Investment & Market Trends

Berjaya Corp Bhd (BCorp) has disposed of 48.5 million shares in its listed subsidiary, Berjaya Assets Bhd (BAssets), through its wholly-owned subsidiaries Ambilan Imej Sdn Bhd (AISB) and Berjaya IPS Credits Sdn Bhd (BIPS Credits). The disposal, which was completed on July 9, 2026, involved approximately 1.9% equity interest in BAssets and was executed at a price of 30 sen per share. The transaction generated total cash proceeds of RM14.55 million for BCorp. In a filing with Bursa Malaysia, BCorp said that following the disposal, it continues to hold 308.55 million shares in BAssets, representing a remaining equity stake of approximately 12.06% in the company. The group stated that the disposal price was determined based on the prevailing market value of BAssets shares at the time of the transaction. The shares disposed were sold free from all encumbrances, allowing for a straightforward transfer of ownership. BCorp added that the proceeds from the share disposal will be utilised primarily for strengthening its financial position, including the repayment of borrowings and supporting its working capital requirements. The funds will also be allocated towards the group’s ongoing administrative and operational expenses. Despite generating cash inflow, the disposal was carried out below the carrying value recorded in BCorp’s financial statements. The shares had a book value of 73 sen per share, compared with the disposal price of 30 sen per share. The divestment forms part of BCorp’s ongoing efforts to optimise its investment portfolio, manage capital allocation and enhance financial flexibility while maintaining its strategic interest in BAssets through its remaining shareholding.

Permaju Industries Bhd (PIB) has strengthened its presence in Malaysia’s automotive sector after its wholly owned subsidiary, Cergaz Autohaus Sdn Bhd (CASB), was appointed as an authorised dealer for Chery’s Lepas brand by Chery Auto Malaysia Sdn Bhd. In a filing with Bursa Malaysia, PIB said the appointment marks another strategic step in expanding its automotive business and broadening its portfolio of vehicle brands in the local market. The company noted that the addition of the Lepas marque is expected to complement CASB’s existing automotive operations while diversifying its range of products and services. Beyond vehicle sales, the dealership is also expected to create new revenue opportunities through after-sales services, maintenance, and genuine spare parts sales. PIB said the dealership appointment aligns with its strategy to strengthen its position in the automotive industry by leveraging the growing demand for new energy and passenger vehicles in Malaysia. The company believes the partnership with Chery Auto Malaysia will enhance its long-term growth prospects by expanding its customer base and improving recurring income streams from service and maintenance activities, while reinforcing its commitment to delivering quality automotive solutions to Malaysian consumers.

Construction and engineering firm Metrocon Holdings is set to make its debut on the Singapore Exchange (SGX) through a proposed S$28 million reverse takeover of embattled property developer Hatten Land, which has been under judicial management and suspended from trading since August 2024. Hatten Land has called for an extraordinary general meeting on July 22, where shareholders will vote on the proposed transaction. If approved, the deal will allow Metrocon to secure a listing on the SGX without undertaking a traditional initial public offering (IPO), providing the company with access to the capital markets as Singapore’s construction sector continues to expand. Metrocon chief executive Tan Kean Seng said the company has been exploring options to become publicly listed as it continues to grow. He noted that the opportunity to acquire Hatten Land’s listed status came through an introduction and, following careful evaluation, was deemed the most suitable route to achieve its listing ambitions. Metrocon specialises in foundation engineering, including piling and ground preparation works required for buildings and infrastructure projects. The company has been involved in numerous public housing and government developments, including projects near MRT and LRT lines, tunnels, canals and other technically demanding construction sites. According to Tan, Singapore’s construction industry is entering a period of sustained growth, supported by a healthy pipeline of public infrastructure developments and continued demand from the private sector. Metrocon has recorded strong financial growth, with revenue more than doubling from S$23.6 million in 2023 to S$61.1 million in 2025. The company is also profitable and has an outstanding order book worth S$82.5 million, which is expected to be delivered over the next 24 months. The proposed reverse takeover also forms a key part of Hatten Land’s restructuring plan under judicial management. Upon completion, Hatten Land will be renamed Metrocon Holdings, with its business shifting entirely from property development to foundation engineering. The S$28 million acquisition will be settled entirely through the issuance of approximately 107.7 million new shares at an issue price of 26 Singapore cents per share to Metrocon’s owner, LBD Engineering. In addition, Hatten Land will issue 22.4 million new shares to creditors as partial debt settlement and 21.5 million shares to restructuring funders. As part of the restructuring exercise, the company will also undertake a share consolidation, combining every 830 existing shares into one new share, reducing its issued share capital from more than 1.86 billion shares to approximately 2.24 million shares. The move is expected to streamline the company’s capital structure ahead of its proposed transformation into a listed construction and engineering group.

South Korean chipmaker SK Hynix is set to launch a US listing on Nasdaq on Monday, aiming to raise around US$28 billion as it seeks to capitalise on booming global demand for artificial intelligence (AI)-related technologies. According to regulatory filings, the company will offer 17.79 million new shares through American Depositary Receipts (ADRs), with every 10 ADRs representing one common share. The pricing range will be announced based on SK Hynix’s share price on the Seoul stock exchange, while the final offer price is expected to be determined on Thursday ahead of trading on Friday. The listing is poised to become one of the world’s largest share sales, underscoring investor confidence in AI-driven semiconductor companies. Despite SK Hynix’s shares falling 4.2% on Monday, the stock has surged about 273% year-to-date, fuelled by strong demand for AI memory chips. The fundraising comes as South Korea ramps up investments in semiconductors and AI to strengthen its position in the global technology race. Last week, the government announced a US$576 billion semiconductor investment programme, with SK Hynix and Samsung Electronics serving as anchor companies. President Lee Jae Myung has also urged officials to accelerate the rollout of major AI and chip projects, warning that delays in approvals, land acquisition and infrastructure could undermine the country’s competitiveness. SK Hynix has emerged as one of the biggest beneficiaries of the AI boom, thanks to its leadership in high-bandwidth memory (HBM) chips, which are widely used in AI systems developed by customers including Nvidia and Google. The company recently announced plans to invest 100 trillion won (US$64.4 billion) to build new semiconductor manufacturing facilities, including a plant for NAND flash memory, as part of South Korea’s broader push to expand its chip industry. Analysts believe the Nasdaq listing could improve SK Hynix’s global visibility, narrow its valuation gap with US rival Micron Technology, and pave the way for inclusion in the Philadelphia Semiconductor Index, potentially attracting greater passive investment from global funds. If successful, the deal would rank as the second-largest global share sale, following SpaceX’s US$85.7 billion IPO last month, and surpassing the landmark listings of Saudi Aramco in 2019 and Alibaba in 2014.

Berjaya Property Bhd is expanding into the automotive manufacturing sector after its wholly owned subsidiary, Alam Baiduri Sdn Bhd, entered into a joint venture (JV) with Trusmax Investment Co Ltd, a wholly owned subsidiary of China’s Wanli Tire Co Ltd, to establish an automotive tyre manufacturing business in Malaysia. In a filing with Bursa Malaysia, the group said the partnership will undertake the research, development, design, manufacturing and sale of automotive tyres, as well as related spare parts and components. The new JV company will also provide after-sales services, supporting a comprehensive automotive tyre business in the local market. Under the agreement, Alam Baiduri will hold a 30% equity stake in the JV company, while Trusmax will own the remaining 70%. The parties estimate that approximately RM1.3 billion will be required to develop and establish the tyre manufacturing plant. Of the total investment, RM813.5 million, or about 63%, will be financed through shareholders’ equity contributions, while the remaining RM491.45 million, representing 37%, will be funded through borrowings. As part of its investment, Alam Baiduri will inject RM125.7 million in cash and contribute a 67.9-acre freehold land parcel valued at RM118.31 million, bringing its total capital contribution to RM244.01 million. The agreed land valuation takes into account planned construction works, as well as land conversion and subdivision costs estimated at approximately RM60 million, which will be undertaken by Alam Baiduri. The company said the cash contribution together with the related construction and land development costs will be financed through a combination of internally generated funds and borrowings. The joint venture marks Berjaya Property’s strategic diversification into the automotive manufacturing industry, while leveraging Wanli Tire’s expertise in tyre technology and production to establish a new manufacturing presence in Malaysia. The collaboration is expected to strengthen the country’s automotive supply chain and support future growth opportunities in the regional tyre market.

https://theexchangeasia.com/wp-content/uploads/2026/07/tamchy-opening-ceremony-video-1_EnMVYK3Y.mp4 The President of the Kyrgyz Republic, Sadyr Japarov, has inaugurated the Tamchy Special Financial Investment Territory (SFIT), a new international jurisdiction on the shores of alpine Lake Issyk-Kul. The first residents of Tamchy, who joined during the launch ceremony, were companies from South Korea, the UAE, Hong Kong, Switzerland and Kazakhstan. Twenty companies from across the globe are in the process of establishing residency at Tamchy SFIT. The ceremony culminated with President Japarov symbolically activating a geotag-shaped switch, thus putting Tamchy SFIT, quite literally, on the global financial map. “Changes in the global economy are driving demand for new centers of business activity where international standards are supported by true freedom of innovation and long-term investment. Tamchy SFIT is our national project and our response to the needs of international businesses. We are building a financial center from scratch — with an independent court, a modern regulator, and rules that won’t change with shifting trends.I have no doubt that Tamchy SFIT will open a new chapter in the history of Kyrgyzstan,” said President Japarov. Operating on the principles of English common law, Tamchy SFIT has its own financial regulator, an International Dispute Resolution Centre, and a single-window digital registrar. A special tax regime guarantees a 0% rate of tax on profits, dividends, capital gains, and VAT for 49 years and allows 100% foreign ownership and unrestricted profit repatriation.   Covering an area of about 6,000 ha, Tamchy SFIT can already boast a fully operational business center, while hotels and residential buildings are under construction. Issyk-Kul International Airport is within walking distance. “Great financial centres are built by understanding what international capital and businesses require. Tamchy SFIT offers exactly that — a trusted, flexible, and investor-ready platform for businesses seeking sustainable growth. Benchmarked to international gold standards, grounded in English common law, and positioned at the intersection of five EAEU economies and the Eurasian corridor, it offers a jurisdiction that is neutral, independent, and built to last,” said Ali Ijaz Ahmad, First Deputy Chairman of the Tamchy SFIT Management Council. One of the first executives who decided to set up in Tamchy SFIT was Seo Dong Hyun, CEO of Serim. “Over the past thirty years of investing in the semiconductor industry, high technology, and energy, I have come to appreciate that legal certainty and trust in the regulatory system are the foundation of long-term investment. These are the very principles on which the Tamchy SFIT was established. What is particularly remarkable is that a project of this scale was delivered in just one year—faster than in any other jurisdiction I know. Today, I registered my family holding company here. For me, this is not an investment for years, but for generations,” he said. By 2035, Tamchy aims to attract around 4,000 resident companies and create over 10,000 jobs. The expected contribution of Tamchy to the country’s economy between 2026 and 2035 is estimated at $20 bn.

Philippine Airlines (PAL) is expanding its North American network with additional nonstop flights to Vancouver, Toronto and New York, providing customers with more travel options while strengthening connectivity between the Philippines, Canada, the United States and Southeast Asia. Beginning November and December 2026, PAL will:• Increase Manila–Vancouver services from 7 to 10 weekly flights effective November 17, 2026;• Increase Manila–Toronto services from 3 to 4 weekly flights effective December 5, 2026; and• Increase Manila–New York (JFK) services from 3 to 4 weekly flights effective December 2, 2026, with a fifth weekly flight during the peak December 2026–January 2027 holiday travel season. The expanded services further strengthen Philippine Airlines’ leadership in the Philippines–North America market and reinforce its position as the leading Southeast Asian carrier operating the most nonstop flights between the region and North America. “North America continues to be one of Philippine Airlines’ most important markets,” said Richard Nuttall, President of Philippine Airlines. “As travel demand grows, these additional flights strengthen our position as the preferred nonstop carrier between the Philippines and North America whilst providing our customers with greater choice, improved connectivity, and more opportunities to travel, do business, and reconnect with family and loved ones. As the Philippine flag carrier, we remain committed to supporting tourism, trade and economic ties between the Philippines and our key North American markets.” The additional North America frequencies will improve connectivity via Manila to key destinations across Southeast Asia, including Jakarta, Bali, Phnom Penh, Bangkok, Singapore, Kuala Lumpur and Hanoi. Through PAL’s partnerships with American Airlines, Alaska Airlines and WestJet, customers will also enjoy seamless onward connections to numerous destinations across the United States and Canada. The expanded schedule will likewise provide additional cargo capacity to support growing trade, e-commerce and high-value shipments between the Philippines and North America. Additional Toronto and New York services will initially be operated by the Airbus A350-900 before transitioning to PAL’s new Airbus A350-1000 as additional aircraft join the fleet. The A350-1000 will also begin serving San Francisco beginning August 2026, offering more premium seating and further strengthening PAL’s competitiveness on the U.S. West Coast. The expanded North American schedule and the commencement of 3x per week Manila to Chicago flights beginning November 9, 2026 form part of Philippine Airlines’ long-term network growth strategy, strengthening Manila’s role as a premier gateway between North America and Southeast Asia while supporting tourism, business, investment and cargo opportunities across the Pacific.

Singapore-based PK Green Fund has become a substantial shareholder of Jentayu Sustainables Bhd (JSB) after acquiring a 9.018% equity stake in the renewable energy company. In a filing with Bursa Malaysia, JSB said it received a notice dated July 1 informing the company that PK Green Fund had become a substantial shareholder in accordance with the Companies Act 2016 and Bursa Malaysia’s Main Market Listing Requirements. The fund acquired 49.1 million ordinary shares in JSB on June 30, representing approximately 9.02% of the company’s issued share capital. Prior to the acquisition, PK Green Fund did not own any shares in the company. JSB welcomed the investment, describing it as a strong vote of confidence in the group’s strategic direction and its ongoing transformation into a renewable energy-focused business. The company said the fund’s investment reflects support for the continued development of its renewable energy project pipeline, including its flagship Project Oriole. According to JSB, PK Green Fund has also expressed its intention to engage constructively with the company’s board and management on strategic, corporate governance and sustainability-related matters. The fund further indicated that it may, at a later stage, seek representation on the board, subject to the company’s nomination process, corporate governance framework and all applicable regulatory requirements. PK Green Fund is a Singapore-domiciled investment fund that focuses on environmental and social impact investments across emerging markets, with a particular emphasis on renewable energy. A separate Bursa Malaysia filing showed that the 49.1 million shares were acquired through an off-market transaction from Datin Nurhaida Abu Sahid, the spouse of group managing director Datuk Beroz Nikmal Mirdin, at a price of 20 sen per share. Following the transaction, Beroz’s deemed indirect shareholding in JSB fell to 22 million shares, or 4.041%, while his direct interest remained unchanged at 20.89 million shares, representing 3.837% of the company’s issued share capital.

Karyon Industries Bhd (KIB) is proposing to acquire a 3,587 sq m freehold industrial land parcel in Johor Baru, Johor, from Tanah Temasik Sdn Bhd for RM8.6 million. In a filing with Bursa Malaysia, the polyvinyl chloride (PVC) compound manufacturer said the acquisition is part of its long-term strategy to strengthen manufacturing operations and support future expansion plans. The company said the land is located near its existing factories and will provide additional space for the installation of new manufacturing lines, expansion of production capacity and enhancement of storage facilities. KIB added that the acquisition is expected to improve the group’s overall manufacturing footprint and support its growth plans in the coming years. Barring any unforeseen circumstances, the company expects the proposed acquisition to contribute positively to future earnings.

Unisem (M) Bhd plans to raise up to RM742 million through a private placement of up to 161.3 million new shares to fund the expansion of its semiconductor manufacturing capacity, particularly for artificial intelligence (AI) and high-performance computing (HPC) applications, while also reducing its borrowings. Trading in Unisem shares was suspended between 9am and 10am on Friday pending the announcement. In a filing with Bursa Malaysia, the semiconductor assembly and test services provider said the placement shares will be offered to local and foreign institutional investors through a book-building exercise. Based on an illustrative issue price of RM4.60 per share, the proposed private placement is expected to generate gross proceeds of approximately RM742 million. Of the total proceeds, RM444.5 million will be allocated for capital expenditure, including the purchase of assembly, test and wafer bumping equipment, as well as the establishment of cleanroom facilities to support future production growth. Meanwhile, RM269.9 million will be used to repay existing borrowings, RM22.9 million will be set aside for working capital requirements, while the remaining RM4.6 million will be utilised to cover expenses related to the fundraising exercise. Unisem said the fundraising follows significant investments in its new manufacturing facility in Gopeng, Perak, and the Phase 3 expansion of its Chengdu operations in China, both of which were partly financed through debt. The company said the additional capital will support its next phase of expansion by increasing production capacity to meet rising global demand for semiconductor solutions used in AI and high-performance computing, while also enhancing operational efficiency and lowering financing costs. Although the group had cash and bank balances of approximately RM258.9 million as at March 31, 2026, Unisem said the private placement would strengthen its financial flexibility without significantly depleting its cash reserves. “The proposed private placement will enable the group to preserve its existing cash for operational requirements and working capital while remaining well-positioned to pursue future expansion opportunities as they arise,” the company said. It added that the exercise reflects its commitment to maintaining prudent financial management, operational resilience and long-term sustainable growth amid the evolving global semiconductor landscape. The private placement is also expected to improve the company’s public shareholding spread to approximately 31.84% from 25.02%, while enhancing the liquidity of its shares. The exercise will be carried out under the company’s existing general mandate approved by shareholders at its annual general meeting on April 28, 2026, and will not require further shareholder approval. Subject to regulatory approvals and the successful placement of all shares in a single tranche, the fundraising exercise is expected to be completed by the third quarter of calendar year 2026.