Investment & Market Trends

Nextgreen Global Bhd (NGGB) has accepted a RM50 million working capital financing-i (WCF-i) facility from Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), the company said in a filing with Bursa Malaysia. The financing, based on the Shariah Tawarruq principle, will be used to support the group’s general working capital needs related to its business operations. Each disbursement under the facility carries a 12-month revolving tenure, with an overall facility term of up to five years from the date it is made available or the first disbursement, subject to the bank’s discretion and periodic review. NGGB said the loan will not affect the company’s issued and paid-up capital or the shareholdings of substantial shareholders. It is also not expected to have any immediate impact on the company’s net assets or earnings per share.

Bank Negara Malaysia (BNM) has approved Affin Bank Bhd’s proposed acquisition of 100% equity interest in Pheim Asset Management Sdn Bhd for RM50 million in cash, according to a bourse filing. The approval, granted via a letter dated April 2, is subject to conditions including post-completion reviews of certain operational processes and an independent external assessment prior to system integration. As at June 30, 2025, Pheim Asset Management managed approximately RM876 million in assets under management (AUM). For the financial year ended Dec 31, 2024, the company recorded profit after tax of RM1.58 million, net assets of RM25.61 million, and RM21.60 million in cash and fixed deposits. Affin Bank has previously indicated plans to scale up its AUM rapidly following the acquisition, with a long-term target of RM6 billion. The bank is expected to tap funding from sources including the Sarawak Sovereign Wealth Future Fund, external investment managers, and high-net-worth clients from its premium and private banking segments. It may also deploy treasury funds into fixed income strategies managed under the platform. The RM50 million purchase price implies a price-to-AUM ratio of 5.7%, higher than the 3.08% valuation seen when Affin sold Affin Hwang Asset Management to CVC Capital Partners in 2022. The deal also reflects a price-to-book multiple of two times and a price-earnings ratio of about 30 times. Affin exited the asset management business in July 2022 after disposing of its 63% stake in Affin Hwang Asset Management for RM1.42 billion. Analysts estimate that every RM1 billion in AUM could generate around RM2 million to RM2.5 million in fee income, highlighting the potential earnings contribution from the acquisition. Shares in Affin Bank closed one sen lower at RM2.45, giving the bank a market capitalisation of RM6.21 billion. The stock has declined 6.8% over the past year.

Big Caring Group Bhd, Malaysia’s largest pharmacy chain operator and backed by private equity firm Creador, has filed for an initial public offering (IPO) on the Main Market of Bursa Malaysia. According to its draft prospectus posted on the Securities Commission website on Thursday, the group plans to use IPO proceeds to cut debt from recent acquisitions and to finance a new automated distribution centre. The company operates the BIG Pharmacy and CARiNG Pharmacy chains and is led by husband-and-wife founders Lee Meng Chuan (group managing director and CEO) and Lim Sin Yin (executive director). Both are trained pharmacists who opened their first store in Damansara Uptown in 2006. Since then, the group has grown rapidly through organic expansion and strategic acquisitions, including the mergers with RedCap Pharmacy (2018), My Pharmacy (2019), and the acquisition of CARiNG Pharmacy from 7-Eleven Malaysia (2023). Tackling a RM1.3 Billion Debt As of 31 January 2026, Big Caring Group’s borrowings stood at RM1.3 billion, with an average interest cost of 5.2% per annum (as of 30 June 2025). The majority of this debt is a RM831.3 million term loan, used primarily for the RM888.33 million acquisition of Caring Pharmacy Group and the RM249.4 million purchase of an 89.3% stake in Medispec (M) Sdn Bhd, a pharmaceutical distributor. The company also invested RM32.8 million for a 57.1% stake in physiotherapy chain Your Physio Sdn Bhd. The IPO proceeds are expected to reduce revolving credit and term loan facilities, generate interest savings, and strengthen the company’s balance sheet for future growth. Expansion Plans Big Caring Group currently operates 626 outlets across several brands, including BIG Pharmacy, CARiNG Pharmacy, Georgetown Pharmacy, Wellings, and Ting Pharmacy. It aims to open 40–50 new outlets annually over the next three to five years. A new automated distribution centre will support this growth, replacing the existing Bukit Raja facility, which is currently running at 61% capacity and is projected to reach full capacity within five years. The new facility will feature advanced automation for inbound handling and pallet storage. IPO Structure and Shareholding The IPO will include an institutional offering of 1.614 billion shares and a retail offering of 267.64 million shares, with pricing to be announced later. Up to 25.5% of the enlarged share base will be offered, including 17.5% from selling shareholders. Creador, via its special purpose vehicle Iris Pallida Sdn Bhd (IPSB), will reduce its stake from 33.7% to 19.4%, while the founders’ indirect stake will fall from 42.9% to 34.4%. Their direct holdings will also be slightly diluted. Financial Performance For the financial year ended 30 June 2025, Big Caring Group posted a net profit of RM143.02 million on revenue of RM3.41 billion, with same-store sales growth of 9.6%, up from 7.3% in FY2024. The IPO is being managed by Maybank Investment Bank and RHB Investment Bank as joint principal advisers, joint global coordinators, and joint bookrunners. AmInvestment Bank and UBS are also involved as co-managers and underwriters.

Shareholders of UEM Edgenta Bhd have approved the proposed selective capital reduction and repayment (SCR) exercise, clearing the way for UEM Group to take the company private and increase its ownership to 100%. In a statement, UEM Group said the SCR will become effective upon the lodgement of the sealed order from the High Court of Malaya with the Companies Commission of Malaysia. Following this, UEM Edgenta is expected to be delisted from the Main Market of Bursa Malaysia in early July 2026. Under the exercise, UEM Group, which currently holds 69.14% of UEM Edgenta, will acquire the remaining 30.86% stake, equivalent to about 257 million shares, at RM1.10 per share. The transaction will involve a total cash repayment of approximately RM282 million. UEM Group said that once it becomes the sole shareholder, it plans to work closely with UEM Edgenta to refine strategic direction, pursue key initiatives and manage the group’s diversified businesses more effectively. The privatisation is also expected to provide greater flexibility for long-term planning and operational decision-making. At the extraordinary general meeting, disinterested shareholders holding 97.09% of the total value of disinterested shares voted in favour of the resolution. Votes against the proposal stood at 1.33%, below the 10% threshold required to block the exercise, allowing the resolution to pass. UEM Group, a wholly owned subsidiary of Khazanah Nasional Bhd, had first informed the board of UEM Edgenta in November last year of its intention to privatise the company via the SCR mechanism.

The proposed privatisation of DKSH Holdings (M) Bhd (DKSH Malaysia) through a selective capital reduction (SCR) has been aborted after shareholders voted against the plan at an extraordinary general meeting (EGM). In December 2025, DKSH Holding Ltd, via its wholly owned subsidiary DKSH Resources (M) Sdn Bhd, had offered to acquire the remaining 25.7% stake it does not already own, with the intention of delisting DKSH Malaysia from Bursa Malaysia. In a filing with Bursa Malaysia, the company said the special resolution required to proceed with the SCR did not receive sufficient shareholder support at the EGM. Poll results showed that 66.23% of shareholders by number and 87.47% by value voted against the resolution. Additionally, 38.8% of votes attached to shares held by disinterested shareholders were cast against the proposal, exceeding the threshold required to block the resolution. As a result, the special resolution was not passed and the proposed privatisation will not proceed.

Malaysian insurtech PolicyStreet has raised US$21 million (RM85 million) in the first close of its Series C funding round, following a profitable FY2025 in which the company reported over US$1 million in profit. The first close was led by Cool Japan Fund, alongside existing investors Altara Ventures and Gobi Partners, among others. With this round, PolicyStreet is now backed by two sovereign wealth funds, having previously secured funding from Khazanah in a US$15.3 million Series B round in 2023. The fresh capital will support PolicyStreet’s next growth phase, including regional expansion, strengthening technology infrastructure, and deepening partnerships across Asia. Yen Ming Lee, Co-Founder and CEO of PolicyStreet, said:“With Cool Japan Fund joining this round, being backed by two sovereign wealth funds validates our business model and the long-term potential of insurtech in Asia. This milestone reflects our progress in building a sustainable, profitable business, and underscores the growing role of embedded insurance in the region’s digital economy. As we scale, our focus remains on strengthening technology and expanding partnerships to drive long-term growth.” Since its previous fundraising in 2023, PolicyStreet has grown its customer base from 5 million to over 10 million, while its total sum insured rose from US$6 billion to more than US$10 billion. The company has also expanded regionally through partnerships across sectors such as gig work, mobility, travel, logistics, and telecommunications. PolicyStreet continues to engage with additional investors as its Series C round progresses.

KKR & Co. is planning a tender offer to take Taiyo Holdings Co. private in a deal that values the Japanese firm at approximately ¥500 billion (US$3.2 billion or RM12.93 billion). Under the proposed transaction, KKR intends to pay ¥4,750 (RM120.48) per share, according to a statement released late Tuesday. This price represents a 117% premium over the six-month average unaffected closing price as of May 27, prior to media reports about a potential bidding process. Following the announcement, Taiyo shares fell 5.7% to ¥4,700 in Tokyo on Wednesday, marking the lowest level since December 22. The tender offer has received the support of Taiyo’s board of directors, as well as its largest shareholder DIC Corp, asset manager Kowa Co, and funds managed by Hong Kong-based Oasis Management Co., which together hold roughly 42.2% of the company’s outstanding shares. The founding family has indicated plans to reinvest in the investment vehicle that will own Taiyo post-transaction, maintaining a stake in the company. According to sources familiar with the matter, discussions between KKR and Taiyo began in February, with the parties finalizing the take-private offer over the past several months. Initial expectations had suggested a potential offer price below Taiyo’s then level of ¥6,000 per share, highlighting the premium now being proposed in the deal. The move reflects KKR’s continued focus on strategic acquisitions in Asia, particularly in companies with strong fundamentals and growth potential that can benefit from private ownership and long-term operational support.

BYD Co’s exports and overseas sales rose 65% in March, driven by surging oil prices from the Iran conflict, which boosted demand for electric vehicles (EVs). However, the automaker continues to face challenges in the domestic Chinese market. Sales of BYD Co’s vehicles outside China hit 120,083 units in March, the highest in three months as high energy costs support demand for electric vehicles. Sales outside China reached 120,083 units in March, the highest in three months. Despite the overseas gains, total deliveries fell about 20%, marking a seventh consecutive month of decline. Still, BYD reclaimed its lead over Geely Automobile Holdings Ltd, which had outsold BYD in January and February. The data highlights the hurdles for BYD, which is relying on international expansion to offset slowing domestic demand and profits. Efforts to stimulate China sales through advanced batteries and ultra-fast charging have yet to fully sway consumers, especially after EV subsidies were reduced. March showrooms across Asia suggested a temporary lift for BYD abroad as rising fuel prices renewed interest in EVs, though global economic uncertainty could limit long-term demand. Future export growth will depend on ramping up new plants in Hungary, Thailand, and Brazil, and increasing local production, according to Chris Liu, senior analyst at Omdia. BYD expects exports to reach 1.5 million vehicles in 2026, up from a previous target of 1.3 million. Geely plans to raise its export target to 750,000 units. In China, volatile gasoline prices may continue to favor EVs, potentially supporting BYD’s domestic market share. The March figures provide the first clear view of demand after the extended Lunar New Year holiday. Last week, BYD reported a sharper-than-expected drop in fourth-quarter earnings, capping its first annual profit decline in four years.

CIMB is collaborating with the Securities Commission Malaysia (SC) and Bursa Malaysia on a FIKRALab pilot to develop a new instrument for the country’s Islamic capital markets, Bernama reported. The pilot forms part of the SC’s Capital Market Masterplan 2026-2030, aimed at broadening the investment universe for Shariah-compliant funds and providing more ways for these funds to tap into the region’s growing Islamic banking sector. FIKRALab, launched by the SC as a co-creation and applied research platform, focuses on developing new Islamic capital market products and unlocking Shariah-derived income within mixed-activity groups. The initiative aligns with CIMB’s Forward30 strategy, which prioritizes Islamic finance as a key growth area. Over half of CIMB’s financing book in Malaysia is already Shariah-compliant, while CIMB Niaga in Indonesia is in the process of converting its Islamic banking unit into a full-fledged Islamic bank. CIMB Group CEO Novan Amirudin said the pilot will allow the bank to introduce new Shariah-compliant structures for investors with Islamic mandates, supporting Malaysia’s efforts to strengthen innovation, resilience, and competitiveness in the Islamic capital market.

Tenaga Nasional Bhd (TNB) is seeking to raise up to RM10 billion through a sukuk issuance to support its operations, investments and sustainability initiatives. The utility group has lodged an Islamic medium-term note programme, based on sukuk wakalah, with the Securities Commission Malaysia. The programme allows TNB and its subsidiaries to issue sukuk from time to time, with varying sizes and tenures, according to a Bursa Malaysia filing on Wednesday. TNB said the programme provides flexibility to time fundraising activities and structure issuances with different nominal values and tenures for optimal asset-liability management. It also enables the group to tap into a broader pool of investors in the local capital market. Under the programme, TNB may issue conventional sukuk as well as sustainability and sustainability-linked sukuk, in line with its goal of achieving net-zero emissions by 2050. The programme will have a tenure of up to 50 years from the first issuance date, while individual sukuk offerings may range from one to 50 years. The first issuance is expected within 90 business days. CIMB Investment Bank and Maybank Investment Bank have been appointed as joint principal advisers, joint lead arrangers and joint lead managers. CIMB Islamic Bank and Maybank Islamic will serve as joint Shariah advisers. TNB shares rose 18 sen, or 1.29%, to close at RM14.08 on Wednesday, giving the group a market capitalisation of RM82.07 billion. The stock has gained 32 sen over the past year.