or shareholding structure. Following the announcement, Favelle Favco shares closed unchanged at RM1.56 on Tuesday, giving the company a market capitalisation of approximately RM373.31 million. The latest contract wins add to Favelle Favco’s crane supply business, with deliveries scheduled across 2026 and 2027.