Investment & Market Trends

KUALA LUMPUR, Solar photovoltaic system provider JS Solar Holdings Bhd announced that its initial public offering (IPO) has been oversubscribed by 48.32 times, ahead of its debut on the ACE Market of Bursa Malaysia scheduled for Sept 23, 2025. The IPO comprises a public issue of 78 million new shares at 31 sen per share, representing 24 per cent of the company’s enlarged share capital. The exercise is expected to raise RM24.18 million. According to its filing with Bursa Malaysia, JS Solar received 8,567 applications for a total of 801 million shares, with an aggregate value of RM248.47 million, reflecting overwhelming demand. For the bumiputera public portion, 4,324 applications were submitted for 385.26 million shares, translating into a 46.42 times oversubscription rate. Meanwhile, the non-bumiputera portion saw 4,243 applications for 416.26 million shares, equivalent to a 50.23 times oversubscription. In addition, all 19.5 million issue shares allocated for eligible persons were fully subscribed. TA Securities Holdings Bhd is acting as the principal adviser, sponsor, underwriter, and placement agent for the IPO, with Eco Asia Capital Advisory Sdn Bhd serving as the financial adviser.

KUALA LUMPUR, The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total of US$960 million (US$1=RM4.21) in short-term sukuk across three tenors — one, three, and six months. According to a statement, the one-month sukuk worth US$260 million was priced at 4.30 per cent, the three-month tranche of US$550 million at 4.20 per cent, and the six-month issuance of US$150 million at 4.12 per cent. This latest exercise marks IILM’s 16th sukuk auction so far this year, bringing cumulative issuances to US$16.61 billion across 49 series of varying maturities. The issuance comes shortly after last week’s US$1.285 billion offering and drew strong interest from IILM’s network of primary dealers and a diverse pool of global investors, garnering total bids of US$2.3 billion. It achieved an average bid-to-cover ratio of 2.4 times, reaffirming the role of IILM sukuk as a key high-quality liquidity management tool for Islamic finance markets.

KUALA LUMPUR, Samsung Life Insurance has agreed to acquire a minority stake in Hayfin Capital Management, joining Mubadala Investment Co and AXA IM Prime as shareholders in the London-based private credit firm following a management buyout earlier this year. The deal marks the final stage in a long-term plan to replace British Columbia Investment Management Corp as Hayfin’s controlling shareholder, co-CEO Tim Flynn said. Arctos Partners, which helped finance the buyout, is distributing part of its stake to Samsung Life, having previously done so for Mubadala and AXA IM Prime. Flynn said Hayfin deliberately sought out strategic investors with strong reputations, cultural alignment, and exposure to key markets such as South Korea, the UAE, and Europe. “These were our top three choices from the outset,” he noted. Hayfin, managing about €34 billion (RM168 billion) in assets, ranks among Europe’s largest private credit lenders. Its recent transactions include loans to Belgian drugmaker SERB Pharmaceuticals and online used-car platform Constellation Automotive Group. The US$1.7 trillion (RM7.17 trillion) private credit market continues to expand as institutional investors channel more capital into the sector, which rivals high-yield bonds and leveraged loans. Hayfin also invests in liquid credit and private equity secondaries. Samsung Life’s investment underscores a broader trend of insurers entering private credit. Earlier this year, Legal & General partnered with Blackstone in a deal targeting up to US$20 billion over five years.

NEW DELHI, Urban Co, the Indian home services technology startup known for offerings ranging from plumbing and cleaning to massage therapy, saw its initial public offering (IPO) oversubscribed more than three times on the first day of book-building, buoyed by strong demand from retail and high-net-worth investors. Exchange data showed that retail investors bid for nearly seven times their allotted shares, while the high-net-worth individual quota was subscribed four times. Institutional investors accounted for 1.3 times demand. The IPO, which closes on Sept 12, aims to raise 19 billion rupees (RM910 million) through a combination of fresh share issuance and sales by existing shareholders. Investor appetite was particularly strong in the retail and employee tranches, which were fully booked within the first hour of trading. The enthusiastic response echoes the IPO frenzy of 2021, when Indian startups such as quick-commerce player Eternal Ltd and Paytm operator One 97 Communications Ltd attracted overwhelming investor interest. It also highlights renewed optimism for consumer-focused firms expected to benefit from recent government tax incentives designed to boost household spending. “Urban has redefined home services by transforming what was once a discretionary luxury into a lifestyle essential,” said Hariprasad K, founder of Livelong Wealth. “That cultural shift remains its strongest moat.” Founded in 2014, Urban operates in 47 cities across India and has expanded internationally to the United Arab Emirates and Singapore. Ahead of its listing, the company secured US$97 million in anchor investment from global funds managed by Norges Bank Investment Management, Fidelity, Nomura Holdings Inc, and Amundi SA. For the financial year ended March, Urban posted a net income of 2.4 billion rupees. Analysts expect sustained growth momentum, supported by an expanding customer base and the rollout of new service verticals.

KUALA LUMPUR, Oceancash Pacific Bhd (OPB) has signed a conditional share sale agreement (SSA) with Paragon Union Bhd to acquire Paragon Car Carpets & Components Sdn Bhd (PCCCSB) for RM13.42 million. In its filing with Bursa Malaysia today, OPB said the proposed acquisition entails the purchase of 22.75 million ordinary shares, representing a 100 per cent stake in PCCCSB, to be fully settled in cash. “Upon completion, PCCCSB will become a wholly-owned subsidiary of OPB,” the company said. According to OPB, the acquisition will strengthen its presence in the automotive sector by broadening its customer base and providing direct access to several end-clients, including automotive manufacturers currently served by PCCCSB. “The acquisition will also allow the group to move into downstream activities of the car carpet supply chain and further expand its reach within the automotive industry. We will leverage PCCCSB’s established business relationships with its customers and create opportunities for cross-selling within the enlarged group, thereby enhancing our competitiveness and positioning in the automotive parts and components market,” OPB added. The group further noted that the acquisition will not impact its issued share capital or shareholdings of substantial shareholders, as no new ordinary shares will be issued under the deal.

KUALA LUMPUR, AmBank Group has reaffirmed its commitment to deepening strategic partnerships with major Chinese banks, including China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC), and Bank of China, as well as other leading Chinese corporations, to facilitate the inflow of foreign direct investment (FDI) into Malaysia. AmBank Group’s chairman emeritus and honorary advisor, Tan Sri Azman Hashim, said the bank’s collaboration with Huawei on environmental, social and governance (ESG) initiatives and digital transformation further reflects its shared vision of building a sustainable and innovative future. “Together with these banks, AmBank is helping Chinese investors connect with industrial park developers, enabling them to set up operations in Malaysia. We hope this strategy will not only strengthen Malaysia’s economic growth but also further enhance ties with China,” he said at AmBank Group’s 50th anniversary gala dinner. Prime Minister Datuk Seri Anwar Ibrahim attended the celebration as the guest of honour. As part of its golden jubilee milestone, AmBank also unveiled an updated version of its camel mascot, Aman, which first appeared during the 68th National Merdeka Parade. The refreshed mascot symbolises unity, progress, and national pride.

KUALA LUMPUR, THMY Holdings Bhd, a Penang-based provider of automated testing systems for circuit boards, has inked an underwriting agreement with Affin Hwang Investment Bank Bhd for its upcoming ACE Market debut, targeted for the fourth quarter of 2025. In a statement, THMY said Affin will underwrite the IPO shares earmarked for the Malaysian public and eligible investors via pink form allocations. From left: Hanif Ghulam Mohammed, CEO, AHIBB; Hasli Hashim, interim chairman and independent non-executive director; Hishamuddin Hud Ibrahim, chief operating officer; Ooi Can Nix, executive director and CEO, THMY; Datuk Mohd Sofi Osman, independent non-executive chairman; and Chua Hooi Luan, independent non-executive director. Chief executive officer Ooi Can Nix said the listing will allow THMY to strengthen its market position in automated test solutions, driven by rising demand in the electrical and electronics sector, generative AI, data centres, and advanced digital infrastructure. The IPO will comprise a mix of new share issuance and an offer for sale, representing up to 26.2% of the company. Proceeds from the new shares will be channelled towards building a new factory, repaying borrowings, funding design, research and development, working capital needs, and covering listing expenses. According to its draft prospectus, the public issue includes 44.4 million new shares for the Malaysian public, 23.53 million shares for eligible persons, 53.78 million shares via private placement to selected investors, and 22.2 million shares for approved Bumiputera investors. Meanwhile, 88.8 million existing shares will be offered for sale by co-founder Ooi and his wife, Chu Mooi Leng. THMY plans to increase production capacity with its new factory and additional assembly lines, while also broadening its customer base and tapping into high-growth markets. It also intends to set up a support and maintenance office in Thailand to better serve regional clients. Currently, THMY’s customer base spans Europe, North America, and the Asia-Pacific, covering industries ranging from technology to healthcare. Affin Hwang IB is acting as the principal adviser, sponsor, sole placement agent, and underwriter for the IPO.

KUALA LUMPUR,The government is likely to introduce new tax measures in Budget 2026 as part of efforts to strengthen fiscal sustainability and reduce reliance on petroleum-related income, according to economists and tax experts. With the national budget deficit still hovering above 4% of GDP and subsidy rationalisation ongoing, analysts believe Putrajaya will look at broadening the tax base, possibly through the reintroduction of the Goods and Services Tax (GST) or a new form of consumption tax. “Malaysia needs a more sustainable revenue stream. Budget 2026 could be the right time to roll out a consumption-based tax system, but it must be designed carefully to avoid burdening lower-income households,” said an economist quoted by The Edge. Other potential measures under consideration include: Capital gains tax expansion — extending the recently introduced capital gains tax on unlisted shares to cover more asset classes. High-income tax adjustments — revising top marginal income tax rates for higher earners. Luxury tax implementation — targeting high-value goods and services. Finance Minister II Datuk Seri Amir Hamzah Azizan has not confirmed if GST will return but stressed that “the government is studying all options to ensure long-term fiscal resilience.” Budget 2026, expected to be tabled in Parliament this October, will mark the second budget under Prime Minister Datuk Seri Anwar Ibrahim’s administration and is seen as a test of balancing economic growth with fiscal reforms. Market watchers said investors will be monitoring closely whether the government pursues new tax initiatives or opts for a gradual approach ahead of a possible general election.

KUALA LUMPUR, Juterasana Technologies Group Bhd (JTGB) has secured a RM43 million contract for the supply and installation of cable infrastructure, further strengthening its position in Malaysia’s electrical and utilities sector. In a statement to Bursa Malaysia, JTGB said the contract was awarded on an arm’s-length basis and is expected to contribute positively to the group’s revenue and earnings for the current financial year. “The contract win reflects JTGB’s technical expertise and proven track record in delivering high-quality electrical solutions,” the company said. “We are committed to completing the project efficiently and safely, meeting the expectations of our clients.” Industry analysts said the award highlights JTGB’s continued growth in the cable and utilities segment, supporting its strategic focus on expanding recurring and high-value contracts. The project is expected to commence shortly, with completion anticipated within [insert timeline if known], subject to regulatory approvals and project milestones.

PETALING JAYA, OCK Group Bhd plans to list its 52%-owned subsidiary, OCK Power Sdn Bhd, on the ACE Market of Bursa Malaysia as part of its strategy to unlock value and strengthen its renewable energy portfolio. In a filing with Bursa Malaysia, the telecommunications network services provider said the proposed initial public offering (IPO) will involve a public issue of new shares as well as an offer for sale to raise funds for OCK Power’s expansion. OCK group managing director Datuk Wira Sam Ooi Chin Khoon. Proceeds from the IPO are expected to be utilised for the development of solar power projects, working capital and repayment of bank borrowings. OCK Power, which is principally involved in renewable energy generation, has built a growing portfolio of solar farms and rooftop solar installations across Malaysia. The unit also operates and maintains several large-scale solar (LSS) projects. OCK said the listing exercise would provide its power business with direct access to the equity capital market, enhance its corporate profile and support future growth. Group managing director Sam Ooi Chin Khoon said the move is timely, given the increasing demand for renewable energy solutions in Malaysia and the region. “The listing of OCK Power will enable us to capture more opportunities in the clean energy space and contribute to the national energy transition agenda,” he said. Analysts believe the proposed listing will unlock shareholder value and highlight OCK’s diversification beyond its core telecommunications tower business. The IPO is subject to approval from Bursa Malaysia and the Securities Commission.