Investment & Market Trends

Frozen food processor and trader PT Resources Holdings Bhd is strengthening its push into the China market through a new strategic collaboration with the Export-Import Bank of Malaysia Bhd (Exim Bank), aimed at supporting the group’s overseas expansion and enhancing its international trade capabilities. In a filing with Bursa Malaysia, PT Resources said it has entered into a memorandum of understanding (MOU) with Exim Bank that outlines areas of cooperation in trade financing, export facilitation, and strategic support for its overseas ventures. These include its ongoing coconut processing operations in Fuqing City, Fujian Province, a key initiative under the group’s expansion plan in China. “The MOU serves as a framework for collaboration to strengthen PT Resources’ trade and export operations while enhancing its ability to expand into new and emerging markets,” the group said. “Through this partnership, we aim to build a more resilient and efficient supply chain network that supports our long-term vision of becoming a regional leader in sustainable food solutions.” The collaboration, valid for two years from the signing date, may be extended upon mutual agreement between both parties. PT Resources added that while the MOU does not create any immediate legal obligations, it marks an important step toward forming formal agreements that will underpin future trade and financing activities. Exim Bank, a government-owned development financial institution, focuses on facilitating Malaysia’s international trade through credit facilities, export insurance, takaful, and guarantee services — particularly targeting non-traditional and emerging markets. Its partnership with PT Resources underscores Malaysia’s commitment to promoting local businesses’ global competitiveness, especially within the halal and agri-food sectors. The MOU exchange took place during the Malaysia International Halal Showcase (MIHAS) Shanghai 2025, held alongside the China International Import Expo (CIIE) in Shanghai, China. The signing ceremony was witnessed by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, underscoring government support for Malaysian companies expanding abroad. PT Resources said the collaboration aligns with its strategic goal of growing its presence in China — one of the world’s largest markets for frozen and processed food — while exploring new opportunities in regional halal food exports. Shares in PT Resources closed one sen or 3.23% lower at 30 sen on Thursday, valuing the group at RM160.51 million. Year to date, the stock has fallen more than 30%, amid broader market volatility and higher operational costs in the food processing sector.

Oil and gas services and equipment provider, Steel Hawk Berhad (stock code: 0320) and its subsidiaries (“Steel Hawk” or the “Group”) is optimistic about its prospects beyond the oil and gas sector after securing shareholders’ approval at an Extraordinary General Meeting (“EGM”) held today for its diversification into the Expanded Engineering, Procurement, Construction and Commissioning (“Expanded EPCC”) Segment (“Proposed Diversification”). The Proposed Diversification represents a strategic expansion of Steel Hawk’s existing business into the Expanded EPCC Segment, enabling the Group to leverage on its engineering and project delivery strengths beyond the oil and gas (“O&G”) sector. This positions the Group to capture opportunities in high-potential sectors, including amongst others, utilities and power, industrial manufacturing, healthcare, defence, telecommunications, and large-scale commercial projects. With shareholders’ approval secured, Steel Hawk is poised to broaden its earnings base, reduce reliance on the O&G sector, and build a more resilient business model that will sustain long-term growth and capture new opportunities in Malaysia’s expanding infrastructure and energy development landscape. Malaysia’s utilities and infrastructure sectors are experiencing robust growth, supported by sustained energy demand, large-scale renewable initiatives such as the upcoming LSS 6 solar programme, which is projected to generate around RM18 billion in EPCC opportunities for industry players, and the rapid development of data centres across the country. This positive industry outlook reinforces Steel Hawk’s decision to expand into the Expanded EPCC Segment, positioning the Group to participate in the next wave of energy, infrastructure, and digital development projects nationwide. Commenting on the outcome, Dato’ Sharman K. Michael, Deputy Chairman and Executive Director of Steel Hawk, said “With today’s approvals, the Group is well-positioned to leverage its core engineering strengths to capture opportunities in sectors driven by ongoing infrastructure and energy development. Diversifying into areas such as utilities and power, transportation, and public infrastructure will not only broaden our revenue base but also enhance long-term business resilience.” Steel Hawk’s diversification will be anchored by its first venture outside the O&G segment, a Collaboration Agreement with Ibrahim & Sons Engineering Sdn Bhd (“IBSE”) to jointly undertake subcontract works for TNB involving the installation, testing and commissioning of 11kV and 33kV underground aluminium cross-linked polyethylene (“XLPE”) power cables and accessories, with a combined contract value of approximately RM92.66 million. In addition, the Group has secured eight contracts from Sega Elektrik Sdn. Bhd. (“Sega”), as subcontractor for the installation, testing and commissioning of 415 voltage or below underground cables, overhead system, jointing & termination and accessories for TNB’s asset development distribution network. These contracts, cumulatively valued at RM61.0 million, have commenced on 23 October 2025 and will run for one year. Riding on this strong momentum, the Group is expanding its reach by actively engaging with multinational corporations (“MNCs”), government-linked companies (“GLCs”) and government-linked investment companies (“GLICs”) across various sectors to register as a potential vendor and/or contractor. These efforts are expected to create a robust project pipeline that will accelerate the growth of the Expanded EPCC Segment and position it as a significant revenue contributor. “The Board believes these developments will enhance Steel Hawk’s earnings visibility and reinforce our position as a reliable engineering partner in Malaysia’s conventional energy, and infrastructure sectors. This diversification lays the groundwork for sustainable value creation and long-term shareholder returns as we expand into new markets,” he concluded. In addition, shareholders approved the proposed variation in the utilisation of proceeds from the Initial Public Offering (“IPO”), which involves reallocating RM7.0 million, initially designated for the construction of the Proposed Teluk Kalung Facility 2, towards the Group’s working capital. This strategic reallocation will enhance Steel Hawk’s liquidity and flexibility to fund ongoing and recently secured projects, including the Remote Operations and Splash Zone contracts for PETRONAS Carigali Sdn Bhd, the scaffolding services project for EPOMS Sdn Bhd, the construction & modification works for Petroliam Nasional Berhad (“PETRONAS”) and 27 of its downstream operating plant units, and the TNB subcontract works under the IBSE collaboration. Shareholders also approved a proposed special issue of up to 70,000,000 new ordinary shares in Steel Hawk to be placed with Bumiputera investors to be identified and approved by the Ministry of Investment, Trade and Industry (“MITI”). This represents approximately 12.50% of the enlarged share capital of the Group. The proposed special issue aims to raise funds for the repayment of bank borrowings, general working capital, and defrayment of estimated expenses associated with the issuance. This will also enable the Group to comply with the Bumiputera Equity Condition imposed by MITI in conjunction with Steel Hawk’s listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). Under this condition, the Group is required to allocate at least 12.50% of its enlarged issued share capital to Bumiputera investors approved by MITI within one year after achieving the profit requirements for listing on the Main Market of Bursa Securities, or within five years after its ACE Market listing, whichever is earlier.

Merchantrade Asia Sdn. Bhd. a leading provider of money services and digital financial solutions, today announced its entry into the Automated Teller Machine (ATM) business with the ongoing strategic enablement of over 1,000 cash access points across Malaysia following a recent approval from regulators to operate as an ATM acquirer. This massive expansion is underpinned by its long-standing partnership with Visa and security services, Safeguards. This venture is a direct move to expand cash access where conventional financial services are lacking, especially in rural and underserved markets. The new infrastructure is projected to at once improve cash access for millions, including Malaysia’s population of migrant workers and various local communities. Merchantrade’s ATM coverage follows a two-pronged strategy. The first is the Visa Sponsor BIN, where Merchantrade provides crucial sponsorship for Safeguards’ 1,000-plus ATMs nationwide, enabling them to accept Visa-enabled cards and immediately allowing Visa customers, travelers, credit, debit, and prepaid card holders, to perform cash withdrawals. The second is the Brown Label ATM Model. Merchantrade is the first operator in the country to adopt this approach which leverages Safeguards’ existing infrastructure, including MEPS functionality, enhanced with the Merchantrade brand and Visa platform. Currently Merchantrade has deployed more than 12 machines under this brown label at its own branches and targets to roll out over 200 machines, which is expected to significantly increase the company’s brand presence throughout the country. Merchantrade’s own branded ATMs allow for both withdrawals and crucial cash deposits using MEPS and accepts all Visa enabled cards, including its flagship Merchantrade Money prepaid Visa card. A feature which is often unavailable at non-bank ATMs, providing convenience for traders and small businesses who frequently need to manage daily cash earnings for which the company targets for the machines to be placed at any premises such as grocery shops, factory areas, communal spaces, etc. Ramasamy K. Veeran, Founder & Managing Director, Merchantrade Asia, remarked, “The extensive reach and new facilities this network brings are critical for our customers. By embracing this two-pronged strategy, we are not just installing machines; we are expanding the financial landscape. This makes it easier for individuals, like foreign workers and small businesses, to access funds, deposit cash securely, and manage their finances where they live, work and do business. This significant investment solidifies our commitment to financial services in Malaysia.” Previn Pillay, Country Manager, Visa Malaysia, adds, “We’re proud to build on our partnership with Merchantrade, in collaboration with Safeguards, to broaden the availability of secure, convenient cash access for Visa cardholders across Malaysia. While digital payments are growing, ATMs often represent a first touchpoint with digital payments for many consumers — particularly in rural and underserved areas. By making cash withdrawals more accessible, we’re supporting financial inclusion for workers, small businesses and local communities, helping ensure that everyone has reliable access to the funds they need — delivered on the strength and reliability of the Visa network.” Darmendran Kunaretnam, Group CEO, Safeguards Corporation, remarked, “Entering collaboration with Merchantrade came in as the most important juncture, as the Merchantrade brand is most widely accepted within the underserved community, especially migrant workers. Merchantrade’s branded ATM machines and Visa Sponsor will be able to expand our presence as a non-bank ATM operator.” This strategic ATM rollout firmly establishes Merchantrade as a key non-bank provider in the country’s financial ecosystem, dedicated to ensuring that reliable cash access and integrated card services are within reach for all.

HONG KONG/CHICAGO/BENGALURU, Qatar Airways has agreed to sell its entire 9.7% stake in Cathay Pacific Airways Ltd for about US$897 million (HK$6.97 billion or RM3.75 billion), ending its eight-year investment in Hong Kong’s flagship carrier. Cathay Pacific announced on Wednesday that Qatar Airways had proposed the sale, and the airline would repurchase the shares at HK$10.8374 per share — around a 4% discount to the stock’s last closing price. The buyback will be financed through Cathay’s internal funds and existing credit facilities. Qatar Airways, which acquired the stake in November 2017, will earn a roughly 35% premium over its initial investment. The deal will reduce Cathay’s public float, potentially easing market selling pressure. “It’s likely more about Qatar Airways’ cash flow management,” said Kenny Ng Lai-yin, a strategist at China Everbright Securities International, adding that the move could support Cathay’s share price. Following the announcement, Cathay’s shares rose 4.8% on Thursday, while Air China gained 4% and Swire Pacific advanced over 1%. Cathay, one of Asia’s largest cargo carriers based at the world’s busiest air freight hub, has benefited from strong e-commerce demand out of China. The buyback will increase Swire Pacific’s stake in Cathay from 43.12% to 47.69% and Air China’s from 28.74% to 31.78%, pending approval. Qatar Airways CEO Badr Mohammed Al-Meer said the divestment was part of the airline’s “disciplined portfolio strategy,” enabling it to optimise investments and position for long-term growth after a period of strong financial performance. Cathay chairman Patrick Healy said the company’s decision to buy back the stake reflected its confidence in future growth, citing a HK$100 billion investment plan over seven years covering new aircraft, cabin upgrades and lounge enhancements. Despite significant losses during the pandemic, Cathay’s recovery is gathering pace, with passenger numbers for Cathay and its low-cost unit HK Express up 20% year-on-year in September. Qatar Airways’ exit does not signal an end to collaboration between the two carriers — both reaffirmed their partnership under the oneworld Alliance.

Nissan Motor Co has agreed to sell its global headquarters in Yokohama for ¥97 billion (US$630 million or RM2.64 billion) to a consortium led by Hong Kong-listed auto parts manufacturer Minth Group, as part of efforts to strengthen its finances amid ongoing struggles. The acquisition is spearheaded by a special-purpose company managed by KJR Management, the Japanese real estate arm of US private equity firm KKR & Co, according to people familiar with the deal. The agreement forms part of a 20-year sale-and-leaseback arrangement, allowing Nissan to continue operating from its current premises. Under the deal, Minth Group serves as the primary investor, while Nissan expects to record a net gain of approximately ¥74 billion. The company said the proceeds will be used to fund essential investments and upgrade internal systems, without affecting operations or staff at its Yokohama headquarters. “This move reflects our disciplined approach to capital efficiency, unlocking value from non-core assets to support ongoing transformation during challenging times,” Nissan said in a statement. The sale comes as Nissan undertakes an extensive cost-cutting plan involving job reductions and factory closures to cope with its weakest financial position in over 20 years. The automaker recently projected an operating loss of ¥275 billion for the fiscal year ending March 2026 — its first official guidance after withholding forecasts previously. Shares of Nissan rose as much as 3.9% in early Tokyo trading on Thursday, though the stock remains down about 27% year-to-date. Founded in Yokohama, Nissan moved its headquarters from Tokyo’s upscale Ginza district to its current waterfront location in 2009. The company’s current restructuring plans, led by chief executive Ivan Espinosa, include cutting 20,000 jobs and consolidating its global manufacturing footprint from 17 plants to 10, as it grapples with weak sales in the US and China, rising debt, and years of leadership instability.

HONG KONG, Chinese electric vehicle (EV) manufacturer Seres Group Co has successfully raised HK$14.3 billion (US$1.8 billion or RM7.7 billion) from its Hong Kong initial public offering (IPO), after pricing the shares at the upper end of its indicated range and exercising an overallotment option to expand the offering. In a statement issued on Sunday, the Chongqing-based automaker, which partners with Huawei Technologies Co in the EV sector, said it sold approximately 108.6 million shares at HK$131.50 each, including an additional 8.4 million shares issued under the option, increasing the deal size by about 8.4%. The IPO price represents a 22% discount to Seres’ closing price of 155.19 yuan on the Shanghai Stock Exchange last Friday, where the company’s shares are already traded. Seres’ Hong Kong shares are scheduled to begin trading on Wednesday, marking one of the most notable listings in the city this year. This IPO is also Hong Kong’s eighth listing in 2025 to raise more than US$1 billion, underscoring a revival of large-cap offerings amid improving investor sentiment. The city’s total IPO proceeds have now exceeded US$26 billion, surpassing earlier forecasts by Bloomberg Intelligence for the full year. Founded in 1986, Seres originally manufactured springs and shock absorbers before diversifying into motorcycles and, later, electric vehicles. The company’s collaboration with Huawei — which involves co-developing smart EVs and integrating Huawei’s intelligent vehicle solutions — has become a major growth catalyst. Analysts expect Seres’ net profit to surge by 72% this year to a record 10.2 billion yuan, supported by strong sales of its Aito-branded EVs and continued demand momentum in China’s high-end EV segment. Industry observers say the Hong Kong listing provides Seres with greater financial flexibility to expand production capacity, invest in next-generation EV technologies, and strengthen its global presence. China International Capital Corp (CICC) and China Galaxy Securities Co acted as joint sponsors and bookrunners for the offering. Seres’ successful listing adds to the growing list of Chinese EV makers seeking dual listings to attract international investors and strengthen access to offshore capital markets amid intensifying competition in China’s fast-growing EV industry.

KUALA LUMPUR, has unveiled plans to strengthen shareholder value through a proposed bonus issue of warrants and the introduction of an employees’ share option scheme (ESOS). In a filing with Bursa Malaysia on Monday, the building facilities management and engineering services group said it intends to issue up to 84.84 million free warrants on the basis of one warrant for every four existing shares held. The warrants will have a five-year tenure. As of now, AWC has 339.36 million shares in circulation and no existing warrants. Based on the proposed terms, the exercise could potentially raise up to RM78.9 million for the group, assuming full subscription and an indicative exercise price of 93 sen per warrant — representing a 23.9% premium to AWC’s five-day volume-weighted average price of 75.08 sen up to Oct 31. The proceeds raised from the exercise will primarily be allocated towards working capital requirements and to support the company’s ongoing and future business activities. The final exercise price will be determined and announced at a later date. In tandem with the bonus warrant issue, AWC is also proposing to establish a new employees’ share option scheme (ESOS) that will involve the issuance of up to 15% of the company’s total share capital, aimed at rewarding and retaining key talent by aligning employee interests with long-term shareholder value creation. Both proposals — the bonus issue of warrants and the ESOS — are subject to shareholders’ approval at an upcoming extraordinary general meeting (EGM) to be convened soon. Additionally, AWC said it will seek approval for a share buy-back mandate of up to 10% of its total share base, providing flexibility to manage its capital structure and enhance earnings per share when appropriate. Shares of AWC closed unchanged at 75.5 sen on Monday, valuing the group at RM258 million.

KUALA LUMPUR, The Malaysian Investment Development Authority (MIDA), in partnership with Hyundai Motor Malaysia, has rolled out a five-day programme in South Korea to boost local vendor capabilities and support Malaysia’s shift towards a new energy automotive ecosystem. Held from Oct 27 to 31, the initiative brought together 12 Malaysian vendors and 36 global Tier-1 Hyundai suppliers for business matching sessions, factory visits, and technology-sharing engagements aimed at enhancing collaboration and technical know-how. Participants also toured Hyundai’s Asan Plant and Hyundai Motor Studio, gaining insights into the company’s advanced manufacturing and mobility innovations. MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the collaboration aligns with the National Automotive Policy (NAP) and the New Industrial Master Plan (NIMP) 2030, reinforcing Malaysia’s ambition to become a regional automotive hub. “This partnership with Hyundai enables Malaysian vendors to move up the value chain, strengthen local capabilities, attract quality investments, and accelerate the nation’s transition towards next-generation mobility,” he said. The initiative also sets the stage for future joint ventures and technical collaborations to build a more resilient and innovation-driven supply chain. Hyundai Motor Malaysia managing director Jahabarnisa Haja Mohideen said Hyundai is committed to Malaysia’s long-term growth and industrial transformation. Four memoranda of understanding (MoUs) were also signed between Malaysian and Korean vendors to support Hyundai’s vehicle production in Malaysia through technical cooperation. “These partnerships are key to improving product quality, efficiency, and competitiveness while strengthening Malaysia’s local automotive ecosystem and reducing import dependency,” the statement added.

DXN Holdings Bhd’s bold plan to establish a coffee-processing plant in Brazil signals the start of a new, ambitious phase in its Latin American expansion. For the multi-level marketing company — which already derives roughly 60% of its over RM1 billion annual revenue from the region — the move into Latin America’s largest economy appears both timely and strategically sound. Founder and executive chairman Datuk Lim Siow Jin describes Brazil as “the next logical step,” citing its vast consumer base, rising health-conscious middle class, and environmental similarities to Malaysia in terms of climate and soil. DXN plans to bring its proprietary Malaysian coffee innovations — such as civet-style fermented coffee and tea brewed from coffee leaves — to a new facility in Minas Gerais, one of the world’s most renowned coffee-producing regions. The expansion looks well-positioned on paper. Brazil’s government has offered incentives including 10 hectares of free land and fast-tracked investment approvals. Combined with the country’s strong coffee culture, DXN’s direct-selling model and reputation for health-oriented products could help the group carve out a niche in the premium functional beverage space. Still, operating in the world’s top coffee-producing nation comes with inherent challenges. Coffee prices have fluctuated sharply in recent years, and although production is expected to normalise in 2025, higher inventories could squeeze margins for processors. Competition will also be intense, with local players dominating the market and consumer tastes firmly rooted in traditional blends — potentially limiting the appeal of DXN’s niche wellness-driven offerings. On the governance front, investors are likely to maintain a cautious eye following several related-party transactions — including the leasing of a corporate jet and the purchase of a Burj Khalifa apartment from its chairman. While unrelated to its operational plans, such moves have raised questions over capital prudence, particularly as the company ramps up its global footprint. Despite these risks, DXN’s Brazilian venture still tilts toward opportunity. With Latin America already serving as its growth engine, Brazil’s scale and influence could elevate DXN’s brand to new heights — provided it executes with transparency and local insight. The challenge ahead: ensuring DXN’s premium coffee vision resonates with Brazilian consumers — and doesn’t get lost amid the country’s own deeply brewed traditions.

KUALA LUMPUR, Oversea-Chinese Banking Corp Ltd (OCBC), Singapore’s second-largest bank, together with its affiliate Lion OCBC Capital Asia I Holdings Pte Ltd, has exited its investment in Mega Fortris Bhd, selling its entire indirect stake to a new strategic investor. According to Mega Fortris, OCBC and Lion OCBC Capital collectively disposed of their 25.99% stake in Mega Fortris Global Pte Ltd — the holding company of the Main Market-listed security seal manufacturer — to ProWealth Management Holding Ltd. The sale and purchase agreement, inked on Oct 2, was completed on Oct 30. ProWealth Management, an investment holding firm incorporated in the British Virgin Islands, is now a strategic shareholder in Mega Fortris. “ProWealth Management’s entry underscores confidence in our long-term strategy and marks a new chapter in our growth journey,” said Mega Fortris managing director Datuk Adrian Ng Meng Poh in a statement. The group did not disclose the transaction value, nor did it comment on OCBC’s divestment. Ng and his family remain the controlling shareholders with a 65% interest in Mega Fortris through Mega Fortris Global. ProWealth Management director Gan Kok Xan said the company sees “a strong, trusted organisation with proven execution and expanding potential in global supply chain security solutions.” Mega Fortris added that its first-phase UK facility — a centralised warehouse and distribution centre with marking capabilities — is on track for completion by year-end to meet regional demand and serve key international customers. Shares of Mega Fortris fell 1.5 sen or 1.85% to 79.5 sen on Friday, valuing the group at RM671.8 million.