Investment & Market Trends

KUALA LUMPUR, Integrated poultry producer and distributor Farmiera Bhd has formalised its move towards an initial public offering (IPO) with the signing of an underwriting agreement with Malacca Securities Sdn Bhd, marking a crucial milestone in its proposed listing on the ACE Market of Bursa Malaysia. Farmiera Bhd has signed an underwriting agreement with Malacca Securities Sdn Bhd for its planned ACE Market listing on Bursa Malaysia.  Under the agreement, Malacca Securities will serve as Principal Adviser, Sponsor, Underwriter and Placement Agent, providing end-to-end guidance for Farmiera throughout the listing exercise. The IPO exercise will involve the public issuance of 117 million new ordinary shares, equivalent to 26% of the enlarged share capital of the company. The shares will be allocated as follows: 22.5 million shares for application by the Malaysian public; 9 million shares for eligible directors, senior management, employees, and other contributors to the group’s growth; 29.25 million shares for private placement to selected investors; and 26.25 million shares for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI). Integrated Halal Supply Chain Farmiera operates a fully integrated halal poultry ecosystem encompassing farming, processing, and distribution. The group manages 15 company-owned broiler farms and partners with 44 contract farms across Selangor, Negeri Sembilan, Perak, Pahang and Melaka. Its downstream network includes two HALAL-certified processing facilities, supplying fresh, traceable poultry products to leading retailers, foodservice operators and wholesalers nationwide. Farmiera managing director and chief executive officer Hong How Seng described the underwriting agreement as a turning point in the group’s growth journey. “This agreement marks an important step forward in Farmiera’s transformation from a regional poultry supplier into a publicly listed player,” Hong said.“We remain committed to expanding our operations sustainably, particularly through the development of parent stock farms and a hatchery, while continuing to deliver safe, high-quality halal poultry to the Malaysian market.” Positioned for Growth Industry analysts view Farmiera’s upcoming listing as timely, given the central role of poultry in Malaysia’s food security agenda. With one of the highest per capita chicken consumption rates in Asia, domestic demand for poultry remains resilient, even during periods of economic uncertainty. Meanwhile, Malaysia’s growing halal export potential presents further opportunities for Farmiera to expand regionally. “Farmiera provides investors with direct exposure to a stable yet growing industry,” one analyst noted. “Its integrated model, strong supply chain, and expansion roadmap position the company well to capitalise on opportunities in both domestic and halal-certified export markets.” Proceeds from the IPO are expected to support the construction of parent stock farms and a hatchery, the upgrade of automation systems, as well as working capital and debt reduction, reinforcing Farmiera’s operational capacity and financial position. Strengthening Brand Visibility Upon regulatory approval and completion of the book-building exercise, Farmiera’s shares are expected to make their debut on the ACE Market, a move that will enhance the company’s visibility among investors while granting greater financial flexibility. “This IPO will not only strengthen our market position but also support our long-term mission to meet Malaysia’s demand for sustainable, traceable, and high-quality halal poultry products at home and abroad,” Hong added.

PETALING JAYA, FGV Holdings Bhd has reiterated its full commitment to the FGV IFFCO Group joint venture, despite reports that its partner, the United Arab Emirates-based IFFCO Group, is considering a debt restructuring exercise worth at least US$1.5 billion. The FGV IFFCO Group — formerly known as Felda IFFCO — manufactures and markets a wide range of vegetable oil products, including cooking oils, fats, and derivatives, while also providing logistics services to support sales and distribution. “The JV companies operate independently with minimal exposure to IFFCO Group’s corporate restructuring exercise. All transactions are conducted under market-based commercial terms, with FGV representatives on the boards and management to ensure prudent governance,” FGV said in a statement yesterday. FGV said The JV companies operate independently with minimal exposure to IFFCO Group’s corporate exercise. The joint venture involves three FGV subsidiaries: FGV IFFCO Sdn Bhd, an oils and fats refinery in Port Klang; FGV IFFCO Trading Sdn Bhd, a trading unit in Kuala Lumpur; and FGV IFFCO France SA, a trading subsidiary in France. For the year-to-date period, the FGV IFFCO Group recorded a profit of RM49 million, underscoring the venture’s resilience and stable performance amid challenging market conditions. According to Bloomberg, IFFCO’s creditors are working with PwC on a potential restructuring, with Alvarez & Marsal acting as adviser. The report also noted that deliberations remain at an early stage and may not necessarily result in a deal. FGV stressed that the joint venture remains financially sound, resilient, and unaffected by the exercise. “This reflects the strength of the partnership, with both parties maintaining close engagement to safeguard business continuity. Market confidence remains intact as IFFCO’s brands and businesses continue to demonstrate stability,” it added. FGV group chief executive officer Fakhrunniam Othman said: “Our JV companies remain resilient and unaffected by this exercise. Supported by strong fundamentals and sound governance, they continue to deliver value to stakeholders and maintain market confidence. As a shareholder, FGV is fully committed to ensuring that the FGV IFFCO Group is managed with professionalism to deliver sustainable value.” Founded in 1975, IFFCO operates across about 50 countries with a diverse portfolio spanning food, packaging, chemicals, and logistics. Its brands include London Dairy ice cream, Tiffany biscuits, and the LDC Kitchen & Coffee chain. FGV also reaffirmed its own financial strength, highlighting its AA- credit rating as a reflection of institutional confidence in the group’s stability and outlook. “Above all, FGV wishes to reassure stakeholders that its joint venture with IFFCO remains solid, despite the ongoing developments,” the company said.

HONG KONG, Chinese automaker Chery Automobile Co Ltd is seeking to raise as much as HK$9.15 billion (US$1.2 billion) through a Hong Kong initial public offering (IPO), marking the city’s biggest listing of the year, according to its prospectus filed on Wednesday. The carmaker plans to issue 297.4 million shares at a price range of HK$27.75 to HK$30.75 per share. The final pricing is expected to be set on September 24, with trading scheduled to commence on September 25. Best known for its Chery, Jetour and iCAR brands, the company is looking to capitalise on growing investor demand as it accelerates expansion in the competitive electric and smart vehicle sector. The offering will stand as Hong Kong’s largest IPO of 2025, a year that has so far seen subdued fundraising activity dominated by secondary listings from mainland Chinese firms. It also follows the US$4.6 billion share sale by Chinese battery giant Contemporary Amperex Technology Co Ltd (CATL) in May, which remains this year’s largest deal overall. According to the filing, cornerstone investors have committed to buying up to US$587 million worth of shares. Chery intends to allocate 35% of the proceeds towards research and development of new passenger vehicle models to broaden its portfolio, while another 25% will go into next-generation vehicle development over the next three years. The IPO comes as Chery ramps up its international presence. The company announced in July that it would introduce its Chery brand in the UK, starting with two new SUV models. This builds on the earlier rollout of its Omoda brand in August 2024 and Jaecoo brand in January 2025, as Chinese automakers increasingly compete for market share in Europe. At the current exchange rate, US$1 equals HK$7.7805.

KUALA LUMPUR, China’s Shenzhen Shengzhiyuan Technology Co Ltd is eyeing the Malaysian market with its cutting-edge intelligent traffic solutions, aiming to improve urban transportation efficiency and safety. The company, which specialises in smart traffic management systems, artificial intelligence, and big data applications, said Malaysia is seen as a key market in Southeast Asia given its rapid urbanisation and infrastructure development. Its overseas business development director, Michael Jiang, said Shengzhiyuan’s solutions include adaptive traffic signal control, real-time traffic monitoring, and integrated command platforms, which can help reduce congestion, optimise road usage, and enhance commuter experience. “Malaysia is accelerating smart city initiatives, and our technology is aligned with these efforts. We are committed to local partnerships and knowledge transfer,” he told Bernama. He added that the company is currently engaging with Malaysian stakeholders including city councils, government agencies, and private developers to explore collaboration opportunities. Founded in 2014, Shengzhiyuan has implemented smart traffic projects in over 100 Chinese cities and several overseas markets, including the Middle East and Central Asia. Jiang said Malaysia could benefit from the company’s expertise, especially in addressing challenges like traffic congestion, road safety, and carbon emissions reduction.

BYD Co is under mounting pressure to rebuild investor confidence after a US$45 billion (RM189.22 billion) market value wipeout, as doubts grow over its ability to withstand China’s bruising price war. The Chinese electric-vehicle giant’s Hong Kong-listed shares have slumped more than 30% from their record high just four months ago, lagging peers. Analyst sell ratings on BYD are now at their highest since 2022, Bloomberg data show. Investors are increasingly uneasy with the company’s deep-discount strategy, even as Beijing moves to curb the “involution” it says is destabilising the sector. Meanwhile, competitors such as Geely Automobile Holdings Ltd and Zhejiang Leapmotor Technology Co are chipping away at market share. “While long-term sentiment remains positive, investors are worried about BYD’s aggressive ‘market share by pricing pressure’ approach, especially in the current regulatory climate,” said Kevin Net, head of Asian equities at Financiere de L’Echiquier. “In the near term, margins and topline will remain under strain.” BYD’s June-quarter profit plunged 30% — its first drop in more than three years — hit by relentless discounting. Once the main driver of successive price cuts, the company now faces the reality of an ageing product lineup and stricter oversight from regulators keen to protect China’s global manufacturing image. The EV maker has trimmed its 2025 delivery target to 4.6 million units from 5.5 million. To meet even this reduced goal, BYD must sell 1.7 million vehicles in the last four months of the year — a tough task without new models until early 2026. Analysts expect the upcoming launches to be pivotal, with fresh designs, battery upgrades, extended hybrid ranges, and wider rollout of its God’s Eye autonomous driving system. “No carmaker can keep its lineup competitive forever — not even BYD,” said Xiao Feng, co-head of China industrial research at CLSA. “Customers are shifting to newer offerings from rivals like Geely and Leapmotor.” Despite domestic headwinds, BYD is accelerating overseas growth. Goldman Sachs forecasts exports could hit 900,000 to 1 million units in 2025, outpacing management’s 800,000 target. Valuations also provide some comfort: BYD trades at 17 times forward earnings, below its three-year average of 20 times. Options trading has surged, with nearly 600,000 contracts outstanding — triple June levels. Analysts say how BYD positions itself in the coming year will be crucial. “If the company pivots from being seen as merely a cost leader to a true technology leader, it could spark a valuation re-rating, even if earnings face short-term pressure,” said Gary Tan, fund manager at Allspring Global Investments.

KUALA LUMPUR, Sunway Bhd’s wholly-owned subsidiary, Sunway Iskandar Development Sdn Bhd (SIDSB), has established a perpetual medium-term note (MTN) programme of up to RM2 billion to finance its flagship Johor township, Sunway City Iskandar Puteri (SCIP). SIDSB, which is spearheading the development of a 1,300-acre mixed-use project in Pendas, lodged the MTN programme with the Securities Commission Malaysia. The framework allows the company to issue bonds worth up to RM2 billion in tranches, including “green” or sustainability-linked notes aligned with global standards. Alliance Bank Malaysia Bhd has been appointed as the principal adviser, lead arranger, lead manager, and facility agent. While the MTN programme itself is unrated, individual issuances may be rated at a later stage. Proceeds will be channelled into development expenditure, working capital, and other corporate requirements. SCIP spans 2,000 acres with a projected gross development value exceeding RM30 billion, to be completed over 20–30 years. The township integrates logistics, education, hospitality, retail, commercial, and residential components, anchored by its two key precincts—Riverside and Capital. Notably, SCIP is Johor’s only township to secure a provisional silver rating under the Green Building Index. Sunway secured full ownership of SIDSB in August 2023 after acquiring the remaining 40% stake from Iskandar Assets Sdn Bhd for RM85 million, cementing its commitment to making SCIP its next flagship township. On Friday, Sunway shares closed two sen higher at RM5.31, valuing the group at RM33.3 billion.

KUALA LUMPUR, Sakura Ferroalloys Sdn Bhd has announced a RM487.5 million investment to build a new sinter plant under its latest expansion initiative, Project Salamander. The project, aimed at strengthening the company’s production efficiency and competitiveness, will support the company’s long-term growth strategy in the ferroalloys industry. According to Sakura, the sinter plant will play a crucial role in optimising raw material usage, reducing overall production costs, and improving sustainability outcomes in line with global environmental standards. “Project Salamander marks a significant milestone in our journey to enhance operational capabilities and to future-proof our business,” the company said in a statement. The investment reflects confidence in Malaysia’s industrial ecosystem and is expected to generate new opportunities within the supply chain. Once operational, the plant is projected to create high-value employment and reinforce Sakura’s position as a leading ferroalloys producer in the region. Industry observers noted that this development comes amid increasing demand for ferroalloys driven by the global steel sector, and Sakura’s move is seen as a timely response to evolving market trends. The sinter plant, expected to be completed within the next few years, will also contribute to the company’s ongoing efforts to integrate more sustainable practices into its operations.

KUALA LUMPUR, X-Fab, a global leader in analogue, mixed-signal and speciality semiconductor manufacturing, has announced a RM3 billion expansion of its facility in Sarawak, further solidifying Malaysia’s role in the global semiconductor supply chain. According to a joint statement from the Malaysia Investment Development Authority (MIDA) and X-Fab, the upgraded facility will boost wafer production capacity from 30,000 to 40,000 units per month, with the new line focusing on advanced chips for automotive, medical, and industrial applications. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the expansion reflects continued foreign investor confidence in Malaysia’s long-term industrial reform strategy and supports the government’s ambition to position the country as a hub for advanced manufacturing. “This milestone aligns with the New Industrial Master Plan 2030, the 13th Malaysia Plan, and the National Semiconductor Strategy. It strengthens Malaysia’s aspiration to achieve high-value, high-income nation status,” he said. MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid added that the investment will act as a catalyst for socio-economic growth in Sarawak, creating high-value jobs, nurturing skilled talent, and empowering local businesses in the supply chain. “This is the very essence of our national strategy — ensuring every investment drives inclusive growth and shared prosperity,” he said. X-Fab group CEO Rudi De Winter highlighted that the company produces chips critical to sectors such as ultrasound technology, electric vehicles, and charging infrastructure. “This expansion not only increases Sarawak’s overall capacity by 10,000 wafers per month but also more than doubles production of our widely used 180nm BCD-on-SOI technology, essential for these applications,” he said. With the new manufacturing line already operational, X-Fab will now serve a wider base of global customers in the automotive, medical and industrial sectors, further enhancing Malaysia’s value proposition in advanced manufacturing.

KUALA LUMPUR, KLK LAND, a wholly owned subsidiary of Kuala Lumpur Kepong Bhd (KL:KLK), has officially launched KLK TechPark, a 1,500-acre integrated industrial hub in Tanjong Malim, with Chinese automotive giant BYD confirmed as the anchor investor for Phase 1. (From left) Kuala Lumpur Kepong Bhd (KLK) executive chairman Tan Sri Lee Oi Hian, Perak Menteri Besar Datuk Seri Saarani Mohamad, Minister of Science, Technology and Innovation Chang Lih Kang, and Perak State Tourism, Industry, Investment and Corridor Development Committee chairman Loh Sze Yee at the launch of KLK TechPark. The launch was officiated by Perak Menteri Besar Datuk Seri Saarani Mohamad, alongside Minister of Science, Technology and Innovation Chang Lih Kang, Perak executive councillor for industry Loh Sze Yee, and KLK executive chairman Tan Sri Lee Oi Hian. Situated near the Automotive High-Tech Valley (AHTV), KLK TechPark comprises 1,300 acres for industrial development and 200 acres for residential support, with phased development planned from 2025 to 2035. The project is expected to deliver a gross development value (GDV) of RM3.5 billion over the next decade. Phase 1 will feature BYD’s 150-acre facility, with infrastructure works targeted for completion by end-2026. Phase 2, scheduled for launch by end-2025, will include a 200-acre vendor park catering to automotive and manufacturing players. KLK TechPark will offer build-to-suit solutions, industrial plots, and ready-built factories, supported by key infrastructure and direct access to the North-South Expressway, just minutes from Tanjong Malim town and Behrang toll. Perak’s state government said the project will contribute to GDP growth, create thousands of jobs, and strengthen a high-tech supply chain ecosystem. Saarani noted that KLK TechPark, anchored by BYD, supports the state’s goal to transform Tanjong Malim into a global hub for automotive and advanced technology, particularly in new energy vehicles, backed by manufacturing, R&D, supply chains, and talent development. KLK executive chairman Tan Sri Lee Oi Hian added that the project aligns with Perak’s long-term industrial ambitions, creating opportunities for businesses and communities while fostering a sustainable, competitive ecosystem.

KUALA LUMPUR, Power tool and industrial equipment maker Jasa Kita Bhd has received an unconditional takeover offer at 38 sen per share from its new controlling shareholder, Abd Azis Mohamad and his company Kintan Prima Sdn Bhd, for all remaining shares they do not already own. The move follows Abd Azis – an oil and gas veteran – together with his wife Datuk Yasmin Mahmood (former CEO of MDEC) and brother-in-law Datuk Iskandar Mizal Mahmood (Boustead Holdings director), acquiring a 40.33% stake from former major shareholders Robert Tan Hua Choon (the “Casio King”) and his son Tan Han Chuan for RM68.9 million. The deal was conditional on selling four industrial land parcels in Gombak to Tan’s company Logik Damai Sdn Bhd for RM38 million. With this acquisition, Abd Azis and his group now hold a 50.19% stake in Jasa Kita and intend to keep the company listed on Bursa Malaysia. Jasa Kita had earlier declared a special dividend of 12 sen per share from the land sale. Under the takeover terms, if the dividend is distributed before the offer closes, shareholders will receive an adjusted offer price of 26 sen per share (38 sen minus 12 sen). If it is paid after, shareholders will still get the full 38 sen per share. The company, which manufactures and trades power tools, electric motors, hand tools, and industrial equipment, posted a 98% drop in net profit to RM604,000 for the first quarter ended June 30, 2025, as last year’s results were boosted by a one-off RM37.9 million land sale gain. However, revenue improved 3.7% to RM5.02 million on stronger trading and sales. Shares of Jasa Kita touched a record high of 38.5 sen before easing to 37.5 sen at market close, just half a sen below the offer price. This gives the company a market value of RM168.6 million. So far in 2025, the stock has surged over 120%.