Investment & Market Trends

The Securities Commission Malaysia (SC) has given its approval for Sunway Healthcare Holdings Bhd (SHH) to be listed on the Main Market of Bursa Malaysia. SHH is currently an 84%-owned joint venture under Sunway City Sdn Bhd (SunCity), which is wholly owned by Sunway Bhd. The remaining 16% stake is held by Singapore-based Greenwood Capital Pte Ltd. As part of the listing exercise, SHH will undertake a share split, increasing its number of shares from 1.2 billion to 10.9 billion without changing its total share capital. Following the share split, SunCity will distribute its SHH shares to Sunway through a dividend-in-specie. The proposed initial public offering (IPO) will involve up to 1.97 billion SHH shares. This includes an offer for sale of up to 1.39 billion existing shares — representing 12.1% of SHH’s enlarged share base — as well as a public issue of 575 million new shares, or 5% of the enlarged share base, which will be offered to both retail and institutional investors. In its filing to Bursa Malaysia today, Sunway confirmed that the SC had also approved SHH’s listing in line with the Bumiputera equity requirements for public-listed companies. SHH will allocate at least 50% of the shares offered to Malaysian retail investors (via balloting) specifically to Bumiputera investors under the retail portion of the IPO. Sunway added that Maybank Investment Bank, AmInvestment Bank and SHH will still need to obtain Bursa Securities’ approval regarding SHH’s public shareholding spread ahead of the listing. “Maybank IB, AmInvestment Bank and SHH are required to notify the SC in writing on the final number of SHH shares relating to the proposed listing before the prospectus is registered,” the group said.

BMS Holdings Bhd, a Johor-based building materials distributor, saw its shares fall below its initial public offering (IPO) price during its debut trading session on the ACE Market on Monday, December 8. The stock opened at 19.5 sen per share, down from its IPO price of 22 sen, and quickly dropped to a low of 18.5 sen shortly after trading commenced. By 9.15am, the share price had recovered slightly to 19 sen, representing a nearly 14% decline, with over 34 million shares changing hands. At this price, BMS Holdings was valued at RM292.6 million. BMS Holdings Bhd managing director Ang Kwee Peng (third from left) and the company’s board members at Monday’s listing ceremony. The decline comes on the heels of a relatively subdued IPO, where applications from public investors amounted to just slightly more than double the shares available for subscription, making it one of the least oversubscribed public offerings in Malaysia this year. Through the IPO, the company raised RM80.1 million from newly issued shares, with an additional RM34.3 million generated from an offer for sale (OFS) by existing shareholders. BMS Holdings operates across retail, wholesale, and project sales of building materials, with a focus on tiles and stone surfaces such as porcelain and ceramic tiles, engineered stones, natural stones, and mosaics. The company also offers complementary bathware and kitchenware products to its customers. According to its IPO prospectus, approximately 43% of the proceeds from the new share issuance will be allocated to expanding BMS Holdings’ retail and distribution network. This includes plans to open new showrooms in Seremban, Selangor, and Kuala Lumpur, as well as establishing a new distribution centre in the Klang Valley. The company also plans to acquire electric vehicle forklifts and upgrade existing facilities, including its retail outlets in Kota Damansara, Kepong, and Klang, along with the Pasir Gudang distribution centre. Another 21% of the IPO proceeds will be invested in enhancing the company’s digital infrastructure, including the implementation of an upgraded enterprise resource planning (ERP) system and warehouse management system. The remaining funds are earmarked for working capital, marketing activities, and listing-related expenses. Proceeds from the OFS were distributed to a group of more than 10 shareholders, including co-founders and directors Ang Kwee Peng (managing director) and Lee Kok Chuan (executive director), who have built the company over more than three decades. Alliance Islamic Bank served as the principal adviser, sponsor, sole underwriter, and placement agent for the IPO. Despite the soft debut, analysts note that the company’s strong long-term growth plans, including retail expansion and digital upgrades, could support future performance as it continues to establish a broader footprint in Malaysia’s building materials market.

AmBank Group and Huawei Technologies (Malaysia) Sdn Bhd have formalized a RM350 million supply chain financing agreement aimed at bolstering Malaysia’s digital infrastructure and supporting the country’s ambitious technology-driven development goals. The financing facility is part of a broader effort to accelerate the rollout of Malaysia’s second 5G network and enhance the nation’s technology ecosystem, positioning Malaysia as a competitive hub for digital innovation and foreign investment in the region. In a joint statement, both parties emphasized that the agreement reflects their commitment to facilitating foreign direct investment (FDI) by providing customized financial solutions that meet the operational needs of multinational corporations. Through this collaboration, AmBank aims to support Huawei Malaysia’s supply chain while contributing to the broader national agenda of advancing digital transformation and building a resilient, future-ready economy. AmBank Group managing director of business banking Christopher Yap said the partnership underscores the bank’s long-standing relationship with Huawei Malaysia and its strategic role in supporting Malaysia’s digital growth. He highlighted that the RM350 million facility demonstrates AmBank’s confidence in the country’s digital ambitions and its capacity to deliver large-scale, tailored financial solutions to global technology leaders. “This collaboration not only strengthens Malaysia’s digital infrastructure but also acts as a catalyst for attracting high-value foreign investments. By working closely with Huawei Malaysia, we are helping create a robust ecosystem that supports innovation, enhances connectivity, and drives economic growth across multiple sectors,” Yap added. The supply chain financing facility is expected to facilitate smoother operations for Huawei Malaysia’s local and regional business activities, enabling timely procurement, production, and deployment of digital solutions. Both AmBank and Huawei Malaysia highlighted the mutual benefits of the arrangement, which include strengthening the local technology ecosystem, promoting financial inclusion, and enhancing Malaysia’s position in the global digital economy. This partnership reflects AmBank’s ongoing commitment to being a trusted financial partner for multinational corporations and to supporting strategic initiatives that align with Malaysia’s vision of becoming a technology-driven, future-ready nation. By combining financial expertise with technology innovation, AmBank and Huawei Malaysia aim to accelerate digital infrastructure development, attract sustainable foreign investments, and contribute to the long-term growth and competitiveness of the Malaysian economy.

The Malaysian film industry has secured investment commitments totaling RM486 million through the Film in Malaysia Incentive (FiMI) at MIPCOM 2025, the world’s largest content market held in Cannes last October, Communications Minister Datuk Fahmi Fadzil announced. The investments are projected to create up to 1,500 jobs for local industry players and generate an estimated economic impact of RM1.66 billion. “I have directed the Malaysian National Film Development Corporation (FINAS) CEO and chairman to prepare next year’s strategic plan so promotional and investment-attraction initiatives can be executed more comprehensively,” he said. The minister noted that the government has allocated RM110 million for FiMI in 2026. The incentive provides a 30% rebate for productions filmed in Malaysia, with an additional 5% rebate for projects incorporating local cultural elements. “FiMI is highly competitive. While many Southeast Asian countries offer attractive filming locations, Malaysia continues to compete strongly in the region,” Fahmi added. He also clarified that the government has no plans to require filming permits or production certifications for influencers or podcasters, nor does it intend to introduce licensing rules for OTT streaming platforms at this time. The Communications Ministry is currently updating the National Film Policy following amendments to the FINAS Act 1981. The revisions aim to strengthen industry governance, development, and enforcement without limiting creative freedom. “The amendment broadens regulatory scope to include new technologies, such as digital platforms, while subsidiary regulations will clarify protections for industry workers, covering welfare, standard contracts, job security, payment terms, and production safety,” Fahmi said. “These changes ensure that regulations under the Act support FINAS’ role as the national film industry leader and as a catalyst for the development of local creative content,” he added.

The National Water Services Commission (SPAN) has confirmed that it has not received any applications for the RM5 billion Northern Perak Water Supply Scheme (NPWSS), despite earlier reports about a joint venture planning to carry out the project. SPAN emphasised that while private sector participation in water projects is encouraged under the government’s Water Transformation Plan 2040, all parties must comply with the law. “As the regulatory body for the water services industry, SPAN ensures that the planning, development and distribution of water adhere to the provisions of the Water Services Industry Act 2006 and its subsidiary legislation. Compliance is essential to protect the interests of all parties, including consumers,” the commission said in a statement. SPAN also urged project promoters to seek official approval before making public statements to prevent confusion. The NPWSS, to be developed by a joint venture between the Perak State Development Corporation and Gamuda (PKNPk-Gamuda JV), is designed to address water shortages in northern Perak for irrigation, domestic, and industrial use. Under a draft arrangement, Penang could potentially purchase surplus treated water from the scheme, paying an annual capacity charge of RM210 million and a treated water rate of RM1.70 per cubic metre. The project is expected to provide a guaranteed supply of 300 million litres of water per day over 40 years, with a rate review at the halfway point. SPAN reiterated that no applications have been received and that all legal procedures must be followed before the project can proceed.

AWC Bhd’s wholly owned subsidiary, Trackwork & Supplies Sdn Bhd, has secured a contract worth nearly RM59 million to replace the aluminium power conductor rails on the Ampang Line for Prasarana Malaysia Bhd. The project is scheduled to run over three years and includes a two-year defect liability period, ensuring that any issues arising post-completion will be addressed by the company. In a filing with Bursa Malaysia, AWC highlighted that this contract forms part of its ongoing rail infrastructure projects, reflecting the group’s continued presence in Malaysia’s urban transport sector. The award adds to AWC’s growing order book, which, according to Hong Leong Investment Bank Research following its previous contract win on Nov 17, is estimated at RM785 million. This total comprises RM473.1 million in facilities projects, RM187 million in environmental works, RM83.6 million in engineering projects, and RM43.3 million in rail-related contracts. AWC’s latest quarterly results for the three months ended Sept 30, 2025, showed a core net profit of RM4.2 million, which fell short of market expectations. The underperformance was largely attributed to slower-than-expected billings from the Middle East, which affected contributions from its environment segment. Despite these challenges, the new Ampang Line contract demonstrates the group’s resilience and strategic focus on diversifying revenue streams across its key business segments, including rail, facilities, environment, and engineering. The contract also reinforces AWC’s long-term positioning as a reliable partner for large-scale infrastructure and urban transport projects in Malaysia. Shares of AWC closed at 59 sen on Tuesday, down 0.84%, giving the company a market capitalisation of RM200.2 million. The stock has declined by 35.87% year-to-date, reflecting broader market pressures, but investors who entered at lower price points continue to see potential upside as the company expands its order book and executes on key projects.

The future of Genting Malaysia Bhd’s  long-awaited bid to secure a full commercial casino licence in New York is set to be determined on Monday — a development widely seen as one of the most consequential regulatory decisions for the group in recent years. The New York Gaming Facility Location Board is expected to unveil its chosen recipients for the three downstate casino licences, bringing an end to an extended approval process that initially attracted eight major bidders. The decision will determine which companies are allowed to operate full-fledged casinos in the lucrative New York metropolitan area. The timing is especially significant for the company, as the verdict comes just hours before the close of Genting Bhd’s RM6.7 billion proposal to privatise its subsidiary Genting Malaysia. The offer — priced at RM2.35 per share — was extended once and is scheduled to close at 5pm on Monday. Genting’s High-Stakes New York Ambition Genting Malaysia is pursuing the licence through its wholly owned US unit, Genting New York LLC, the operator of Resorts World New York City (RWNYC). RWNYC, located at Aqueduct Racetrack in Queens, has functioned as a racino (slots-only venue) for more than a decade and is one of the highest-grossing gaming properties in the US. On June 27, the group submitted its full proposal — a sweeping US$5.5 billion (RM23.19 billion) expansion plan to transform RWNYC into a major integrated resort with full table games and extensive non-gaming attractions. According to the submission, the new RWNYC would feature: A 500,000 sq ft gaming floor 6,000 slot machines 800 table games 2,000 hotel rooms A 7,000-seat entertainment arena Over 30 food & beverage outlets Large meeting and convention spaces More than 10 acres of landscaped public greenspace Genting has assured New York regulators that it could begin operating table games within six months of receiving the licence. The company also projected that the expanded casino could begin contributing significant tax revenue to New York’s state and city budgets as early as July 2026. The state’s Gaming Board has set Dec 31, 2025 as the target deadline to issue all final licences, though industry observers expect winning proposals to be announced far earlier. Privatisation Bid Moves Forward Meanwhile, Genting Bhd’s takeover offer for Genting Malaysia continues to progress. The offer became unconditional earlier than expected, after Genting and its concerted parties surpassed the 50% shareholding threshold on Nov 3. At the time the buyout plan was announced on Oct 13, Genting held a 49.36% stake. By last Friday (Nov 28), filings with Bursa Malaysia revealed that Genting had increased its direct stake to 64.1%, achieved through steady market purchases and shareholder acceptances. Analysts remain divided over the fairness of the RM2.35 offer price: Some research houses argue the proposal undervalues the group, pointing to potential upside should the New York casino licence be approved, as well as unrealised value in Genting’s Miami landbank and future asset monetisation plans. Others note rising operating costs, persistent losses at Empire Resorts (Genting’s US casino subsidiary), and the significant capital expenditure required for the New York expansion — factors that may justify shareholders opting for certainty via the offer. Genting Malaysia’s net borrowings have more than tripled in the past five years, and analysts expect Empire Resorts to remain loss-making in the medium term. As of Monday morning, Genting Malaysia’s share price remained unchanged at RM2.35, giving the company a market capitalisation of about RM14 billion.

Agrobank has officially launched AGROPLATS Biaya Plus-i, a financing scheme aimed at supporting micro-entrepreneurs registered under the Selangor Digital Platform (PLATS). Agrobank president and group CEO Datuk Tengku Ahmad Badli Shah Raja Hussin said the initiative is a collaboration with the Selangor state government through Menteri Besar Selangor (Incorporated) (MBI Selangor). Eligible entrepreneurs can access financing of up to RM10,000, while the state government will cover RM1 million in profit rate costs for the entire financing period. “This support reduces financial burden on entrepreneurs and allows them to focus on expanding their businesses,” Tengku Ahmad Badli Shah said during the Selangor Hawkers and Small Traders Day 2025 celebration. The scheme reflects Agrobank’s commitment to empowering hawkers and micro-entrepreneurs, key contributors to national food security. Through collaboration with MBI Selangor, it aims to stabilise cash flow, strengthen operations, and promote business growth even in challenging economic conditions. Tengku Ahmad Badli Shah added that AGROPLATS Biaya Plus-i will improve access to inclusive financing while encouraging entrepreneurs to engage more actively with PLATS’ digital ecosystem, which provides financing, training, and government programme support. Selangor Menteri Besar Datuk Seri Amirudin Shari highlighted that entrepreneurs’ total online transactions at Agrobank-sponsored Ramadan bazaars this year exceeded RM7 million, noting that participation is expected to rise in 2026, driving stronger sales performance. This initiative positions PLATS as Malaysia’s first comprehensive digital platform for hawkers and small traders, supporting both business growth and the state’s digitalisation agenda.

Prudential Plc is looking to raise up to US$300 million through a pre-IPO share placement in ICICI Prudential Asset Management Co, according to sources. The UK insurer has started discussions with potential investors, with around 15 institutions expressing interest, the sources said, noting that details remain private. The company will finalise the plan once ICICI Prudential AMC secures regulatory approval for its IPO. India’s Securities and Exchange Board is expected to grant the green light in the coming days, Bloomberg News earlier reported. The IPO could raise as much as 100 billion rupees (US$1.1 billion) and value India’s second-largest mutual fund manager at about US$11 billion, according to people familiar with the matter. If completed this year, the listing could further lift India’s robust IPO market, which hit a record US$21 billion last year. Talks are still ongoing, and the pre-IPO terms may change, the sources said. Prudential declined to comment, while ICICI Prudential AMC has yet to respond to queries.

Sekatarakyat, the cooperative for Bank Rakyat staff, has entered the Shariah-compliant capital market with the issuance of RM2 billion Wakalah Sukuk in collaboration with Bank Islam Malaysia Bhd. This marks the cooperative’s first sukuk programme, with a tenor of up to 30 years, supporting its long-term financial growth and sustainability goals. Sekatarakyat chairman Datuk Mohamed Arsad Sehan said the sukuk aims to maximise returns for members, expand the cooperative’s Shariah-compliant business, strengthen working capital, and meet general corporate needs. The majority of funds will be used to grow its ar-Rahnu business, which currently operates 17 outlets, with plans to open three more next year, subject to regulatory approval. “We also plan to channel part of the proceeds into new real estate ventures and provide increased financing for Sekatarakyat members,” he added. Bank Islam’s group chief business officer (Institutional Banking), Sharifah Sarah Syed Mohamed Tahir, said the sukuk programme was executed via special-purpose vehicle Sekata Capital Sdn Bhd, with Bank Islam serving as lead adviser and arranger. She noted that the collaboration strengthens strategic ties, highlights Bank Islam’s role in developing an inclusive Islamic capital market, and underscores its commitment to innovative Shariah-compliant financing solutions that support Sekatarakyat’s long-term growth.