Investment & Market Trends

Biov Global Bhd, a regenerative medicine company, has become a substantial shareholder in Malaysian Genomics Resource Centre Bhd after acquiring an additional 4.317% stake, or 6.52 million shares, via a direct business transaction on Thursday. Following the purchase, Biov Global’s total holding in the ACE Market-listed genomics and biopharmaceutical firm stands at 5.165%, surpassing the 5% disclosure threshold. The transaction value was not disclosed. Biov Global is 27.12%-owned by Lim Kean Lam, with other shareholders including GM Biovalley Sdn Bhd (16.95%), Dr Wong Jeh Shyan (8.18%), Shing Yiu Fai (7.2%), and others. Other substantial shareholders in MGRC include Proven Venture Capital (14.84%), Pixelvest Sdn Bhd PLT (6.33%), and executive chairman and managing director Leong Yien Hung (5.59%). MGRC has reported losses for the past four financial years. For the year ended Dec 31, 2025, it posted a net loss of RM2.38 million on revenue of RM8.02 million. Shares in MGRC closed unchanged at 20 sen, valuing the company at RM30.19 million.

Penang-based semiconductor component maker SQ Advanced Interconnect Bhd is set to list on the Main Market of Bursa Malaysia to raise funds for expansion, research and development (R&D), and talent development. According to the company’s prospectus filed with the Securities Commission Malaysia, proceeds from the proposed IPO will be used to expand manufacturing facilities, support R&D initiatives, strengthen working capital, repay borrowings, and cover listing expenses. Founded in 1993, SQ Advanced Interconnect manufactures and assembles flexible printed circuits (FPC) and integrated circuit (IC) substrates, covering circuit design, prototype fabrication, and production. The company operates two plants in Malaysia—Bayan Lepas and Batu Kawan—and one plant in Xiamen, China. The company’s earnings have been rising steadily, with profit after tax increasing to RM80.17 million in 2025 from RM68.6 million in 2023. It serves a diversified customer base of around 380 clients. The IPO will consist of 337.5 million shares, including 202.5 million new shares for the public and 135 million shares offered by substantial shareholder Twisden Ltd, which currently holds a 10.4% stake. Twisden is 75% owned by managing director and CEO Jeffrey Hwang Shin Hung, with the remainder held by executive director Brian Low Loke Chew. After listing, Twisden will no longer be a substantial shareholder. Hwang will hold a 58.12% stake (direct and indirect), while Low will hold 19.38%. Both executives have agreed to a six-month shareholding lock-up post-listing. UOB Kay Hian (M) Sdn Bhd acts as the principal adviser, joint underwriter, and joint bookrunner for the IPO.

Penang-based contract manufacturer Emits Bhd is planning to list on the ACE Market of Bursa Malaysia to raise funds for working capital and the purchase of new equipment as part of its expansion strategy. According to its draft prospectus, the company expects higher working capital requirements as it prepares for business growth. Emits is also anticipating securing a project by June this year to manufacture 5G base station antennas, which would require additional input materials and contract workers. Headquartered in Penang, Emits operates its main manufacturing facility there, serving customers in Malaysia, the United States, and Germany. The company also works with a third-party manufacturer in Taiwan, where it runs an assembly line to produce semi-finished land mobile radio antennas. Emits specialises in antenna manufacturing services, supplying components used in telecommunications devices such as walkie-talkies and WiFi routers, as well as industrial equipment including 5G base station antennas and barcode scanners. For the financial year ended 2025, the company reported a net profit of RM5.2 million on revenue of RM39.65 million. The proposed initial public offering (IPO) will consist of a public issuance of new shares and an offer for sale of existing shares, representing up to 28% of the company’s enlarged share capital. The final IPO price will be determined at a later stage. Proceeds from the offer for sale will go to several shareholders, including Datuk Seri Goh Eng Hoe, managing director Loy Boon Liang, executive director H’ng Chuen Yeou, and chief technical officer Por Chee Seong. Mercury Securities has been appointed as the principal adviser, sponsor, underwriter, and placement agent for the proposed listing.

AFFIN Group (“AFFIN” or “the Group”) posted a Profit Before Tax (PBT) of RM755.7 million for the financial year ended 31 December 2025, marking a 7.8% increase from RM701.0 million in FY2024. The growth was primarily driven by a RM271.8 million increase in net income, partially offset by higher operating expenses of RM33.9 million and an allowance for impairment losses of RM31.2 million, compared with a write-back of RM151.4 million in the prior year. CEO CommentaryDatuk Wan Razly Abdullah, President & Group CEO, said, “AFFIN achieved record FY2025 PBT, supported by the highest-ever net income and a 47.4% surge in operating profit. Strong asset quality efforts have reduced the Gross Impaired Loan (GIL) ratio to 1.64%, while robust capital and liquidity positions provide a solid platform to capture growth opportunities in 2026 and enhance shareholder value.” Quarter 4 PBT reached RM215.6 million, up 18.4% QoQ, driven by Net Interest Margin expansion and a 30.5% increase in fee-based income. The Group’s asset base expanded to RM124.1 billion, with loans and financing growing 10.4% YoY to RM79.5 billion. AFFIN maintains a positive outlook for Malaysia’s economy in 2026, with projected GDP growth of 4.0–4.5%, supported by resilient domestic demand, steady investment, and stronger external trade flows. Business and Strategic Highlights Customer base expanded 13% YoY to 1.74 million, supporting CASA growth. Diversified revenue streams, including Islamic Structured Products and investment banking advisory, strengthened wealth and advisory income. The Group maintains a robust business pipeline of ~RM14 billion, providing clear growth visibility. Recognised with the Best New Bond Award for its debut US$300 million senior unsecured notes issuance and Best Primary Placement award for the Pavilion REIT RM360 million placement, reflecting strong investor confidence. Financial Performance Net Interest Income (NII): RM874.8 million (+5.9% YoY) Islamic Banking PBT: RM449.7 million (+39.1% YoY), supported by higher net income and impairment write-backs Non-Interest Income: RM699.9 million (+7.3% YoY) Net Income: RM2,441.5 million (+12.5% YoY) Operating Expenses: RM1,702.0 million; cost-to-income ratio improved to 69.7% from 76.9% Operating Profit Before Allowances: RM739.5 million (+47.4% YoY) Asset Quality and Capital Position GIL Ratio: 1.64% (down from 1.94% in FY2024) Loan Loss Coverage (LLC): 75.7% Loan Loss Reserve (LLR): 121.3% Total Loans, Advances & Financing: RM79.5 billion (+10.4% YoY) Customer Deposits: RM80.2 billion (+7.6% YoY); CASA at RM20.01 billion, ratio 25.0% Capital Adequacy: Total Capital 17.3%, Tier 1 14.8%, CET1 13.4% Liquidity Coverage Ratio: 162.4% DividendsThe Board has proposed a single-tier final dividend of 8.53 sen per share, totaling RM216 million, reflecting AFFIN’s strong capital position and record FY2025 performance.

MTT Shipping and Logistics Bhd has secured backing from CIMB Investment Bank and Affin Hwang Investment Bank for its upcoming listing on the Main Market of Bursa Malaysia, the company announced on Monday. The underwriting agreement covers the retail portion of the initial public offering (IPO), including shares allocated for the Malaysian public and eligible persons. The IPO is targeted for the second quarter of 2026 and marks a significant milestone for Malaysia’s largest domestic container liner operator, based on cabotage volumes connecting Peninsular Malaysia, East Malaysia, and Brunei. The listing comes after the Securities Commission Malaysia approved the proposed IPO in January. (From left) CIMB Investment Bank CEO and investment banking regional head Nor Masliza Sulaiman, MTT Shipping MD Ooi Lean Hin, executive chairman Datuk Seri Ong Kean Lee and Affin Hwang Investment Bank capital markets MD Johan Hashim. Executive Chairman Datuk Seri Ong Kean Lee said the IPO is “an important next defining step” for MTT Shipping, enabling the company to expand its shipping and logistics network, enhance operational efficiencies, and pursue growth opportunities across the region. As of September 1, 2025, MTT Shipping owns 26 vessels—the largest fleet of Malaysian-flagged container ships—and plans to deploy IPO proceeds primarily to acquire at least 10 additional container vessels over the next three years. This move will support the company’s strategy to expand its regional network across Southeast Asia, the Indian subcontinent, and southern China. The IPO will comprise 571 million shares for institutional investors, including Malaysian and foreign institutions, and 62.5 million shares for retail investors. There will be no offer for sale of existing shares, meaning all funds raised will go directly to the company to finance expansion and operations. Nor Masliza Sulaiman, CEO and Regional Head of Investment Banking at CIMB Investment Bank, said, “We are confident that the group is well-positioned to strengthen its leadership domestically while scaling new heights in regional expansion.” Hanif Ghulam, CEO of Affin Hwang Investment Bank, echoed the sentiment, expressing enthusiasm in supporting MTT Shipping through its next phase of growth. Under the IPO structure, CIMB Investment Bank serves as principal adviser, joint global coordinator, joint bookrunner, managing underwriter, and joint underwriter. CLSA will act as joint global coordinator and joint bookrunner, while Affin Hwang Investment Bank will function as joint bookrunner and joint underwriter.

Berjaya Corp Bhd founder Tan Sri Vincent Tan Chee Yioun has reduced his stake in the diversified conglomerate, selling a 5.25% shareholding in the company for approximately RM79.56 million. Berjaya Corp founder Tan Sri Vincent Tan. The disposal was executed through Tan’s private investment vehicle, Berjaya True Ascend Sdn Bhd, which sold 306 million shares in a direct business transaction on March 6, according to a filing with Bursa Malaysia on Monday. The shares were disposed of at 26 sen each. The identity of the buyer was not disclosed in the filing. Following this transaction, Tan’s total interest in Berjaya Corp now stands at 1.23 billion shares, representing around 21% of the company. This comprises a direct stake of 8.559% and an additional 12.533% held via various private entities. Berjaya Corp, a conglomerate with operations spanning lotteries, automotive, and other sectors, saw its shares close unchanged at 27 sen, giving the group a market valuation of RM1.61 billion. The move marks a notable shift in the holdings of one of Malaysia’s most prominent tycoons and may indicate strategic portfolio adjustments amid broader market conditions.

Velesto Energy Bhd is launching a sukuk wakalah programme with a total limit of up to RM1 billion to provide the group with flexible funding for investments, capital expenditure, working capital, and refinancing needs. The programme, to be issued by Velesto’s wholly-owned subsidiary Sumber Ribu Sdn Bhd with Velesto as the corporate guarantor, consists of an Islamic commercial paper (ICP) programme and an Islamic medium-term note (IMTN) programme. Velesto has filed the necessary documents with the Securities Commission Malaysia under the lodge and launch framework for unlisted capital market products. Under the structure, the ICPs will have a tenure of seven years from the date of first issuance, with individual notes issued for one to 12 months. The IMTN notes will have a perpetual tenure, with each issued for a minimum of one year. Proceeds from the sukuk are earmarked for shariah-compliant purposes, including investments, capital expenditure, working capital, and refinancing of existing Islamic or conventional financing. Funds may also be used to refinance future sukuk under the programme and cover associated fees and costs. RAM Rating Services Bhd has assigned the programme a short-term rating of P1(s) and a long-term rating of AA2(s), both with a stable outlook. Maybank Investment Bank Bhd is appointed as principal adviser, lead arranger, and lead manager, while Maybank Islamic Bhd serves as the shariah adviser. As of December 31, 2025, Velesto had short-term borrowings of RM113.84 million and cash and bank balances of RM253.9 million. Shares in Velesto closed one sen higher at 34 sen on Monday, giving the group a market value of RM2.79 billion. Over the past year, the stock has surged 112.5%.

Malaysia’s Sunway Healthcare has set the final price for its initial public offering (IPO) at RM1.45 per share, aiming to raise RM2.86 billion (US$722.22 million) in what could be the country’s largest listing in nearly a decade. The IPO, which offers 1.97 billion shares to institutional and retail investors, represents a 17.1% stake in the company. This pricing values Sunway Healthcare at RM16.7 billion, with shares expected to start trading on Bursa Malaysia on March 18. A unit of Malaysian conglomerate Sunway Bhd, Sunway Healthcare is one of the country’s leading private healthcare providers, operating 1,805 licensed beds as of January 2026. Its portfolio includes Sunway Medical Centre in Kuala Lumpur, the nation’s largest private hospital. The offering aligns with earlier reports that Sunway Healthcare was targeting a Bursa Malaysia debut worth over RM3 billion, placing the hospital group’s valuation above RM15 billion.

Genetec Technology Bhd co-founder Aaron Chen Khai Voon has emerged as a substantial shareholder in Sunzen Group Bhd, according to a Bursa Malaysia filing. Chen acquired 32.7 million Sunzen shares, representing a 4.3% stake, through a direct business deal on March 4. Following the purchase, he now holds 8.51% of Sunzen, making him the company’s second-largest shareholder behind group managing director Teo Yek Ming, who holds 14.685%. The filing did not disclose the purchase price, but based on Sunzen’s volume-weighted average price (VWAP) of 25.5 sen, the transaction is estimated at RM8.34 million. Sunzen has shifted its focus from traditional animal health products to human health products and loan financing services. The company has been profitable since FY2021, though earnings have remained modest. For the first half of FY2026 (ended Dec 31, 2025), Sunzen reported a net profit of RM7.54 million, up sharply from RM2.42 million a year earlier, while revenue stayed relatively stable at RM49.92 million. Growth was driven by the human health division, which returned to profit, and a 63% increase in loan financing earnings, supported by higher interest income and improved bad debt recovery. Chen, who exited as a substantial shareholder in Genetec in May 2025, currently holds major stakes in other companies, including Seal Incorporated Bhd (28.65%), TSA Group Bhd (41.18%), and 10% of ACE Market newcomer PEOPLElogy Bhd. Sunzen shares closed unchanged at 25 sen on Thursday, giving the company a market value of RM205.45 million, while the stock has fallen 16.7% over the past year.

Ireka Corp Bhd will be delisted from the Main Market of Bursa Malaysia on March 10 after the exchange rejected the company’s appeal for additional time to submit its regularisation plan. In a filing on Thursday, Ireka said Bursa Malaysia Securities had dismissed its request for an extension. The company had previously sought more time to address its Practice Note 17 (PN17) status. Ireka’s earlier request for an extension was rejected in September last year, which led to the suspension of its shares from Oct 3. Prior to that, Bursa had granted the company five separate extensions to regularise its financial condition. The construction firm submitted an appeal on Oct 2, a day before the deadline to avoid delisting on Oct 7. However, with the appeal now dismissed, the company will be removed from the exchange after more than three decades on the market. Ireka has been listed on Bursa Malaysia since July 1993. Ireka was classified as a PN17 company in March 2022 after Bursa rejected its application for an extension of the Covid-19 relief period. The classification came after the company’s shareholders’ equity fell below 50% of its issued capital, triggering the financially distressed status. The group has recorded losses for most of the past several years, beginning from the financial year ended March 31, 2019 (FY2019). After changing its financial year-end to June in 2022, Ireka returned to profitability with a net profit of RM67.24 million for FY2023. However, the company slipped back into losses in the following years, posting net losses of RM59.56 million in FY2024 and RM17.54 million in FY2025. Ireka also faced a major setback in July last year when its RM1.07 billion subcontract for Phase 1B of the Pan Borneo Highway project in Sabah was terminated. The termination followed funding issues and the withdrawal of the project’s main contractor. The company has disputed the termination, stating that part of the work had already been completed and that payment terms had yet to be finalised. Ireka shares were last traded on Oct 2, closing at one sen, giving the company a market capitalisation of about RM2.28 million.