Investment & Market Trends

Theta Edge Bhd’s largest shareholder, Lembaga Tabung Haji, has sold its entire 27.28% stake in the ICT solutions company, according to Bursa Malaysia filings on Tuesday (Jan 6). The sale confirms a report by The Edge on Jan 2, which noted that an off-market transaction of similar size in the company aligned with Tabung Haji’s shareholding. The exit marks the pilgrimage fund’s complete divestment from Theta Edge. The buyer of the stake, Stealth Solutions Sdn Bhd, has now become the company’s largest shareholder. Stealth Solutions is 75%-owned by Datuk Amrul Hisyam Alias and 25% by Norul Azwani Mohd Hanafi, according to records with the Companies Commission of Malaysia. The company operates in the telecommunications tower sector, with Amrul Hisyam serving as its group executive chairman. The 27.28% stake sold comprised 32.18 million shares and was transacted on Jan 2 via an off-market sale. While the transaction price was not disclosed in the Bursa filing, Bloomberg off-market data indicates that the shares were sold in a single block at 90 sen per share, representing a 23.3% premium to Theta Edge’s closing price of 73 sen on the same day. The total value of the transaction was approximately RM28.96 million. Tabung Haji has been a substantial shareholder of Theta Edge, formerly Lityan Holdings Bhd, since 2000. Its stake peaked at 68.7% in 2015 and remained there until March 2021, when it sold 32.5 million shares, equivalent to a 30.3% stake at that time. Following the sale to Stealth Solutions, Theta Edge’s other major shareholder is Tan Sri Vincent Tan’s Berjaya Group, which holds 15.38% through REDtone Digital Bhd. Two other substantial shareholders, Threadstone Capital Sdn Bhd and Hilary Fernandez, had previously exited their holdings in May and August 2025, respectively. In a separate development, Theta Edge also announced the resignation of Nik Johaan Nik Hashim and Datuk Dyg Sadiah Abg Bohan as non-independent and non-executive directors on Tuesday. On the open market, Theta Edge shares ended 0.5 sen or 0.68% higher at 74.5 sen, giving the company a market capitalisation of RM87.89 million. The off-market sale not only represents a significant exit for Tabung Haji after more than two decades of investment but also highlights Stealth Solutions’ strategy to expand its presence in the ICT and technology solutions sector through strategic share acquisitions.

IGB Bhd has proposed a bonus issue of one new share for every two existing shares held, the property group announced in a Bursa Malaysia filing on Tuesday. The proposed bonus issue would involve the issuance of up to 679.07 million new shares, based on IGB’s current share base of 1.358 billion shares. The entitlement date for the bonus shares will be announced later, once the company has obtained all necessary approvals. The group noted that following the bonus issue, the share price will be adjusted accordingly. For illustration, the theoretical ex-bonus price would be RM2.0306, based on the counter’s five-day volume-weighted average market price of RM3.0459 up to Jan 5, 2026. IGB said the proposed bonus issue is intended not only to reward shareholders but also to enhance trading liquidity and encourage greater participation from both existing shareholders and new investors. The bonus issue is subject to approval by shareholders at an extraordinary general meeting, as well as the consent of Bursa Securities and other relevant authorities. The company expects to complete the exercise in the first quarter of 2026. On the trading front, shares in IGB ended two sen or 0.66% higher at RM3.05, giving the group a market capitalisation of RM4.14 billion. The proposed one-for-two bonus issue marks another step in IGB’s strategy to strengthen shareholder value while supporting active trading of its shares, reflecting the company’s confidence in its long-term growth prospects.

Construction company Ingenieur Gudang Bhd has announced plans to dispose of a 1.9-acre land parcel in Nilai, Negeri Sembilan, which includes a factory and office building, for RM22 million in cash. According to a Bursa Malaysia filing on Monday, the buyer is Baba Products (M) Sdn Bhd, a manufacturer of curry powder and powdered food products. The company is 80%-owned by Pagalavan C Rangasami and 20% by Rajasulochana Pagalavan. Ingenieur Gudang said the property is currently vacant and unoccupied and had a fair value of RM16 million as of end-November 2024. The group expects to record a net gain of RM5.8 million from the disposal. No formal valuation was conducted for the transaction. Proceeds from the sale are intended to support the group’s general working capital needs and fund potential opportunities that align with its long-term strategic objectives, the filing stated. The company expects the transaction to be completed by the first quarter of 2026. On Monday, shares in Ingenieur Gudang closed unchanged at 2.5 sen, giving the company a market capitalisation of RM31.6 million.

Frozen food distributor Guan Huat Seng Holdings Bhd is set to expand its retail footprint in the Klang Valley and Johor following its upcoming listing on the ACE Market. The company’s initial public offering (IPO) has been priced at 25 sen per share, and it is scheduled to make its debut on the ACE Market on Jan 22. Managing director Yeo Tien Ee Speaking to reporters after the launch of the group’s prospectus on Monday, managing director Yeo Tien Ee said Guan Huat Seng currently operates only one retail outlet in Melaka. As part of its post-listing growth strategy, the group plans to open two new retail outlets in the Klang Valley in the second half of 2026, followed by one outlet in Johor in 2027. According to Yeo, the expansion aims to strengthen brand visibility, enhance customer engagement, and provide better support to its existing customer base. In addition to retail expansion, Guan Huat Seng plans to develop a new integrated complex in Melaka, which will be partly funded by proceeds from the IPO. The group is also in the process of setting up a new factory in Krubong to manufacture flavouring products. Both the integrated complex and the new Krubong facility are expected to be completed by the third and fourth quarters of 2028, as outlined in the prospectus. The group is also targeting younger consumers by introducing more convenience-based, ready-to-cook products, in line with changing consumption trends. “We will be expanding our product range beyond sauces, spices, seasonings and condiments, while also focusing on new markets that show strong growth potential beyond Malaysia,” Yeo said. Currently, Guan Huat Seng’s key overseas markets include China, Hong Kong, Korea, Singapore, Thailand and Australia. For the period under review, the domestic market contributed RM82.38 million, or 88.47% of total revenue, while the international market accounted for RM10.74 million, or 11.53%. For the financial year ended July 31, 2025, the group recorded a net profit of RM7.23 million on the back of RM93.11 million in revenue, reflecting steady demand for its products both locally and overseas.

TRC Synergy Bhd has secured a RM550.8 million sub-package contract from SRS Consortium Sdn Bhd for the Penang LRT Mutiara Line project. In a Bursa Malaysia filing on Friday, TRC said the contract was awarded to its wholly owned subsidiary, Trans Resources Corp Sdn Bhd. SRS Consortium is a joint venture led by Gamuda Bhd. The CMC1 sub-package covers construction of viaduct guideways and stations, segmental bridge girder launching, post-tensioning and grouting works, along with other related tasks. At RM550.8 million, the contract value is over three times TRC Synergy’s market capitalisation of RM173.01 million. Shares were unchanged at 36.5 sen, up 1.39% year-to-date. The project is expected to contribute positively to the group’s earnings and earnings per share. TRC Synergy operates in construction, property development, and hotels, with its construction division having tendered for over RM1.8 billion in government and quasi-government projects in the past nine months. As of September 2025, its order book stood at RM468 million. For 9MFY2025, the group posted a net profit of RM16.35 million, up 91.16% from RM8.56 million a year earlier, mainly due to a RM15.1 million reversal of property development costs following an Inland Revenue Board decision. Revenue slightly declined to RM349.26 million from RM353.5 million previously.

Resintech Bhd has won a US$3.97 million (RM16.07 million) contract to supply plastic water pipes and fittings in Cambodia. The five-month award was granted to its wholly owned unit, Resintech Plastics (M) Sdn Bhd, by the Phnom Penh Water Supply Authority (PPWSA). This marks the company’s second contract under the Bakheng Water Supply Project Phase 3, following a RM16.5 million deal secured in September. The Bakheng project, one of Cambodia’s largest water infrastructure developments, is financed by France’s Agence Française de Développement in partnership with PPWSA. Resintech managing director Datuk Dr Teh Kim Poo said the award highlights the company’s growing involvement in regional water projects. “Alongside ongoing investments in Sarawak and Sabah, we anticipate steady demand for our products over the next few years,” he added. The group noted that Sarawak has approved over RM6 billion in water and sewerage projects under the 13th Malaysia Plan, while Sabah is prioritising water security through large-scale projects and infrastructure upgrades. Shares in Resintech closed 1.5 sen lower at 52 sen on Friday, giving the company a market value of RM101.78 million. The stock has fallen 27% year to date.

Tanco Holdings Bhd’s 79%-owned unit, Midports Holdings Sdn Bhd (MHSB), has appointed Hong Kong-based Ocean Bridge International Ports Management Co Ltd (OBIPM) as the operator of its proposed smart AI container port in Port Dickson, Negeri Sembilan. In a Bursa Malaysia filing on Friday, Tanco said MHSB signed an operational management agreement with OBIPM on Dec 26, 2025. The remaining 21% stake in MHSB is held by Global Marque Logistics Sdn Bhd. The smart AI container port will be developed on a 480-acre land bank owned by Tanco, featuring natural deepwater access of more than 21 metres, allowing it to accommodate the world’s largest container vessels. Under the agreement, OBIPM will manage and operate the terminal and related assets, deploying advanced AI and automation technologies across container handling, logistics, storage, agency services and other port-related activities. OBIPM will also provide technical consultancy covering terminal design optimisation, feasibility studies, equipment selection, operational systems, maintenance standards, staffing, training and commissioning. OBIPM will station a management team at the terminal and oversee daily operations, asset management, safety controls and personnel matters through MHSB as the operating platform. Ownership and disposal rights of the terminal assets will remain with MHSB, which will also bear all profits and losses from the port’s operations. The agreement does not require shareholder or regulatory approval. Tanco shares closed two sen or 1.8% higher at RM1.13 on Friday, valuing the group at RM6.93 billion. The stock is up 36.14% year to date.

Sunway Construction Group Bhd (SunCon) announced that its subsidiary, Sunway Construction Sdn Bhd (SCSB), has secured a RM570 million contract to carry out core and shell works for a data centre in Johor. The contract, awarded by an undisclosed US-based technology company, will begin immediately and is expected to be completed by the fourth quarter of 2026. The client also has the option to award mechanical and engineering fit-out works to SCSB, pending final project agreement. This latest win adds to SunCon’s successful run, bringing the total value of new projects secured this year to RM4.6 billion and lifting the group’s outstanding order book to RM6.1 billion. Earlier in May, SunCon clinched two contracts worth RM1.16 billion for general contractor services on data centre projects for a US technology firm. Shares of SunCon closed 14 sen lower at RM5.66 on Thursday, giving it a market capitalisation of RM7.48 billion, after gaining over 22% year-to-date.

OCK Group Bhd has entered a strategic collaboration with Smartsel Sdn Bhd, a Selangor state government-owned digital infrastructure company, to develop 40 km of high-capacity underground optical fibre in Cyberjaya. The partnership, based on a revenue-sharing model, is expected to generate recurring income for the group. To date, four kilometres of the Cyberjaya Fibre Project have been completed within three weeks, with full completion targeted for June next year. Group Managing Director Datuk Sam Ooi Chin Khoon highlighted the importance of owning fibre as a long-term asset, noting that OCK already possesses towers and a solar farm. “This collaboration provides a timely opportunity to create another steady source of income,” he said. The fibre will be leased, providing OCK with long-term revenue under a 20- to 30-year contract with the state of Selangor. The project is funded by state and federal budgets and forms the foundation of the Selangor Dark Fibre Network. It will enable the government to provide strategic, inclusive, and secure digital infrastructure while reducing reliance on private-sector facilities. Selangor Mentri Besar Datuk Seri Amirudin Shari said the RM800 million initiative will be completed over three years and will strengthen the state’s digital backbone, particularly supporting data centres. Beyond Cyberjaya, OCK plans to expand fibreisation across 889 km of the state. The collaboration, formalised through a business alliance framework, also supports the Digital Selangor agenda and spans five pillars: telecommunications, in-building solutions, network operations, digital solutions, and green energy. “This partnership allows us to go beyond hardware and provide end-to-end digital infrastructure solutions,” said Ooi. “We aim to position OCK as a full digital infrastructure company, not just towers and solar, and this collaboration sets the stage for future projects in Selangor and beyond.”

Semico Capital Berhad (“Semico Capital”), a provider of family entertainment products and services, as well as a wholesaler and distributor of toys and collectibles, has officially launched its prospectus today in conjunction with its initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). Photo caption (L–R): Ms. Ang Sew Fong, Executive Director & HR Head, Semico Capital, Mr. Tai Lee Chuen, Executive Director & CEO, Semico Capital, Dato’ Sri Ramli Bin Mohamed Yoosuf, Independent Chairman, Semico Capital, En. Hasli Bin Hashim, Chairman, Affin Hwang, En. Hanif Bin Ghulam Mohammed, CEO, Affin Hwang and En. Johan Hashim, MD, Capital Markets, Affin Hwang. Through its subsidiaries, the Group operates a family entertainment business that includes arcade and amusement machines, a family entertainment centre at The Mines shopping centre in Selangor, and nationwide distribution of toys and collectibles. Semico Capital is the exclusive authorised distributor for Superwing and Dreamfuns, and holds distributorships for ACE Amusement, UNIS, Jakar, and DOF Robotics. Its products and services are available at 77 customer stores nationwide. In the toys and collectibles segment, the Group distributes 68 brands, including Pop Mart, Funism, Jotoys, and ToyCity, across 303 retail outlets in Malaysia. These include specialised convenience stores, hobbyist stores, toy stores, cinemas, and family entertainment centres. Mr. Tai Lee Chuen, Executive Director and CEO of Semico Capital, said, “The prospectus launch is a significant milestone for us. From a small trading business, we have grown into a key supplier of family entertainment solutions and a distributor of over 60 toys and collectibles brands. This IPO will help us accelerate growth, expand nationwide, and continue creating moments of joy for families and communities.” According to an Independent Market Report by Protégé Associates Sdn Bhd, Malaysia’s family entertainment and edutainment centre market is projected to reach RM1.9 billion by 2029, growing at a five-year CAGR of 10.2%. The pop toys market is expected to reach RM512.5 million by 2029, with a five-year CAGR of 28.9%. Use of IPO Proceeds The IPO is expected to raise RM23.2 million, which will be used to: Purchase new arcade and amusement machines and replace older units (RM10.6 million, 45.6%) Acquire new toys and collectibles (RM2.5 million, 10.8%) Repay bank borrowings (RM1.6 million, 6.9%) Fund working capital (RM4.0 million, 17.3%) Cover listing expenses (RM4.5 million, 19.4%) The IPO comprises 92.7 million new ordinary shares (“Issue Shares”), representing 25.7% of the enlarged issued share capital, and an offer for sale of 18.0 million existing shares (“Offer Shares”), representing 5.0% of the enlarged share capital. Of the Issue Shares, 18.0 million will be offered to the Malaysian public, 15.0 million to eligible directors, employees, and business associates, and 59.7 million through private placement to selected investors. Upon listing, Semico Capital is expected to have a market capitalisation of RM90.0 million, based on an IPO price of RM0.25 per share and an enlarged issued share capital of 360.0 million shares. Financially, the Group’s revenue grew from RM5.3 million in FYE 2022 to RM29.7 million in FYE 2025, representing a three-year CAGR of 78.1%. Profit after tax increased from RM1.2 million to RM6.0 million over the same period, a three-year CAGR of 72.5%. The growth was driven by expanded locations, new customers, and steady sales across both business segments. Applications for the public issue open today and will close on 2 January 2026 at 5:00 pm. The Group is scheduled to be listed on the ACE Market on 13 January 2026. Affin Hwang Investment Bank Berhad is the Principal Adviser, Sponsor, Sole Placement Agent, and Sole Underwriter for the IPO.