Investment & Market Trends

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).

Timberwell Bhd said the mandatory takeover offer by its largest shareholder, Wong Wai Foo, closed on Thursday (March 19), with Wong and his parties acting in concert securing a 69.43% stake in the company. According to a closing notice by RHB Investment Bank Bhd, Wong’s group held 61.83 million shares at 5pm upon the close of the offer. This marks a significant increase from the 36.94% stake held when the 90 sen-per-share takeover offer was launched after Wong emerged as the company’s single largest shareholder in January. The group has indicated its intention to maintain Timberwell’s listing status. Wong first surfaced as a shareholder on Jan 6 after acquiring 28.65 million shares, representing a 28.65% stake. He later increased his holdings to 32.71 million shares, or 36.73%, in February, triggering the mandatory takeover requirement. His entry coincided with the exit of three substantial shareholders: Tan Toeng Swie @ Lam Toeng Sui, who disposed of a 13.63% stake, non-executive director Agnes Soei-Tin Lamey, who sold 6.78%, and Lam Soei Lim, who sold 6.63%. Sabah-based Timberwell is involved in timber harvesting and forest rehabilitation. The company has recorded losses for three consecutive years, posting a net loss of RM644,000 on revenue of RM14.34 million for the financial year ended Dec 31, 2025. Timberwell shares closed 1.5 sen higher, or 1.69%, at 90.5 sen on Thursday, giving the company a market capitalisation of RM81 million.

Singapore-based DayOne Data Centers Ltd is reportedly close to filing confidentially for an initial public offering (IPO) in the US, potentially marking another multibillion-dollar deal in the booming data centre sector driven by artificial intelligence. Sources familiar with the matter said the company could submit its draft IPO registration to the US Securities and Exchange Commission as early as this week, though no final decisions have been made and timing may change. DayOne did not immediately respond to requests for comment. The company is said to be targeting around US$5 billion (RM19.7 billion) in its offering, working with Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley. Data centres have attracted significant investment as digital infrastructure demand surges with AI development, fueling mergers and acquisitions activity in Asia and the US. Formerly known as GDS International (GDSI), DayOne closed a Series C funding round of over US$2 billion in January, led by Coatue Management, to support international expansion. Its operations span Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Tokyo, and Finland. Other investors include GDS Holdings, Boyu Capital, Hillhouse Investment, SoftBank Vision Fund, Tekne Capital, Baupost Group, and Citadel CEO Ken Griffin.

Dialog Group Bhd has announced that its wholly-owned subsidiary, Dialog Chemicals Sdn Bhd (DCSB), together with Diyou PCR Sdn Bhd, will sell their 51% and 49% stakes, respectively, in Dialog Diyou PCR Sdn Bhd (DDPCR) to two companies managed by circular economy investment firm Circulate Capital. In a Bursa Malaysia filing on Monday, Dialog said DCSB and Diyou PCR will receive RM1 each from the purchasers, Ocean Fund Holdings Pte Ltd and Circulate Capital Ocean Fund I-B. Additionally, the buyers will pay US$8.5 million (about RM33 million) directly to DDPCR to fully repay the company’s bank loan. DDPCR, which produces, sells, and markets food-grade recycled polyethylene terephthalate (PET) pellets, has already ceased production. Dialog said the divestment allows the group to strategically refocus on its core energy businesses, supporting long-term growth and resilience. The sale price was determined on a willing-buyer, willing-seller basis, considering DDPCR’s audited total assets of RM33.6 million as of June 30, 2025. The original cost of DCSB’s investment in DDPCR was RM23.02 million, but it had been fully impaired in February 2025, resulting in no gain or loss aside from the RM1 cash consideration. Upon completion of the transaction, expected within 25 business days, DDPCR will cease to be a joint venture of Dialog. The group noted that the disposal will not affect its share capital, major shareholders, or have any material impact on earnings, net assets, or gearing.

Permodalan Nasional Bhd (PNB) has declined Sunway Bhd’s voluntary takeover offer (VTO) for its 13.3% stake in IJM Corp Bhd, citing the offer’s low valuation, small cash component, and IJM’s strong dividend prospects and long-term growth potential. In a statement on Monday, PNB said its board investment committee evaluated IJM’s intrinsic value against Sunway’s RM3.15 offer price and the potential future gains from the new Sunway shares to be issued. After a thorough and independent assessment, the fund concluded the offer did not meet its investment criteria or fiduciary duty to unit holders. PNB noted that IJM’s market price has long undervalued the company’s fundamentals and stressed that the decision should not be taken as guidance for other shareholders, who are encouraged to make their own assessment. Independent adviser M&A Securities also recommended rejecting the offer, highlighting that Sunway’s price represents a discount of up to 51% compared with IJM’s estimated value. The offer includes 10% cash (31.5 sen per share) and 90% new Sunway shares at 0.501 shares per IJM share, totaling around 1.76 billion new shares and RM1.1 billion in cash. Government-linked investment companies collectively hold about 45% of IJM, including the Employees Provident Fund (20.52%) and KWAP (9.64%). Sunway had set a deadline of April 6 for shareholders to accept the offer. Tan Sri Jeffrey Cheah, Sunway’s founder, previously warned the group would abandon the acquisition if it did not secure enough support. IJM shares closed at RM2.31 on Monday, down one sen, valuing the company at RM8.43 billion. Sunway closed at RM5.15, up one sen, for a market value of RM35.05 billion.

The Employees Provident Fund (EPF) has ceased to be a substantial shareholder in Johor-based SDS Group Bhd (KL:SDS), the operator of a chain of bakeries and cafes, following its latest share disposals. According to a Bursa Malaysia filing on Monday, the pension fund sold 165,000 shares, representing a 0.03% stake, on March 11. This reduced EPF’s total holding to 27.1 million shares, or 4.988%—just below the 5% threshold required for mandatory disclosure as a substantial shareholder. EPF first became a substantial shareholder in SDS in September 2025 with a 5.125% stake (27.84 million shares). The fund has gradually trimmed its position as the stock faced downward pressure, with SDS’ share price dropping more than 33% since EPF’s initial disclosure, closing at 48 sen on Monday, down one sen from last Friday, giving the company a market value of RM262.16 million. Listed on Bursa Malaysia’s ACE Market in October 2019, SDS moved to the Main Market in May 2023. The company has maintained consistent profitability, posting a full-year net profit of RM33.28 million for FY2025, up from RM32.55 million in FY2024.

Gagasan Nadi Cergas Bhd group managing director Datuk Wan Azman Wan Kamal has sold a 7.44% stake in the property and construction company, lowering his deemed interest from 64.69% to 57.25%. The sale, involving 56 million shares at 43 sen each, was completed on March 13, according to a Bursa Malaysia filing on Monday. The transaction is estimated to have netted Wan Azman approximately RM24.08 million. Last month, Gagasan Nadi Cergas proposed a bonus issue offering one warrant for every two shares held. The issuance could total up to 376.5 million warrants with a five-year tenure and an exercise price of 32 sen per warrant. If fully exercised, the company could raise up to RM120.48 million, intended for working capital, including payments to suppliers and subcontractors for materials and project progress claims. Since listing on Bursa Malaysia’s ACE Market in 2018, Gagasan Nadi Cergas has set its sights on a transfer to the Main Market later this year. The company’s shares are trading at a price-earnings ratio of 4.3 times, well below peers such as Nestcon Bhd (28.4 times), Gamuda Bhd (24.4 times), and Sunway Construction Bhd (24.7 times), according to AskEdge data. Shares closed 42 sen on Monday, down half a sen or 1.18%, giving Gagasan Nadi Cergas a market valuation of RM316 million.

Ant Group Co. has received China’s regulatory approval to complete its purchase of Hong Kong-listed brokerage Bright Smart Securities & Commodities Group Ltd, finalizing a deal agreed nearly a year ago. According to a filing with the Hong Kong Stock Exchange on Monday, Ant has completed the required reporting procedures with Chinese authorities for high-value, non-sensitive investment projects, confirming an earlier Bloomberg News report. The transaction is now expected to close on March 30. Bright Smart’s shares surged as much as 82% on Tuesday morning to HK$16.88 (RM8.46), giving the company a market value of roughly US$3.6 billion (RM14.1 billion). Bright Smart chairman Yip Mow Lum conditionally agreed in April to sell his 50.55% stake—about 858 million shares—to Wealthiness and Prosperity Holding Ltd for HK$3.28 per share, totaling HK$2.81 billion. Wealthiness and Prosperity is ultimately controlled by Ant, the fintech giant led by Jack Ma. Yip, nicknamed the “Money Hunter,” founded Bright Smart in 1995 and developed it into a popular online trading platform with low brokerage fees. The company went public in Hong Kong in 2010. Ant’s unit controlling Wealthiness and Prosperity also holds other investments in the digital brokerage sector, including the wealth management platform Ant Wealth Shanghai Yunjin Information Technology.

Malaysian B2B technology eProcurement & eMarketplace company Borong (formerly known as Dropee) has once again claimed the top position in the Financial Times High-Growth Companies Asia-Pacific 2026 ranking, compiled in partnership with Statista, this time rising from 2nd place to rank No. 1 across the entire Asia-Pacific region. The ranking, now in its eighth annual edition, identifies the top 500 companies that achieved the highest compound annual growth rate (CAGR) in revenue between 2021 and 2024. Aizat Rahim, Chief Executive Officer of Borong (Dropee) with with YAB Dato’ Seri Anwar Bin Ibrahim launching Salaam Market, a joint-effort between Borong (Dropee) & Maybank Islamic Berhad. Two Years. One Consistent Story of Growth. This is Borong’s second consecutive appearance on the FT High-Growth Companies Asia-Pacific list, and the most emphatic yet. Having ranked 2nd in 2025, Borong now claims the No. 1 position in 2026, making it not only the fastest-growing company in the region this year, but also the most consistently growing. This back-to-back recognition underscores what Borong has always believed: that sustainable, compounding growth driven by genuine enterprise value is not an accident, it is a strategy. Borong remains the highest-ranked Malaysian company on the list and one of only a small number of Malaysian firms featured among the top 500 high-growth companies spanning 13 Asia-Pacific economies, alongside businesses from Japan, South Korea, India, Singapore, Australia, and beyond. Expanding Into New Industries, Deepening Strategic Partnerships Since its founding in 2017, Borong has grown from a bootstrapped startup with US$300,000 in revenue into a regional B2B technology platform funded by prominent Venture Capitalists trusted by thousands of businesses. Beyond its stronghold in FMCG and traditional retail supply chains, Borong has now expanded aggressively into new industry verticals, including: Oil & Gas (O&G) Procurement – Borong has secured an exclusive procurement partnership with Shell, enabling digitised, streamlined supply chain and procurement operations within the energy sector. Semiconductor – Borong is now serving procurement and supply chain needs in Malaysia’s growing semiconductor ecosystem, one of Southeast Asia’s most strategically critical industries. Property & Construction – Borong’s platform now supports procurement workflows for property developers and construction firms, addressing inefficiencies in project-based supply chains that have historically relied on manual, fragmented processes. Banking – framed around digitising internal procurement and vendor management for financial institutions, with a nod to regulatory compliance Defense & Aviation – positioned around mission-critical supply chains with emphasis on compliance, traceability, and reliability These expansions mark a pivotal chapter in Borong’s evolution, from a B2B marketplace for MSMEs into a full-spectrum enterprise procurement and supply chain platform serving Malaysia’s most important industrial sectors. “Ranking No. 1 in Asia-Pacific for the second consecutive year is a testament not just to our growth numbers, but to the trust our clients, partners, and team place in us every single day. We are not growing for growth’s sake, we are building infrastructure that the region needs. From empowering B40 retailers in rural Malaysia to enabling Large Enterprises procurement operations and expanding into semiconductors and construction, Borong is proving that inclusive, technology-driven commerce is the future of this region.” – Aizat Rahim, Chief Executive Officer, Borong (formerly known as Dropee) From MSMEs to Multinationals Fortune 500 Enterprises: A Platform for All Borong’s growth story is uniquely dual-sided. On one end, it continues to serve tens of thousands of micro, small, and medium-sized enterprises (MSMEs), digitising their procurement, credit, and distribution operations to help them compete in a digital economy. On the other, it has become the platform of choice for large multinationals and Fortune 500 companies including Petronas, Shell, and other global brands, enabling them to connect seamlessly with their downline distributors, dealers, and grassroots retail networks. This breadth, from a mom-and-pop shop in rural Sabah to a multinational energy company’s procurement desk, is precisely what sets Borong apart and continues to drive its compounding growth trajectory. A Mission That Extends Beyond Commerce Borong’s ambitions are not merely commercial. The company has consistently championed economic inclusion, helping to narrow Malaysia’s income gap by empowering B40 communities, rural businesses, and traditionally underserved segments with better access to goods, services, and financial tools. This social mandate is embedded in Borong’s DNA and has earned it recognition not only in business rankings but also as a force for positive change in the region. Backed by Y-Combinator (US), Ondine Capital (TW), Brama One Ventures (ID), Vynn Capital (MY), Wide-Growth Investment (HK), HCL Capital (HK), Blawpark Partners (SG), and Colopl Next Inc (JP), Borong continues to attract world-class investors who believe in its mission to become Southeast Asia’s leading B2B commerce infrastructure. Some of Borong (formerly known as “Dropee”) fortune 500 list of clients

Malaysia’s Visit Malaysia 2026 (VM2026) campaign could face challenges due to escalating geopolitical tensions in the Middle East and shifting global sentiment, according to TA Research. The campaign, which targets 47 million international arrivals and RM329 billion in tourism receipts, may be affected by rising geopolitical risks, softer global demand, and inflationary pressures, particularly impacting long-haul and high-spending travellers. Since US-Israel strikes on Iran began on Feb 28, more than 37,000 flights to and from the Middle East have been cancelled. TA Research noted that although visitors from the Middle East make up only about 0.4% of total arrivals (around 162,000 tourists), disruptions in the region could have wider indirect effects. Key transit hubs in the Middle East are crucial for travellers from Europe and other long-haul markets, and any disruption or higher travel costs could reduce arrivals from these segments. “The potential shortfall of two to three million visitors is likely due to indirect spillover effects rather than the Middle East market alone,” the research house said. It highlighted that past geopolitical events have impacted tourism significantly. During the Iraq War in 2003, Malaysia’s tourist arrivals dropped to 10.5 million from 13.2 million the previous year, contributing to a 17.4% decline in tourism receipts, compounded by the SARS outbreak. Current developments are also affecting travel conditions, including flight cancellations, reduced seat capacity, longer travel routes, and rising airfares. Since late February, more than 37,000 flights to and from the Middle East have been cancelled, removing about 4.4 million seats and disrupting major transit hubs such as Dubai, Doha, and Abu Dhabi. Additionally, travel advisories issued for several Middle Eastern countries have further increased uncertainty, while the closure of the Strait of Hormuz has pushed up jet fuel prices, leading to higher ticket costs. Despite these challenges, TA Research said strong regional demand from **Asia—particularly Singapore, Thailand, Indonesia, China, and India—**along with domestic tourism, is expected to help cushion the impact on Malaysia’s tourism sector.