Investment & Market Trends

KUALA LUMPUR, Port Klang-based logistics provider Likei Logistic Services Bhd is planning to list on Bursa Malaysia’s ACE Market to support its business expansion. According to its draft prospectus, the initial public offering (IPO) will comprise 92.19 million new shares and 51.63 million existing shares offered for sale, collectively representing 41.78% of the company’s enlarged share capital. The issue price has not yet been fixed. Proceeds from the offer for sale will go to its largest shareholder and non-independent non-executive director, Keith Law Li Kit, whose stake will be reduced from 59.63% to 28.66% following the listing. Funds raised from the issuance of new shares will be used to expand Likei’s fleet of commercial vehicles, construct a new warehouse, and strengthen its working capital. Likei and its subsidiaries provide container haulage, freight forwarding, and warehouse services. For the financial year ended March 31, 2025 (FY2025), the company posted a profit after tax of RM10.55 million on revenue of RM37.12 million, with a PAT margin of 30.23%. Container haulage and logistics services contributed RM25.45 million, or 68.56% of total revenue, followed by freight forwarding (RM10.3 million), warehouse services (RM1.03 million), and goods trading (RM344,000). KAF Investment Bank Bhd has been appointed as the principal adviser, sponsor, underwriter, and placement agent for the IPO.

KUALA LUMPUR, Cahya Mata Sarawak Bhd said the Sarawak Economic Development Corporation (SEDC) is no longer a substantial shareholder after disposing of 1.62 million shares in the open market on Oct 9. Following the sale, SEDC’s stake in the Sarawak-based conglomerate dropped to 4.97%, below the 5% threshold that defines a substantial shareholding under Bursa Malaysia’s listing rules. SEDC — the state’s development and investment agency — had been gradually reducing its holdings in CMSB since March this year, when its stake stood at 5.67%. SEDC’s involvement in CMSB dates back to the company’s founding in 1974, when it was established as Cement Manufacturers Sarawak Sdn Bhd through a joint venture between the Sabah and Sarawak state economic development corporations. CMSB was listed on the stock exchange in 1989. The share sale comes amid a weaker financial performance by CMSB. For the second quarter ended June 30, 2025 (2QFY2025), the group posted a net loss of RM11.32 million compared to a net profit of RM33.37 million a year earlier, mainly due to an unrealised foreign exchange loss of RM30.67 million from financing activities. Quarterly revenue slipped 11.2% year-on-year to RM246.92 million, while operating profit dropped 70% to RM12.77 million, dragged by higher costs and weaker contributions from associates. For the first half of FY2025, net profit declined 80.4% to RM14.01 million, with revenue down to RM493.05 million from RM555.36 million a year ago. By segment, the cement division’s profit before tax (PBT) fell 3% to RM68.72 million, while the phosphates segment’s losses widened to RM87.19 million, largely due to foreign exchange losses from US dollar-denominated shareholder loans. Excluding these forex impacts, CMSB said its normalised PBT for the first half would have been RM55.18 million. The group expects its earnings to improve in the second half of the year as construction activity picks up with better weather conditions. CMSB’s shares closed one sen higher at RM1.36 on Monday, valuing the company at RM1.46 billion. Year to date, the stock has gained 13.3%.

KUALA LUMPUR, Ge-Shen Corp Bhd plans to raise up to RM103.76 million through two private placements, part of which will be used to increase its stake in Local Assembly Sdn Bhd, an electronic manufacturing services (EMS) firm, from 40% to 80%. In a filing with Bursa Malaysia, the company said the first placement will involve up to 41.4 million new shares — representing no more than 10% of its issued share capital — to third-party investors at a price to be determined later. Assuming an issue price of RM1.45 per share, the first exercise is expected to raise up to RM60.02 million, which will mainly be used for working capital and loan repayments. As at the latest practicable date (Sept 26), Ge-Shen’s total borrowings stood at RM113.53 million. The second placement will involve up to 30.16 million new shares, or not more than 6.5% of its issued shares. Based on the same assumed price of RM1.45, this exercise is expected to raise RM43.74 million, of which RM39 million will go towards funding the acquisition of the additional 40% stake in Local Assembly. The total purchase consideration of RM52 million will be partly satisfied with cash and the issuance of 8.66 million new Ge-Shen shares at RM1.50 each, amounting to RM13 million. Ge-Shen said the acquisition would strengthen its position in the EMS sector and enable it to tap into Malaysia’s growing manufacturing market. Both the private placements and the acquisition are expected to be completed by the first quarter of 2026. Shares of Ge-Shen closed one sen lower at RM1.59 on Friday, giving the company a market value of RM642.55 million. Year to date, the counter has risen over 21%.

KULAI, The RM350 million allocation under Budget 2026 to strengthen the National Information Dissemination Centre (Nadi) network is expected to further boost e-entrepreneurship programmes and expand its role in delivering healthcare services to rural communities. Deputy Communications Minister Teo Nie Ching said Nadi serves as a key platform to help rural entrepreneurs grow their income through online businesses in collaboration with e-commerce platforms such as Shopee, Lazada and TikTok. “Those interested in becoming e-entrepreneurs can visit their nearest Nadi centre. If there is sufficient demand, we will invite trainers from e-commerce platforms to conduct workshops. “These sessions not only provide guidance on becoming online entrepreneurs but also include training on product packaging and poster design,” she told reporters after presenting a contribution to the Sri Nagakanni Temple in Bandar Putra here on Sunday. Teo, who is also the Member of Parliament for Kulai, said there are currently 1,089 Nadi centres nationwide, with at least one centre in each state constituency. She added that Nadi’s functions will be expanded to include serving as a medical delivery hub through a pilot drone delivery project starting at the end of this year to enhance access to healthcare in rural areas. “This pilot project, a collaboration between the Communications Ministry and the Health Ministry, will begin in two locations — Sibu, Sarawak (involving the Sibu Jaya Health Clinic and Nadi Kampung Jeriah), and Tawau, Sabah (Tawau Health Clinic, Nadi Batu Payung and Nadi Kampung Sungai Imam),” she said. When tabling Budget 2026 in Parliament last Friday, Prime Minister Datuk Seri Anwar Ibrahim announced that the Malaysian Communications and Multimedia Commission (MCMC) has allocated RM350 million to enhance Nadi centres, including initiatives to support rural entrepreneurs in generating additional income through online ventures. Earlier, Teo presented a RM20,000 contribution to Sri Nagakanni Temple chairman R Cheran to help rebuild the temple, which was severely damaged in a storm last August. The storm caused a large tree to fall onto the temple, destroying about 80% of its structure and rendering it unsafe. “I hope this contribution helps support the temple’s reconstruction efforts. To date, I have allocated RM80,000 to NGOs and temples in Kulai for various programmes, upgrades and repairs,” Teo added.

KUALA LUMPUR, Khazanah Nasional Bhd has reaffirmed its commitment to driving Malaysia’s strategic investment agenda in key growth areas such as semiconductors, energy transition, and rare earths. The sovereign wealth fund also aims to strengthen collaboration between local companies and multinational players within the semiconductor ecosystem. Managing director Datuk Amirul Feisal Wan Zahir said the initiatives, alongside efforts from other government-linked investment companies (GLICs), support the Government-linked Enterprises Activation and Reform (GEAR-UP) programme to boost domestic investment and industrial capabilities. He added that Khazanah’s K-Youth Development Programme will allocate RM200 million to provide industry-based training for 11,000 Malaysians, helping to equip local talent for future high-value industries. Prime Minister Datuk Seri Anwar Ibrahim recently announced that Khazanah and the Retirement Fund (Incorporated) (KWAP) will jointly invest RM550 million to strengthen Malaysia’s semiconductor ecosystem by building partnerships between local and global companies. Through Dana Impak and Jelawang Capital, Khazanah is also investing to expand opportunities, develop talent, and support Malaysia’s innovation ecosystem. Additionally, its Mid-Tier Companies Programme will provide up to RM250 million in financing to help midsized firms scale up and move higher in the value chain. The initiatives were announced following the tabling of Budget 2026 — themed “Fourth MADANI Budget: The People’s Budget” — which totals RM470 billion, including RM419.2 billion in government allocation, marking the first budget under the 13th Malaysia Plan (2026–2030).

KUALA LUMPUR, Gold prices jumped back above the US$4,000-per-ounce mark on Friday, heading for an eighth consecutive weekly gain, after US President Donald Trump hinted at new tariffs on China — reigniting fears of a trade war and boosting demand for safe-haven assets. Spot gold rose 0.8% to US$4,007.39 per ounce as of 11.18am ET (1518 GMT), while US gold futures for December delivery climbed 1.3% to US$4,024.40. The precious metal has advanced 3.2% so far this week after hitting a record high of US$4,059.05 on Wednesday. Trump said there was “no reason” to meet China’s President Xi Jinping in South Korea in two weeks, adding that Washington is calculating a “massive” increase in tariffs on Chinese imports. The announcement triggered a swift selloff in equities and a renewed rally in gold. “Trump heating up the trade war again will tank the dollar and boost safe-haven assets,” said independent metals trader Tai Wong, noting that gold’s swift rebound reflected heightened investor caution. Analysts said gold’s ongoing rally is underpinned by strong central bank purchases, exchange-traded fund inflows, expectations of US interest rate cuts, and persistent geopolitical uncertainty — including concerns over a potential French government collapse and the ongoing US government shutdown. The US Federal Reserve is widely expected to cut rates by 25 basis points each in October and December. “While a short-term pullback is possible after such a steep rise, we expect gold prices to continue trending higher over the next couple of years,” said Hamad Hussain, climate and commodities economist at Capital Economics. Adding to the rally, the US dollar slipped 0.6%, making dollar-denominated bullion more attractive to non-US investors. Silver followed suit, rising 2.2% to US$50.21 per ounce after touching a record high of US$51.22 on Thursday. It has soared 70% so far this year, supported by concerns over a supply deficit and surging industrial demand. “Silver’s backwardation is a loud signal — physical demand is crushing paper supply,” said Alex Ebkarian, COO at Allegiance Gold. “If this continues, silver staying above US$50 looks very realistic.” Platinum added 0.3% to US$1,622.61, while palladium gained 2.8% to US$1,445, with both metals also on track for weekly gains.

KUALA LUMPUR, The family of Public Bank Bhd founder, the late Tan Sri Teh Hong Piow, has reduced its shareholding in Malaysia’s third-largest bank by assets, which closed at a two-week low on Thursday. According to the bank’s filing, Consolidated Teh Holdings Sdn Bhd, representing Hong Piow’s estate, sold 50 million shares, equivalent to a 0.26% stake in the bank. Following the sale, the Teh family’s stake now stands at 4.72 billion shares, or 22.02%, down from 22.28% as of end-February. In October last year, Hong Piow’s daughter Diona Teh Li Shian said the family is required to gradually pare down its stake to 10% within five years through a restricted offer for sale (ROFS), in compliance with the Financial Services Act. The Employees Provident Fund (EPF) remains another major shareholder, holding 3.47 billion shares, or 17.86% of Public Bank. Last December, Public Bank completed its RM1.72 billion acquisition of a 44.15% stake in LPI Capital Bhd from the Teh family’s estate via Consolidated Teh Holdings, at RM9.80 per share. For the second quarter ended June 30, 2025 (2QFY2025), the bank’s net profit slipped slightly to RM1.76 billion from RM1.78 billion a year earlier, mainly due to lower non-taxable income. However, net interest income grew 5.1%, while non-interest income rose 15% year-on-year. In the first half of FY2025, Public Bank’s net profit increased 2.05% to RM3.51 billion, supported by a 4.1% rise in net interest income and a 17.5% increase in non-interest income. Public Bank’s shares ended five sen or 1.15% lower at RM4.29, giving it a market capitalisation of RM83.3 billion.

KUALA LUMPUR, Enest Group Bhd, an edible bird’s nest processor listed on Bursa Malaysia’s LEAP Market, plans to transfer its listing to the ACE Market as part of its next growth phase, alongside a public share offering to strengthen its financial position. Under the proposal, Enest will issue 116.25 million new shares — representing 20% of its enlarged share capital — to raise funds primarily for loan repayment and working capital. Of this, 29.06 million shares will be offered to the Malaysian public, while existing shareholders will sell 15.05 million shares, equivalent to a 2.59% stake. Upon completion, the founding Tan family will retain a combined 45% ownership, according to its prospectus exposure. Enest focuses on processing and selling bird’s nest products, with China as its key market contributing 67.4% of sales in the financial year ended Dec 31, 2024 (FY2024), followed by Malaysia at 31.4%. The group’s FY2024 net profit rose to RM8.04 million from RM6.67 million a year earlier, while revenue increased to RM146.21 million from RM120.33 million. Its gross profit margin stood at 10.3%. The company’s shares last traded at 14 sen, valuing Enest at RM64.82 million. The group attributes its strong foothold in China to strict quality assurance and supply chain traceability standards, noting that its subsidiaries rank among Malaysia’s leading exporters of bird’s nest to China based on traceability records. Looking ahead, Enest plans to consolidate its Kajang-based head office and processing operations at a new facility that will feature an in-house bottling line for ready-to-eat bird’s nest and herbal beverages. This move aims to enhance quality control, improve efficiency, and support new product development. Enest also intends to expand its export base beyond China by tapping into traditional Chinese medicine and wellness product manufacturers, as well as reintroducing exports of raw uncleaned bird’s nest to China. M&A Securities has been appointed as the adviser, sponsor, underwriter and placement agent for the proposed transfer and public issue.

KUALA LUMPUR, Wintech Metal Bhd, a Selangor-based manufacturer of metal parts, furniture, and portable work pods, plans to list on the ACE Market of Bursa Malaysia to raise funds for working capital, new machinery and equipment, and loan repayment. According to its draft prospectus, the proposed initial public offering (IPO) involves up to 27.5% of the company’s enlarged share capital. This includes a public issue of 132.49 million new shares, representing 20.38%, and an offer for sale of 46.26 million existing shares or 7.12%. The company’s main shareholders are brothers Wong Kim Hwa and Wong Kim Loong, who currently own 52.8% and 29.1% stakes, respectively, along with Loong Tuck Soon, who holds 9.7%. Following the IPO, Kim Hwa’s shareholding will fall to 42.07%, Kim Loong’s to 21.03%, and Loong’s to 7.01%. With over two decades of experience, Wintech exports its products globally, with the United States being its largest market. However, its products have recently been affected by new US import tariffs. Financially, the group has remained profitable over the past three years, although net profit dropped from RM20.66 million in FY2022 to RM11.71 million in FY2024, as margins contracted from 19.39% to 9.82%. Public Investment Bank Bhd is serving as the principal adviser, sponsor, underwriter, and placement agent for Wintech Metal’s IPO.

KUALA LUMPUR, Shares of Top Glove Corporation Bhd continued to climb on Friday, extending their rally as investors and analysts reacted positively to the glove maker’s stronger-than-expected financial results. The counter rose as much as three sen or 4.5% to 70 sen, building on its 16% surge a day earlier following the release of its latest quarterly earnings, which signalled improving demand and operational recovery in the glove sector. As at 9.30am, Top Glove was trading at 68 sen, with nearly 37 million shares changing hands, making it one of the most actively traded stocks on Bursa Malaysia. At that price, the company’s market capitalisation stood at RM5.6 billion. Analysts noted that the encouraging performance reflects growing investor optimism over the company’s turnaround prospects, supported by cost optimisation efforts and stabilising average selling prices in the glove industry. The results also suggest that Top Glove’s restructuring measures and gradual recovery in global glove demand are beginning to yield results, potentially paving the way for a stronger showing in the coming quarters.