Investment & Market Trends

South Korea’s SK ecoplant Co Ltd is said to be moving ahead with plans to divest its 30% minority stake in Cenviro Sdn Bhd, drawing interest from at least five potential buyers. The bidders reportedly include affiliates of South Korean conglomerate Samsung; French water, waste and energy management giant Veolia Environnement SA; pension fund Kumpulan Wang Persaraan (Diperbadankan) (KWAP) leading a consortium with I Squared Capital and Quantum Capital; private equity house TPG; and Alam Flora Sdn Bhd, a 97.37%-owned unit of Malakoff Corp Bhd, itself 38.45% controlled by MMC Corp Bhd, the flagship of tycoon Tan Sri Syed Mokhtar Albukhary. The bidding timeline remains unclear for now. SK ecoplant has nearly five decades of experience in integrated waste management, energy, engineering and construction. Currently, sovereign wealth fund Khazanah Nasional Bhd holds the controlling 70% interest in Cenviro, which has grown steadily over the past decade as waste management becomes an increasingly critical urban issue. “The strong level of interest is not surprising,” says one source. “Cenviro is a quality asset with a solid controlling shareholder. For any buyer, partnering with Khazanah — a government-linked investment company — brings both stability and good networks. The waste management sector is also seen as having strong long-term growth prospects. Unless the pricing turns out to be unrealistic, the deal should proceed smoothly.” When news of SK ecoplant’s planned exit surfaced in late June, reports indicated the sale could value Cenviro at around US$300 million (RM1.27 billion). Based on this, SK ecoplant’s 30% stake would be worth about RM381 million, excluding any premium. SK ecoplant entered Cenviro in May 2022 as a strategic partner to Khazanah. A subsidiary of SK Group — South Korea’s second-largest conglomerate — the company has over 47 years of expertise spanning integrated waste management, energy, engineering and construction, with a footprint in 15 countries. The Korean firm currently has three board representatives at Cenviro — Hanseung Ok, Heo Kwanyoung and Park Deok Seop — alongside five other directors. Industry observers note that SK ecoplant has been restructuring its portfolio, moving away from waste management. Talk has also surfaced that it may sell two environmental subsidiaries, Renewus and Renewone, to US private equity giant Kohlberg Kravis Roberts & Co (KKR), though this remains unconfirmed. Reports further suggest a potential divestment of SK Oceanplant, its offshore wind substructure business. Cenviro, formerly UEM Environment Sdn Bhd, was acquired by Khazanah in 2014 from wholly-owned UEM Group. At the time, there were plans to list the company on Bursa Malaysia to raise about RM1 billion, but the listing never materialised. Today, Cenviro’s operations are spread across three main subsidiaries: Kualiti Alam Sdn Bhd (wholly-owned): Runs an incineration facility, solidification and treatment plants, a secure landfill, and a clinical waste treatment centre capable of handling more than 100,000 tonnes of hazardous waste annually. Cenviro Recycling and Recovery Sdn Bhd: A licensed resource recovery business covering 13 scheduled waste codes, including full recovery of used oil and solvents, as well as partial recovery of e-waste and specialised waste streams. E-Idaman Sdn Bhd: Provides solid waste collection and public cleaning in Kedah and Perlis with a fleet of over 170 vehicles, handling some 1,450 tonnes of waste daily from more than 350,000 premises. The business employs around 3,650 workers and operates an active recycling division. Financially, Cenviro has remained profitable for several years. For FY2023, it posted RM34.64 million in after-tax profit on RM263.86 million revenue. In FY2022, profits peaked at RM62.78 million on RM284.59 million revenue — the highest in the five-year period between 2019 and 2023, according to filings with the Companies Commission of Malaysia (SSM). As at Dec 31, 2023, Cenviro held total assets of RM794.18 million and liabilities of RM272.42 million, with retained earnings amounting to RM482.51 million.

TIANJIN, Chinese conglomerate Rianlon Corporation has committed to investing RM820 million to set up a research and development (R&D) centre and factory in Johor, Prime Minister Datuk Seri Anwar Ibrahim announced. He said the project, confirmed during his meeting with Rianlon chairman and CEO Li Haiping and CTO Sun Chunguang, is expected to create more high-skilled job opportunities for Malaysians. Headquartered in Tianjin, Rianlon is a global leader in anti-ageing additives for polymers and cosmetics. During his working visit, Anwar, who is also Finance Minister, also met with China Communications Construction Company Ltd (CCCC), the world’s largest infrastructure services provider. The meeting was attended by CCCC chairman Song Hailiang and vice-president Chen Zhong. “Together with CCCC, we are focused on the progress of the East Coast Rail Link (ECRL), which has become a symbol of Malaysia-China friendship under the **Belt and Road Initiative (BRI). God willing, the ECRL will help close regional development gaps and deliver economic benefits to local communities,” Anwar said. He reiterated the MADANI government’s commitment to boost investments, drive the high-tech sector, and strengthen long-standing Malaysia-China economic ties for the future benefit of the people. Anwar is on a four-day working visit to China, where he is scheduled to attend the Shanghai Cooperation Organisation (SCO) Summit 2025. He has been invited by Chinese President Xi Jinping, as current chair, to deliver remarks at the SCO Plus Summit this evening.

KUALA LUMPUR, Malaysia’s official reserve assets stood at US$121.28 billion at the end of July 2025, with other foreign currency assets recorded at US$603.7 billion, according to Bank Negara Malaysia (BNM). BNM said the breakdown of reserves, reported under the International Monetary Fund’s (IMF) Special Data Dissemination Standard (SDDS), provides insights into the country’s reserve strength and its ability to manage future foreign exchange inflows and outflows. “As of end-July, Malaysia’s international reserves remain sufficient and usable,” the central bank said in a statement. For the next 12 months, predetermined foreign currency outflows – covering loan repayments, securities, deposits, and maturing Bank Negara Interbank Bills – amount to US$14.65 billion. Meanwhile, net short forward positions stood at US$21.17 billion, reflecting liquidity management in the money market. BNM also noted projected foreign currency inflows of US$2.68 billion from interest income and project loans within the year. The only short-term contingent liability is government-guaranteed foreign currency debt of US$417.1 million due within a year.BNM added that it has no foreign currency loans with embedded options, no undrawn unconditional credit lines, and does not engage in foreign currency options involving the ringgit.

KUALA LUMPUR, Integrated aquaculture group Camaroe Bhd is looking to raise RM13.86 million from its initial public offering (IPO) ahead of its planned listing on the ACE Market of Bursa Malaysia on Oct 2, 2025. The IPO involves the issuance of 99 million new shares at 14 sen per share. Proceeds from the exercise will be used mainly for: RM6.89 million – construction of a new processing facility in Bukit Raja RM730,000 – purchase of machinery and equipment RM390,000 – installation of solar panels RM1 million – establishment of a biotechnology department RM960,000 – working capital RM3.9 million – listing expenses Managing director Teoh Han Boon said the Bukit Raja facility is expected to be ready by 1Q 2029, after land handover in 2026 and subsequent approvals and construction. Currently, China is the company’s largest export market, contributing 50–60% of revenue, followed by South Korea and Taiwan, while Malaysia accounts for 10–15%. Teoh added that Camaroe may re-enter the Australian market once its supply capacity expands. The group produces between 800 and 1,000 tonnes of prawns annually, depending on size. Teoh noted that the company is moving towards antibiotics-free certification, which could fetch a 30% price premium. Founded in 2009, Camaroe operates multiple coastal farms and a processing facility in Kapar, Selangor, focusing on live and frozen black tiger prawns for local wholesalers and international buyers. Applications for the public issue are open from today until Sept 12, 2025, at 5pm.M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO.

Moomoo Securities Malaysia has opened its first physical experience store in Southeast Asia, located in Kuala Lumpur, marking a key step in its Malaysian expansion strategy. Positioned at KL Eco City, the Moomoo Experience Store is designed to complement the company’s digital platform by offering face-to-face support and interactive learning for investors. Visitors can explore the app’s features through multi-screen trading stations, live demonstrations, and one-on-one consultations with financial specialists. The centre, open daily, also provides access to real-time market data, analytics, and educational resources to help investors better understand both local and global markets. Moomoo Malaysia CEO, Ivan Mok. Moomoo Malaysia CEO, Ivan Mok, said the initiative reflects the company’s mission to make professional investing tools more accessible. “This Experience Store gives investors a space to learn, ask questions, and build confidence to take charge of their financial future,” he explained. Since entering Malaysia in early 2024, Moomoo has grown rapidly to over one million users, positioning itself as the country’s leading trading app. Globally, the platform operates across the US, Singapore, Australia, New Zealand, Japan, Canada, Hong Kong, and Malaysia, serving more than 27 million users. The Kuala Lumpur store mirrors earlier launches in Hong Kong and underscores Moomoo’s strategy of blending digital services with in-person engagement to deepen investor outreach.

SINGAPORE, Keppel Ltd has launched arbitration proceedings against shipbuilder Seatrium Ltd to recover S$68.4 million (US$53.3 million) tied to Brazil’s high-profile corruption probe, Operation Car Wash, both companies confirmed on Tuesday. In 2023, Seatrium had set aside S$82.4 million to cover potential claims from Keppel related to the case. However, the company said that obligation expired in February 2025, noting that no binding agreements with Brazilian authorities had been signed before the deadline. Earlier this year, Seatrium agreed to pay 728.9 million reais (US$134.5 million) under leniency agreements with Brazilian prosecutors. Keppel has argued that the S$68.4 million payment became due once Seatrium signed its final settlement. Seatrium said it is reviewing Keppel’s arbitration claims and intends to contest them “vigorously.” Keppel’s offshore and marine division merged with Sembcorp Marine in 2023 to form Seatrium. Brazilian authorities have previously searched Sembcorp’s shipyard as part of Operation Car Wash, a sweeping investigation launched in 2014 that uncovered systemic graft and implicated senior political and business leaders across Latin America.

Banking infrastructure platform TransBnk has secured $25 million in a Series B funding round led by Bessemer Venture Partners, with participation from Arkam Ventures, Fundamentum Partnership, and existing investors 8i Ventures, Accion Venture Lab, and GMO Venture Partners. The fresh capital will be used to expand internationally and strengthen its technology and product teams. Founded in 2022, TransBnk develops software that enables companies to connect with multiple banks through a single interface for onboarding, transactions, payments, and reconciliations. The platform is currently integrated with over 40 banks and serves more than 220 clients, including NBFCs, fintechs, corporates, and real estate firms. CEO Vaibhav Tambe said adoption has been strongest in onboarding, payments, collections, and reconciliations — areas where businesses often rely on fragmented systems. “Recurring collections via UPI Autopay or NACH for lenders and subscription-based businesses, as well as treasury and liquidity management, are among the top use cases,” he explained. About half of TransBnk’s revenue comes from its API-driven infrastructure, with the rest from SaaS solutions and products such as escrow and supply-chain finance. Currently, 95–97% of revenue comes from India, but the company is now eyeing deeper expansion into Southeast Asia and the Middle East. Bessemer partner Vishal Gupta noted that transaction banking remains “sticky but under-digitised.” He added: “Retail banking has transformed over the past decade, but corporate banking remains clunky. Once a player like TransBnk integrates with banks and corporates, the network effects make it very hard to displace them.” Looking ahead, Tambe said TransBnk is also piloting AI-driven analytics and rule engines to provide corporates with real-time insights in treasury and liquidity management. “We are adding programmability and early-warning signals to take transaction banking to the next level,” he said.

Ajinomoto’s PHP 9.1 billion investment in the Philippines is more than an expansion—it’s a bold step toward shaping the future of food innovation. With Asia’s food industry rapidly shifting toward healthier, sustainable, and tech-driven solutions, Ajinomoto’s upcoming factory in Tari Estate, Central Luzon, set to open in 2028, is positioned to serve both local consumers and global markets. The move also reinforces the Ajinomoto Group’s 2030 Roadmap, highlighting its long-term commitment to emerging economies. Riding Global Food Trends The new plant will produce seasonings, sauces, and breading mixes tailored to evolving tastes. Ajinomoto’s expertise in amino acid technology allows it to reduce sodium without sacrificing flavor, meeting health-conscious demands while satisfying regulatory requirements. At the same time, the company is doubling down on cultural relevance. Products like AJI-GINISA, a Filipino staple, are being reimagined for modern palates—blending familiar tastes with healthier profiles. Ajinomoto is also leaning into fusion flavors, appealing to younger, urban consumers seeking adventurous yet authentic food experiences. This approach mirrors its strategy in Japan and Thailand: global innovation anchored in local culture. Building Resilient, Sustainable Supply Chains Automation and digital transformation (DX) will be central to the Philippine facility, ensuring greater efficiency and adaptability in an unpredictable global supply chain environment. By manufacturing locally, Ajinomoto reduces its reliance on imports and safeguards product availability for a growing domestic market. Sustainability is another key pillar. The factory targets net-zero greenhouse gas emissions, aligning with Ajinomoto’s “Creating Shared Value” (ASV) principles. Eco-friendly design and operations not only answer regulatory needs but also appeal to consumers who are increasingly prioritizing responsible brands. Strengthening Presence in Asia’s Growth Markets This expansion is part of a broader regional strategy. Ajinomoto already has strong operations in Thailand, Indonesia, Vietnam, and Malaysia, and the Philippines now represents its next growth engine. With over 115 million people and a rising middle class, the Philippines’ food sector is expected to grow 7.6% annually in the next three years. Ajinomoto’s new plant will serve both the domestic market and regional exports, benefiting from the country’s strategic trade links. Investment Implications Ajinomoto’s innovation-led model has consistently delivered above-market returns. Its focus on automation, sustainability, and local-market relevance is expected to enhance margins while driving revenue growth, projected at a 7.6% CAGR through 2028. For investors, the Philippine expansion signals confidence in Ajinomoto’s long-term vision. By combining local insights with global food trends, and embedding ESG principles into its strategy, the company is positioned to outperform peers in the competitive food and beverage space. Conclusion Ajinomoto’s PHP 9.1 billion investment in the Philippines is a forward-looking bet on health, sustainability, and resilient growth. More than just a factory, it represents a blueprint for how global food companies can thrive in emerging markets—by innovating responsibly, localizing smartly, and preparing for the future of food.

KUALA LUMPUR, Geographic information system (GIS) solutions specialist RedPlanet Bhd has announced plans to migrate its listing from Bursa Malaysia’s LEAP Market to the ACE Market, a move aimed at improving trading liquidity, attracting more investors, and tapping into a wider fundraising platform to fuel its next phase of growth. Founded in 2014, RedPlanet provides GIS and information and communication technology solutions to clients across Malaysia, Australia, India, and the broader ASEAN region. Since inception, the group has successfully completed over 230 contracts and currently carries an order book valued at RM28.99 million. Beyond its GIS business, RedPlanet is also active in the rail safety sector through its wholly-owned subsidiary, AZTI Technology Sdn Bhd, which created the PIES rail safety system used in projects such as the LRT3 and Kelana Jaya Line. In its filing with Bursa, RedPlanet detailed its intended steps for the transfer: Exit from LEAP Market and relist on the ACE Market by the second quarter of 2026, subject to approvals. Public share issuance to meet ACE Market’s minimum public spread requirements. One-for-one bonus issue, which will increase its issued share base from 170.33 million to 340.65 million shares, while keeping its share capital unchanged at RM7.73 million. Adoption of a new constitution in line with ACE Market regulations. The group noted that the proposed transfer underscores its strong track record and growth since its LEAP Market debut in August 2020, when it raised RM3.59 million via private placement. Those funds have since been fully deployed towards working capital, research and development, office renovations, and listing expenses. Currently, RedPlanet falls short of ACE Market’s shareholder requirements, with only 17.7% public shareholding across 29 shareholders, compared with the minimum threshold of 25% held by at least 200 shareholders. The company said it is working to fulfill these requirements ahead of the transfer. For the financial year ended June 30, 2024, RedPlanet recorded a net profit of RM5.16 million, up from RM4.16 million the previous year, on the back of a 40% surge in revenue to RM34.92 million—largely contributed by AZTI Technology’s performance. As of the same date, RedPlanet’s shareholders’ funds stood at RM23.86 million with a gearing ratio of 0.36. UOB Kay Hian Securities has been appointed as the principal adviser and sponsor for the proposed transfer.

SINGAPORE/HONG KONG, The property arm of Chinese e-commerce giant JD.com, together with two investment partners, is planning to launch a Singapore-based real estate investment trust (REIT) that could be valued at more than $1 billion, according to two people familiar with the matter. JD Property, JD.com’s unlisted infrastructure investment and asset management arm, is working with Swiss private equity firm Partners Group and EZA Hill Property, which is backed by Asian investment firm Hillhouse, the sources said. The REIT could be listed on the Singapore Exchange as early as next year, making it one of the largest new listings in the city’s REIT sector in over a year. If completed, it would also highlight the growing role of Chinese capital in Southeast Asia. The move follows JD Property, Partners Group, and EZA Hill’s recent purchase of four logistics assets from CapitaLand Ascendas REIT for S$306 million ($239 million). The properties are expected to form part of the REIT’s portfolio, which will mainly focus on industrial and logistics assets in Singapore and across Southeast Asia. The three firms are finalising the REIT’s asset mix, with plans to complete the structure by October. The eventual valuation will depend on the portfolio size, the sources added. EZA Hill, one of the partners, is backed by Rava Partners, the real assets investment arm of Hillhouse, which has been actively acquiring logistics and industrial properties in the region. JD Property, majority-owned by JD.com, has been expanding internationally over the past three years and now operates more than 50 projects across nine countries, including Japan, Indonesia, and the United Arab Emirates. The company has also raised funds alongside global investors such as Singapore’s GIC and Abu Dhabi’s Mubadala. Meanwhile, JD Property is still pursuing a separate Hong Kong IPO, first filed in March 2023, though approval has yet to be granted. The Singapore REIT market has seen few new listings in recent years due to higher interest rates and economic uncertainty. But signs of recovery have emerged, including the recent IPO of NTT DC REIT, the largest since 2021, and a rally in Singapore’s benchmark stock index.