Investment & Market Trends

KUALA LUMPUR, Lion Industries Corp Bhd said it remains committed to its steel business and is exploring partnerships to revitalise its two Amsteel Mills plants amid a challenging market environment. In a filing with Bursa Malaysia, the group clarified that it has no plans to shut down Amsteel Mills permanently, except for upgrading works to improve efficiency. According to the group, the Bukit Raja plant — which has been operating since 1978 — will undergo upgrades with new machinery and processes to enhance efficiency and competitiveness. Lion Industries is also in discussions with potential strategic partners to bring in advanced technology and expertise. “This will make the plant more efficient, cost-competitive, and better aligned with market demands,” the company said. Meanwhile, operations at its Banting plant have been temporarily suspended due to high operating costs, including a recent rise in electricity tariffs that made production uneconomical. The company is exploring partnerships to introduce new processes and products to restart the facility. An announcement will be made once a suitable partner is identified, it added. Lion Industries, which is also involved in property development and building materials, saw its shares close two sen or 10.26% lower at 17.5 sen on Monday — a two-month low — valuing the company at RM122.49 million. Year to date, the stock has fallen nearly 24%.

KUALA LUMPUR, Cheeding Holdings Bhd, a utilities engineering firm set to debut on Bursa Malaysia’s ACE Market on Tuesday, has secured a RM33.94 million contract from Tenaga Nasional Bhd to build a power supply link for a data centre in Johor. The project, located in Tropicana Development, Gelang Patah, will support a data centre developed by Computility Technology Sdn Bhd, an indirect subsidiary of Beijing-based ZData Technologies Co Ltd. The contract began on Oct 2 and is expected to be completed within 240 days. Cheeding said the deal will positively impact its future earnings. Cheeding’s initial public offering (IPO) — involving 143 million new shares and 65 million offer-for-sale shares at 36 sen each — received strong demand, with public applications oversubscribed by 40.87 times and full subscription from private placements. The IPO will raise RM75 million, with RM51 million going to the company for working capital, loan repayments, and performance bonds. The remainder will go to managing director Ng Kian Chai and his spouse, Tan Sook Hoi, through the sale of their shares. At the issue price of 36 sen per share, Cheeding will debut with a market value of RM287.01 million. Based on its FY2025 net profit of RM26.35 million, the stock is valued at about 10.9 times earnings.

KUALA LUMPUR, Citaglobal Bhd has signed a joint development agreement with Keppel Decarb (Malaysia) Sdn Bhd to develop bio-compressed natural gas (bio-CNG) projects across Pahang, Kelantan, and Terengganu. In a filing with Bursa Malaysia, Citaglobal said the collaboration aims to convert biomethane, palm oil mill effluent, and agricultural waste into bio-CNG, which will serve as a clean energy source. Part of the output will be supplied to the upcoming Citaglobal Bioenergy & Green Eco Park — a key feature of the company’s planned 247-acre industrial park in Gebeng, Pahang. The two-year agreement will see Citaglobal’s subsidiary, Citaglobal Bioenergy Sdn Bhd, oversee the supply of scrubbed biogas, the development of a biogas capture facility, and the necessary regulatory and land approvals. Keppel will focus on sustainability compliance, traceability, and technical support. Both companies may also establish a special purpose vehicle, in which Citaglobal Bioenergy will hold a majority stake, to manage the project’s financing, construction, and operations once feasibility assessments are completed. Citaglobal executive chairman and president Tan Sri Dr Mohamad Norza Zakaria said the partnership marks a significant step in expanding Citaglobal’s leadership in Malaysia’s renewable energy sector. The project remains subject to relevant regulatory and land approvals. Citaglobal’s shares closed one sen higher at 81 sen, valuing the company at RM345 million.

MUMBAI, Tata Capital Ltd’s highly anticipated US$1.7 billion initial public offering (IPO) has drawn strong interest from major global investors, including Goldman Sachs Group Inc, Morgan Stanley, and Nomura Holdings Inc, alongside leading Indian mutual funds and insurers. According to an exchange filing, the company has allocated shares worth 46.4 billion rupees (US$523 million) to anchor investors ahead of its public offering, which opens for subscription today. Bombay Stock Exchange (BSE) in Mumbai, India, April 7, 2025. Among the largest participants was Life Insurance Corp of India (LIC), which secured 15% of the total anchor shares. Other prominent domestic investors include ICICI Prudential Asset Management Co, HDFC Asset Management Co, Aditya Birla Sun Life Asset Management Co, DSP Asset Managers Pvt, and Whiteoak Capital. Tata Capital allotted 142.4 million shares to the anchor investors at 326 rupees per share, with strong demand from domestic institutional investors reflecting high confidence in the lender’s growth prospects. The listing, which could value Tata Capital at up to 1.4 trillion rupees, is poised to be India’s largest IPO since Hyundai Motor India Ltd’s US$3.3 billion debut last year. The offering will comprise up to 475.8 million new and existing shares from Tata Capital, its parent company, and the International Finance Corp. The IPO is open to the public from today through Wednesday, with shares priced between 310 and 326 rupees apiece. The robust anchor participation and scale of the listing highlight investor optimism about India’s expanding financial services sector — and position Tata Capital as one of the most closely watched listings in what could be a record month for IPO activity in the country.

KUALA LUMPUR, Empire Premium Food Bhd, the operator of the popular Empire Sushi chain, has unveiled plans to list on the Main Market of Bursa Malaysia as part of its strategy to accelerate nationwide expansion and strengthen its market position. According to its draft prospectus lodged with the Securities Commission Malaysia, the proposed initial public offering (IPO) will comprise the issuance of 218 million new shares alongside an offer for sale of 145 million existing shares by its current shareholder, Empire 11 Group Sdn Bhd. In total, the IPO will represent a 33% stake in the group. Empire Premium Food Bhd is planning an initial public offering of 218 million new shares and an offer for sale of 145 million existing shares by its selling shareholder, Empire 11 Group Sdn Bhd, en route to a listing on the Main Market of Bursa Malaysia. Of this, 293 million shares, or 26.6%, will be allocated to institutional and selected Bumiputera investors, while the retail tranche will consist of 70 million shares, representing 6.4% of the enlarged share capital. The retail offering includes 55 million shares available to the Malaysian public and 15 million shares reserved for eligible employees and persons connected with the group. Upon completion of the listing, Empire 11 Group — jointly owned by co-founders Nicole Lim and Jordan Tan — will see its stake reduced from 100% to 67%. From Grab-and-Go to a Growing Nationwide NetworkEmpire Sushi began operations in 2010 with a simple grab-and-go concept and has since evolved into a leading multi-format sushi brand in Malaysia. As of now, the group operates 132 outlets nationwide, spanning both its flagship grab-and-go format and a growing number of quick dine-in outlets. The company has enjoyed robust financial growth in recent years. Profit after tax has more than doubled over the last three financial years, rising from RM14.59 million in FY2023 to RM26.23 million in FY2024 and further to RM37.92 million in FY2025. Revenue has also climbed steadily, from RM137.1 million in FY2023 to RM184.8 million in FY2024, and RM235.6 million in FY2025. Notably, more than 80% of the group’s revenue is derived from its grab-and-go segment, underscoring the strong consumer demand for convenience-driven dining. IPO Proceeds to Fund Expansion and UpgradesThe group has earmarked proceeds from the IPO to finance the rollout of 56 new outlets across Malaysia between FY2027 and FY2029. These will include both grab-and-go and quick dine-in concepts to capture a wider range of customers. Additionally, funds will be used to recruit more service staff, upgrade and refurbish existing outlets, bolster working capital, and cover listing-related expenses. Maybank Investment Bank Bhd has been appointed as the principal adviser, sole bookrunner, underwriter, and placement agent for the IPO. Empire Premium Food said the listing will not only strengthen its capital base but also enhance visibility and brand recognition, positioning the company to pursue long-term growth in Malaysia’s fast-growing quick-service restaurant sector.

KUALA LUMPUR, Sarawak Consolidated Industries Bhd has confirmed that it has received an offer of RM113 million from YTL Cement (Sarawak) Sdn Bhd to acquire its wholly-owned subsidiary, SCIB Concrete Manufacturing Sdn Bhd. The proposed deal is notable as the offer value is nearly on par with SCIB’s current market capitalisation of RM115.4 million. SCIB Concrete Manufacturing operates in the construction supply chain, focusing on the trading of building materials as well as the production and sale of concrete products including precast pipes and spun piles. In a statement, SCIB said its board has resolved to accept the proposal in principle, subject to the successful conclusion of negotiations and the signing of a definitive share sale and purchase agreement. Executive chairman Datuk Chong Loong Men said the move could unlock significant value from one of the group’s core business units. “This proposal provides a strategic opportunity for the group. While we have agreed in principle, we remain in the preliminary stages and will move cautiously, working closely with our appointed advisers to review every aspect before reaching a final decision,” he noted. Chong further emphasised that SCIB will continue to evaluate strategic opportunities that support long-term growth and serve the interests of shareholders and stakeholders. YTL Cement (Sarawak) is a wholly-owned subsidiary of YTL Cement Bhd, which itself is 98.03%-owned by YTL Corporation Bhd. At the time of writing, YTL Corporation has not issued any official statement to Bursa Malaysia regarding the planned acquisition. SCIB said it intends to appoint financial, legal and strategic advisers to conduct a comprehensive review of the offer and ensure the process aligns with governance and compliance standards. The proposed transaction will also be subject to shareholder approval. The group added that it will keep the market informed of any material developments, including the signing of the final agreement or changes to the proposed deal, while reiterating its commitment to transparency and protecting the interests of its employees, customers, partners and investors. On Thursday, SCIB’s share price rose 13.8% or two sen to close at 16.5 sen, giving the group a market value of RM115.4 million. Despite the rebound, the counter remains down about 30% year to date.

PETALING JAYA, Custom Food Holding Bhd is targeting a listing on the Main Market of Bursa Malaysia as part of its strategy to expand its operations and strengthen its market presence in the food ingredients sector. The company specializes in the production of specialty food ingredients and products, including non-dairy creamers, functional lipid powders, malt, and cereal products. In addition, it sources and supplies a range of other food ingredients and products from third-party suppliers, catering to both domestic and international markets. According to its prospectus exposure released yesterday, Custom Food’s initial public offering (IPO) will involve a public issue of 113.31 million new shares, alongside an offer for sale of up to 186.81 million existing shares. The IPO aims to raise capital to fund a range of strategic initiatives designed to support the company’s growth and operational efficiency. Proceeds from the IPO will be directed towards the construction of a new factory, acquisition of new machinery and equipment, investment in information technology and automation systems, repayment of existing bank borrowings, working capital requirements, and expenses related to the listing process. “The proposed factory will focus on the production of flavour and bakery enhancement products and will include a warehouse to support the expansion of our manufacturing capabilities. This initiative is expected to improve production capacity, enhance operational efficiency, and allow the group to better meet growing market demand,” the company said in the prospectus. The planned IPO marks a significant milestone for Custom Food, reflecting its ambition to scale its operations, modernize facilities, and strengthen its position in the competitive food ingredients industry. By listing on the Main Market, the company aims to attract a broader base of investors while generating the necessary funds to drive its expansion plans and technological upgrades. This move also aligns with Custom Food’s long-term vision of becoming a leading player in the specialty food ingredients sector, leveraging both its manufacturing expertise and strategic investments in innovation and automation to meet evolving consumer and industry demands. Shares from the IPO are expected to offer investors an opportunity to participate in the company’s growth trajectory while contributing to the modernization and expansion of Malaysia’s food manufacturing capabilities.

PETALING JAYA, Lianson Fleet Group Bhd (LFG), formerly known as Icon Offshore Bhd, has announced that its indirect wholly-owned subsidiary, Icon Biru 1 (L) Inc, is disposing of one of its offshore vessels to MAG Offshore Investments LLC for a total cash consideration of RM92.57 million. In a filing with Bursa Malaysia, LFG said the vessel is a Malaysian-flagged DP-2 accommodation workboat, built in 2013, with a deadweight tonnage of 3,500 tonnes and the capacity to house up to 200 personnel. The group explained that the disposal forms part of its wider fleet rejuvenation and optimisation programme, which is aimed at modernising its vessel portfolio to remain competitive and responsive to changing market needs, particularly within the oil and gas industry. “The divestment is consistent with our long-term strategy of rejuvenating our fleet by phasing out older assets and exploring new vessel asset classes. This ensures that we continue to align with the evolving requirements of our clients while enhancing operational efficiency,” LFG said in its statement. The company also highlighted that the disposal supports its ongoing rebranding exercise and diversification strategy, which seeks to transition the group from being a pure-play offshore support vessel provider into a broader marine logistics and offshore solutions player. By streamlining its existing assets and strengthening its balance sheet, LFG aims to build greater resilience and capture growth opportunities in both traditional and emerging markets. Proceeds from the disposal are expected to be used for working capital requirements, debt reduction, and reinvestment into newer, more versatile vessel types that can meet higher industry standards and cater to a wider range of operational demands. “The move strengthens our ability to pivot towards new markets, increase flexibility in fleet deployment, and reinforce the group’s long-term growth trajectory,” it added. LFG emphasised that the disposal is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2025 and long-term financial health by reducing borrowings and supporting its strategic repositioning.

KUALA LUMPUR, Public Bank Bhd has introduced a RM10 billion commercial paper (CP) programme, designed to provide the banking group with greater flexibility in raising short-term funds over the next seven years. According to its filing with Bursa Malaysia, the bank has submitted the required documentation to the Securities Commission Malaysia (SC) through its investment banking arm, Public Investment Bank Bhd (PIVB), under the SC’s Lodge and Launch Framework. This framework enables issuers to obtain faster approval and access the capital market more efficiently. The CP programme gives Public Bank the option to issue short-term debt instruments in multiple tranches, depending on its funding needs, rather than raising the entire amount upfront. Such flexibility is expected to strengthen its liquidity management and support its operational and financing requirements. Credit rating agency RAM Ratings has assigned a top-tier short-term rating of P1 to the programme, reflecting strong confidence in Public Bank’s creditworthiness and its ability to meet repayment obligations in a timely manner. PIVB has been appointed as the principal adviser, lead arranger and lead manager for the programme, overseeing the structuring and issuance process. On Wednesday, Public Bank’s shares ended 0.69% higher at RM4.36, valuing the group at RM84.63 billion. Despite the gain, the counter has declined 3.96% year to date. Public Bank remains Malaysia’s third-largest bank by assets, known for its robust financial position and conservative risk management. The launch of the CP programme is seen as part of the bank’s ongoing efforts to diversify funding sources and maintain a strong balance sheet amid a competitive banking landscape and evolving macroeconomic conditions.

KUALA LUMPUR, RHB Bank Bhd has unveiled plans for a multi-currency Commercial Papers (CP) Programme and a multi-currency Islamic Commercial Papers (Sukuk Murabahah) Programme, with a combined ceiling of up to RM5 billion. The bank said both programmes have been lodged with the Securities Commission Malaysia (SC) under its Guidelines on Unlisted Capital Market Products via the Lodge and Launch Framework. According to its Bursa Malaysia filing, the CP Programme will allow the issuance of commercial papers in multiple currencies, including the ringgit, while the Sukuk Murabahah Programme will facilitate the issuance of Islamic commercial papers, also in multiple currencies. Proceeds from the CP Programme will be used by the bank and its subsidiaries for working capital, general banking needs, and refinancing of borrowings. Meanwhile, funds raised under the Sukuk Murabahah Programme will be channelled into Islamic financing and advances, investment in Islamic money market instruments, and refinancing of Islamic facilities for Shariah-compliant purposes. RHB added that the programmes are aligned with its Sustainability Sukuk and Bond Framework, allowing issuances to meet sustainable financing principles. RHB Investment Bank Bhd has been appointed as the principal adviser, lead arranger, and lead manager for both programmes.