Investment & Market Trends

Malakoff Corporation Bhd’s wholly owned subsidiary, Malakoff Technical Solutions Sdn Bhd (MTSSB), has signed a memorandum of understanding (MoU) with TNB Repair and Maintenance Sdn Bhd (TNB REMACO), a subsidiary of TNB Power Generation Sdn Bhd under Tenaga Nasional Bhd. The partnership aims to explore opportunities in maintenance, repair and overhaul (MRO) services for power plants, while also focusing on workforce training and competency development initiatives. According to Malakoff, the collaboration will seek to identify potential third-party MRO projects, enabling both parties to leverage their combined technical expertise and industry networks beyond their existing operations. Malakoff Group Chief Executive Officer Syahrunizam Samsudin said the partnership reflects a shared commitment to enhancing power plant reliability through effective maintenance, skilled talent and continuous improvement. “Both organisations bring decades of experience in Malaysia’s power sector. Through this collaboration, we are creating a platform to exchange knowledge, strengthen capabilities and elevate maintenance and operational standards across the industry,” he said. Syahrunizam added that MTSSB and TNB REMACO are well-positioned to jointly pursue third-party MRO opportunities, creating new growth avenues beyond their current asset portfolios. He noted that the collaboration aligns with Malakoff’s strategy to optimise the performance of its existing thermal power assets while nurturing the next generation of engineering and technical professionals. “As electricity demand continues to grow and energy security becomes increasingly important, strengthening operational reliability and workforce capability remains a key priority,” he said. Moving forward, Malakoff said it will continue to focus on enhancing operational performance across its energy and environmental solutions businesses, supported by its long-term commitment to delivering reliable energy and sustainable services.

Pictured at the signing ceremony are Keng Fai Wong, Chief Executive Officer of Crewstone International, and Piremnat Alagendran, Co-Founder and Chairman of MG Gold, alongside members from respective teams, marking Crewstone’s strategic investment in MG Gold. Crewstone International Sdn Bhd (Crewstone), a licensed and regulated private equity and private credit manager, has made an initial RM12 million investment into MG Gold and Bullions (MG Gold) as part of a broader RM50 million growth plan that goes beyond capital alone, combining funding with a clearer operating roadmap, stronger commercial discipline and the institutional build-out required to support a targeted five-year path towards an IPO. Crewstone’s investment also reflects a constructive view on gold as an asset class at a time when macroeconomic uncertainty, inflation sensitivity and reserve diversification continue to support demand for the metal globally. In 2025, total gold demand reached record levels of more than 5,000 tonnes, the gold price recorded 53 all-time highs, and the annual average price rose to US$3,431 per ounce, up 44% year-on-year.  Against that backdrop, Crewstone sees the stronger opportunities not in passive commodity exposure alone, but in backing operators that can convert that tailwind into repeatable commercial returns through disciplined execution across merchandising, distribution and inventory turnover. Beginning its business journey in 2017 and shaped by family ownership, MG Gold has grown to become a differentiated gold retail and trading platform with more than 100 Business-to-Business (B2B) customers, operating across 2 commercial hubs with 40 designers and staff. In 2025, the business generated approximately RM115 million in revenue across Malaysia and Singapore, comprising RM85 million from Malaysia and RM30 million from Singapore. In Malaysia, revenue was driven by approximately RM60 million from wholesale and trade sales, with the remaining RM25 million coming from retail. The company expects total revenue across Malaysia and Singapore to grow to RM165 million in 2026, representing a projected year-on-year growth of 43%, driven by its proven Singapore operations, wholesale expansion, retail growth and the planned launch of its digital initiatives. Underpinning that commercial momentum is a product platform shaped over time through family ownership, accumulated market knowledge and long-standing familiarity with customer demand, with more than 1,500 in-house jewellery SKUs developed to date, of which more than 500 remain active in production today. That positioning is especially relevant in a market long shaped by familiar incumbent players whose product ranges are often narrower and less responsive to current demand. That heritage has given management a closer read on what customers are actually buying, how preferences are shifting, and where conventional players are leaving demand underserved. MG Gold differentiates itself through deliberate sourcing and sharp merchandising judgement. The company sources through more than 30 suppliers, travelling to markets such as the Middle East to identify commercially validated SKUs and bring a broader, more current assortment back into Malaysia.  That model gives both trade buyers and end-customers access to greater variety than the market has typically offered, while allowing the platform to monetise demand across both direct purchase and downstream resale. The result is a platform that spans wholesale and retail across Malaysia and Singapore, with principal products such as gold bullion, gold jewellery and used gold, and a digital gold ecosystem in development. In 2025, MG Gold refined more than 75kg of gold materials and tested more than 1,000 assay samples, giving a clearer picture of throughput, product integrity and the internal capabilities required to scale responsibly. That operating base is matched by a control environment suited to a high-value inventory business, with no material incidents of theft, robbery, internal pilferage or substantiated customer privacy complaints disclosed during the period. With its proven operational foundation, MG Gold is expected to accelerate its growth through digital platforms and expand its presence in South East Asia, building on its established position in Singapore. Its digital growth roadmap will begin with the planned Q3 2026 launch of its technology-enabled digital gold platform, designed to improve customer access to physical gold through a more transparent and accessible digital experience.  This will be followed by the planned Q4 2026 launch of its direct-to-consumer gold jewellery e-commerce platform with global shipping capabilities, supporting MG Gold’s transition into a regional digital gold ecosystem spanning wholesale, retail, e-commerce and future digital gold services. “Our focus is to translate this growth plan into disciplined execution across operations, sourcing, product development, digital channels and regional expansion. With an established wholesale base, Singapore operations and upcoming digital launches, MG Gold is well positioned to strengthen customer reach and build a more scalable platform over the next phase of growth,” said Sharrvindren Alagendran, Chief Executive Officer of MG Gold. The investment highlights Crewstone’s strength in identifying where category tailwinds and operator quality intersect.  In gold, the firm sees scope for attractive returns not from commodity exposure in isolation, but from backing businesses that can capture value through sourcing judgement, inventory velocity, channel development and disciplined execution. “There is a clear commercial gap in this space. Customer choice in this category remains limited, operators with the judgement to source and commercialise winning SKUs are not easily replicated, and MG Gold is already showing that it can serve both resellers and end-buyers through the same platform,” said Keng Fai Wong, Chief Executive Officer of Crewstone International. “That gives the business a more credible growth path than a conventional single-channel jeweller, and a stronger foundation from which to scale into its next phase.” “We started MG Gold in 2017 as a small trading business, and over the years the company has grown into a broader gold platform serving wholesale, trade, retail and jewellery customers. With our Singapore operations already active, the next phase is about scaling more systematically across Southeast Asia, launching our technology-enabled digital gold platform, expanding into global digital commerce and building the foundation for a regional digital gold ecosystem. Crewstone’s support gives us the institutional backing and strategic discipline to execute this transition properly and prepare the business for long-term IPO readiness,” said Piremnat Alagendran, Co-Founder and Chairman of MG

Japan’s Yamada Holdings and Edion said they are planning a merger that could create a major consumer electronics retailer with combined sales of around US$16 billion. Both companies said their boards will meet on Friday to review the proposal, though details of the merger terms have not been disclosed. If completed, the deal would strengthen Yamada’s position as Japan’s largest electronics retailer, as the industry faces growing pressure from e-commerce competition and a declining population. Following the announcement, Edion shares jumped 11%, while Yamada rose 3.5% in Tokyo morning trading. Japanese electronics retailers are known for their large stores offering a wide range of products, including smartphones, gaming devices, home appliances, and stationery, often paired with customer reward points. According to the Nikkei newspaper, the companies are considering establishing a holding company structure, under which both brands would operate. The move is expected to improve product offerings and strengthen their private-label businesses through greater scale. However, the merger may face antitrust scrutiny, especially in western Japan, where both retailers have overlapping store networks. If successful, the deal would mark the biggest restructuring in Japan’s electronics retail industry since 2012, when Yamada Denki took control of Best Denki, and Bic Camera acquired Kojima. In the latest financial year, Yamada reported a 45% drop in net profit to 14.8 billion yen, despite sales of 1.7 trillion yen. Meanwhile, Edion posted a 9.5% rise in profit to 15.5 billion yen.

A takeover offer for Maxim Global Bhd from its managing director Tan Sri Gan Seong Liam is not fair and not reasonable, said the deal’s independent adviser. Maxim Global is worth RM656 million, or 89 sen per share, based on its revalued net asset value, sharply higher than the offer price of 24 sen per share, according to MainStreet Adviser Sdn Bhd. The offer also undervalues the property developer’s estimated net asset of 76 sen per share, the firm said. The offer is also not reasonable as Gan and his connected parties aim to maintain the listing of Maxim Global, providing an avenue for minority shareholders to sell their shares, MainStreet said. “Accordingly, we recommend that the holders reject the offer,” the adviser concluded. The mandatory takeover offer was triggered after Gan bought the equivalent of a 15.54% stake in Maxim Global from executive director Chai Chang Guan and her brother Chai Seong Min for RM27.42 million. The acquisition raised Gan’s direct interest to 37.33%. Gan and the people connected to him, including children Gan Kuok Chyuan and Gan Kuok Wei, together now own 60.37% in Maxim Global. His two children are also executive directors in the company. Minority shareholders have until June 15 to accept the offer. The offer price was already at a discount to the stock’s last levels before the takeover was launched on May 4. Maxim Global returned to the black in the financial year ended Dec 31, 2021 (FY2021). For FY2025, it posted a net profit of RM33.44 million on revenue of RM443.78 million. Shares of Maxim Global were unchanged at 26.5 sen on Thursday, valuing the company at RM195 million.

MMC Port Holdings Sdn Bhd, controlled by Malaysian tycoon Tan Sri Syed Mokhtar Al-Bukhary, is reportedly exploring a potential minority stake sale after postponing its planned initial public offering (IPO) last year. According to sources familiar with the matter, Malaysia’s largest port operator has approached several Asian companies and infrastructure-focused funds to assess early interest in a possible deal. Sources said Syed Mokhtar may seek a valuation of more than US$10 billion (RM40.17 billion) for the entire business. However, discussions are still ongoing, and no final decision has been made regarding the transaction. MMC Port declined to comment on the matter. The company operates seven ports along the Strait of Malacca, one of the world’s busiest shipping routes, as well as three cruise terminals. In October last year, MMC Port postponed what could have been Malaysia’s largest IPO since 2012. Earlier, Global Infrastructure Partners (GIP) — now part of BlackRock Inc — had also shelved plans to acquire up to 49% of the company.

The government has allocated RM50 million under the PKS@BURSA Programme to support 200 high-potential small and medium enterprises (SMEs) in pursuing listings on Bursa Malaysia by 2030. Entrepreneur and Cooperatives Development Minister Steven Sim Chee Keong said the initiative, led by SME Corp Malaysia, is aimed at strengthening the pipeline of businesses prepared for future public listings. Through the programme, eligible SMEs can apply for financing of between RM2 million and RM5 million under the SME Listing Fund, with a profit rate capped at 5% for up to five years. Participating companies may also qualify for a rebate of up to 20% if they successfully list on Bursa Malaysia within five years, helping to reduce listing-related costs and encourage greater participation in the capital market. Speaking to the media after launching PKS@BURSA and officiating the “Road to IPO” event on Thursday, Sim said the funding can be used for working capital, corporate financing, and expenses linked to IPO preparations. He noted that the programme addresses two key challenges commonly faced by growing businesses — high listing costs and the operational capacity required to enter the capital market. According to Sim, the initiative provides a clearer pathway for SMEs with strong growth potential to expand operations and gain access to financing through Bursa Malaysia. He added that PKS@BURSA aligns with the goals of the 13th Malaysia Plan, which seeks to strengthen the country’s capital market ecosystem and improve access to growth funding for local businesses. “Our aim is not only to create more listed companies, but to develop more companies that are capable of being listed,” he said. Beyond financial support, the programme also focuses on capacity building, helping SMEs improve governance and management practices needed to meet listing requirements. Sim added that SME Corp Malaysia will work with Credit Guarantee Corporation Malaysia Bhd, Bursa Malaysia, and other agencies to provide guidance and support to participating SMEs.

Berjaya Corporation Bhd and its listed subsidiary Berjaya Property Bhd have disposed of stakes in five listed companies, including Berjaya Food Bhd, REDtone Digital Bhd, 7-Eleven Malaysia Holdings Bhd and Salcon Bhd, to related party Detik Ria Sdn Bhd for a total of RM76.79 million in cash. Berjaya Corp said the transactions were carried out via direct business deals on Thursday (May 28). The disposals involved reductions in shareholdings across several companies, including Berjaya Property, Berjaya Food, REDtone, 7-Eleven Malaysia and Salcon. Following the transactions, Berjaya Corp’s stakes were reduced to 74.22% in Berjaya Property, 63.3% in Berjaya Food, 34.06% in REDtone, 12.09% in 7-Eleven Malaysia, and 11.78% in Salcon. The group said the proceeds will be used to repay borrowings and for working capital, including administrative, marketing and operating expenses. Separately, Berjaya Property confirmed that its subsidiary Nural Enterprise Sdn Bhd sold a 1.98% stake (21.93 million shares) in 7-Eleven Malaysia to Detik Ria for RM43.85 million, with proceeds earmarked for ongoing development projects. The transactions were conducted at prevailing market prices, according to the filings. Detik Ria is linked to several key figures within the Berjaya group, including Tan Sri Vincent Tan and Johor princess Tunku Tun Aminah Sultan Ibrahim Ismail, among others. Berjaya Corp shares closed 0.5 sen lower at 24.5 sen, while Berjaya Property rose 0.5 sen to 26.5 sen.

Bank Rakyat has successfully issued RM2.0 billion Islamic Medium-Term Notes (IMTN) Sukuk Wakalah through its special purpose vehicle, Imtiaz Sukuk II Bhd, under its Senior Sukuk Wakalah Programme of up to RM10 billion. In a statement, the bank said the issuance was carried out through a book-building exercise on April 28, 2026, with the programme receiving an AA2 rating from RAM Rating Services Bhd, reflecting its strong credit standing. The sukuk issuance comprised five tranches with maturities ranging between three and seven years, providing investors with a range of tenure options aligned with different risk and return preferences. According to Bank Rakyat, strong investor appetite led to the issuance being upsized to RM2.0 billion, supported by healthy participation from institutional investors. The bank said the Senior Sukuk Wakalah programme recorded encouraging demand, achieving a final bid-to-cover ratio of 1.16 times the total issue size, signalling continued confidence in Bank Rakyat’s financial position and Islamic financing instruments. “The issuance received overwhelming investor demand, resulting in the upsizing of the programme to RM2.0 billion,” the bank said. Bank Rakyat noted that proceeds raised from the sukuk issuance will be utilised for Shariah-compliant purposes, including working capital requirements, capital expenditure, financing activities, general investments, and other corporate purposes. The bank said the issuance forms part of its broader strategy to strengthen funding capabilities and support ongoing business growth while maintaining compliance with Islamic finance principles. Bank Rakyat also announced that Bank Muamalat Malaysia Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd, and RHB Investment Bank Bhd were appointed as joint lead managers for the Sukuk Wakalah programme. The issuance reinforces Bank Rakyat’s position in the Islamic capital market and highlights continued investor interest in sukuk instruments amid evolving market conditions.

Solar photovoltaic (PV) specialist Solarvest Holdings Bhd and Norway’s central bank, Norges Bank, have emerged as shareholders in Sarawak-based construction company Hartanah Kenyalang Bhd following the completion of a private placement involving 62 million shares, equivalent to a 10 per cent stake in the company. In a statement, Hartanah said Solarvest subscribed to 45 million shares, representing a 6.6 per cent stake, while Norges Bank, which manages Norway’s Government Pension Fund Global, acquired the remaining 17 million shares, representing a 2.5 per cent stake. Hartanah said Solarvest’s strategic investment is expected to create collaboration opportunities in the renewable energy sector in Sarawak, leveraging the company’s regional expertise in clean energy. The announcement follows Hartanah’s disclosure of an issue price of 27.5 sen per share for the placement exercise, which is expected to raise approximately RM17.05 million. The proceeds will primarily be used as working capital for the company’s Sarawak Stadium project, secured in January 2026. Listed in June 2025, Hartanah has secured four new contracts worth RM511.4 million, boosting its outstanding order book to RM551.2 million as at April 23, 2026, up from RM142.5 million as at March 31, 2025. Funds raised from Hartanah’s initial public offering (IPO), amounting to RM19.34 million, were allocated as working capital for six construction projects. On Friday, Hartanah Kenyalang shares rose 1.5 sen, or 3.49 per cent, to 44.5 sen, giving the company a market capitalisation of RM303 million. The stock has nearly tripled from its IPO price of 16 sen. Meanwhile, Solarvest shares gained three sen, or 1.06 per cent, to RM2.85, valuing the group at approximately RM2.73 billion.

Sarawak-based diversified group W T K Holdings Berhad (“WTK” or “the Group”) has announced that its wholly owned subsidiaries, Biogrow City Sdn Bhd (“BCSB”) and Bioworld Synergies Sdn Bhd (“BSSB”), have entered into conditional share sale agreements for the proposed disposal of their respective interests in Biogrow City Plantations Sdn Bhd (“BCPSB”) to Rimbun Temasek Sdn Bhd for a total cash consideration of RM90.0 million (“Proposed Disposals”). BCPSB is principally involved in the planting and management of an oil palm plantation, as well as the operation and management of a palm oil mill in Limbang, Sarawak. Its assets comprise five parcels of plantation land measuring 3,487 hectares, of which approximately 1,314 hectares are planted, and one 30 metric tonnes (MT) per hour crude palm oil mill. The Proposed Disposals comprise: the disposal by BCSB of 8.5 million ordinary shares, representing an 85.0% equity interest in BCPSB, for a consideration of RM65.6 million; and the disposal by BSSB of 24.4 million redeemable preference shares in BCPSB, for a consideration of RM24.4 million. The Proposed Disposals are expected to result in an estimated gain of RM72.7 million to the Group. The Proposed Disposals form part of WTK’s ongoing efforts to unlock value and enhance its asset portfolio, improving resource allocation across the Group. Biogrow’s plantation and mill are located far from WTK’s main plantation operations in Miri and Bintulu, resulting in lower economies of scale, higher transportation costs, and difficulties in recruiting manpower for the estate. In addition, the plantation’s steep and challenging terrain contributed to low tree standing and subpar fresh fruit bunch yields. Meanwhile, the palm oil mill has also been operating below capacity. Executive Director of WTK, Francis Lai, said: “The Proposed Disposals provide the Group with an opportunity to unlock value from underperforming assets that are also geographically distant from our main plantation clusters. “For clarity, plantation remains a key business segment for WTK. However, Biogrow’s plantation assets have been challenging to optimise due to its location, terrain, and limited availability of surrounding third-party fresh crops to support mill utilisation.” “Hence, the Proposed Disposals will allow us to further enhance our plantation portfolio performance, especially following the earlier addition of two oil palm plantations and one palm oil mill in April 2026 that have better yields and production output. “The RM90.0 million cash proceeds will strengthen our balance sheet, improve our financial flexibility, and provide additional working capital as we continue to build a more resilient and sustainable earnings base,” he added. “As we move forward, we continually assess our asset base with the aim to unlock value from non-core or sub-optimal assets while seeking out earnings-accretive acquisition targets. “With concerted efforts to optimise our plantation portfolio, coupled with the good progress from our food and tapes segments, we are confident of building a stronger, more resilient Group capable of delivering consistent returns to shareholders,” Francis Lai concluded. The Proposed Disposals are not subject to the approval of WTK’s shareholders. Barring any unforeseen circumstances and subject to the fulfilment of the relevant conditions, the transaction is expected to be completed in the fourth quarter of 2026.