Investment & Market Trends

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.

PETALING JAYA, Verdant Solar Sdn Bhd has signed an underwriting agreement with Mercury Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities. The solar solutions provider said the deal marked a key milestone in its journey towards becoming a listed company, paving the way for greater visibility and growth opportunities. Under the agreement, Mercury Securities will act as the principal adviser, sponsor, underwriter and placement agent for Verdant Solar’s IPO exercise. Verdant Solar Holdings Bhd managing director Lim Tzer Haur (left) and Mercury Securities Sdn Bhd managing director Chew Sing Guan (right). Verdant Solar, which specialises in residential and commercial rooftop solar solutions, said the listing will enable the group to raise funds for business expansion, working capital and to strengthen its market presence in Malaysia’s renewable energy sector. Chief executive officer Johnathan Tan said the IPO will accelerate Verdant Solar’s mission of making clean energy accessible and affordable. “With rising adoption of renewable energy and strong policy support, we believe this is the right time for us to scale our business and bring more innovative solar solutions to the market,” he said. The company has installed more than 50 megawatts (MW) of solar capacity to date and aims to expand its footprint further across Malaysia. Analysts said Verdant Solar’s IPO comes at an opportune time, as demand for rooftop solar continues to gain momentum in line with Malaysia’s National Energy Transition Roadmap (NETR). The listing is expected to take place by year-end, subject to approval from Bursa Malaysia and the Securities Commission.

KUALA LUMPUR, The Employees Provident Fund (EPF) is prioritising efforts to rebuild members’ savings after RM145 billion was taken out under four COVID-19 withdrawal schemes, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said the withdrawals, carried out through i-Lestari, i-Sinar, i-Citra and the special withdrawal facility, involved 8.2 million contributors. “With such a significant amount already withdrawn, the main priority now is to strengthen retirement savings and ensure contributors have sustainable income for their retirement,” he said during a Dewan Negara question-and-answer session in response to Senator Mohd Hasbi Muda’s query on members’ financial readiness for retirement. Amir Hamzah added that the government has no plans to introduce new withdrawal options, given that EPF has restructured its accounts into Account 1, Account 2, and the newly introduced Account 3, which allows flexible withdrawals in times of emergency. He also revealed that EPF is studying the introduction of a monthly pension payment scheme for new members. The initiative is expected to be rolled out in the coming years, while existing contributors will have the option to transition into the scheme if they choose.

KUALA LUMPUR, SME Corporation Malaysia (SME Corp) has rolled out the Business Accelerator Programme (BAP) Alternative Financing Programme 2025, a fresh initiative aimed at providing financing while rewarding small and medium enterprises (SMEs) for financial discipline. Backed by an allocation of RM35 million through its partnership with microLEAP, a shariah-compliant peer-to-peer (P2P) financing platform regulated by the Securities Commission Malaysia (SC), the scheme offers SMEs up to RM400,000 in financing at 3.5% per annum. Notably, up to 40% of the financing may be converted into a grant if repayments are made on time. “This is more than just another loan programme — it is structured to reward good repayment behaviour while directly supporting business growth. With this new allocation, total funds under SME Corp and microLEAP’s collaboration since 2021 have doubled to RM70 million, underscoring our shared commitment to strengthening Malaysia’s SME ecosystem,” the organisations said in a joint statement. SME Corp chief executive officer (CEO) Rizal Nainy said the scheme is designed to ease the repayment burden while investing in the future of high-potential SMEs. “By enabling up to 40% grant conversion, we are supporting growth-ready businesses, aligning with our target to increase the share of small enterprises transitioning into medium-sized enterprises from 1.6% today to 5% by 2030,” he said. MicroLEAP founder and CEO Tunku Danny Nasaifuddin Mudzaffar highlighted that the programme was developed in response to the needs of SMEs and market realities. “SMEs shouldn’t be held back by requirements like three years of audited accounts or collateral. If a business is generating revenue, growing, and can manage financing, we want to be there to back them,” he said.

Abu Dhabi National Oil Company (Adnoc) is reportedly in talks to secure more than US$10 billion (RM42.24 billion) in debt financing from both local and international banks to support its planned US$19 billion acquisition of Australian energy producer Santos Ltd, Bloomberg reported, citing people familiar with the matter. According to the sources, JPMorgan Chase & Co is leading the financing package and also advising the Adnoc-led consortium on the deal. Negotiations between Adnoc and Santos are said to be moving forward as both parties aim to finalise a binding agreement by September 19, when the current exclusivity period expires. The bid is spearheaded by Adnoc’s investment arm, XRG PJSC, alongside Abu Dhabi Development Holding Co and US-based Carlyle Group Inc. The consortium’s US$18.7 billion offer, unveiled in June, would give Adnoc a stronger foothold in the fast-growing liquefied natural gas (LNG) sector, putting it in line with rivals such as Saudi Aramco. The group is currently working through due diligence, regulatory engagement, and internal approvals. However, sources cautioned that details of the financing package, including its size, could still change as discussions continue. Neither the consortium nor JPMorgan provided comments, while Santos has yet to respond to requests outside business hours. Santos extended the exclusivity period for a second time last month to allow the consortium additional time to complete due diligence and secure necessary approvals. The company also recently reported better-than-expected earnings. Santos’ board has endorsed Adnoc’s cash offer of US$5.76 per share. Chief executive officer Kevin Gallagher had previously turned away multiple takeover approaches, sparking criticism from investors. Shares of Santos closed 0.6% lower at A$7.80 on Friday, though they have risen about 17% this year, valuing the firm at A$25.3 billion (US$16.6 billion or RM70.15 billion).

HANOI, Vietnam’s electric vehicle (EV) maker VinFast posted a net loss of US$812 million in the second quarter, even as deliveries surged. The country’s first homegrown car manufacturer — part of the Vingroup conglomerate led by Vietnam’s richest man — has set its sights on competing with global EV leaders such as Tesla. However, breaking into overseas markets has proven difficult, with its shares experiencing sharp swings since listing on Nasdaq in August 2023. Vietnam’s electronic vehicle (EV) manufacturer VinFast reported a net loss of US$812 million in the second quarter, despite deliveries jumping significantly. According to its unaudited results released Friday, VinFast’s Q2 net loss widened by nearly US$40 million compared with the same period last year. Vehicle deliveries rose sharply to more than 35,800 units, up 172% year-on-year, while revenue jumped 91.6% to US$663 million. Chairwoman Thuy Le said the results keep VinFast “on track to at least double our deliveries in 2025.” Despite reporting losses exceeding US$3 billion last year, the company has nearly 400 showrooms worldwide and is pushing into markets across Asia, the Middle East, Europe, the US and Canada. The company now faces added challenges from tariffs, after Washington imposed a 20% duty on Vietnamese EV exports in July under a deal with Hanoi. Vingroup, chaired by tycoon Pham Nhat Vuong, dominates various sectors in Vietnam, including real estate, healthcare, education and technology. Domestically, VinFast’s e-scooters, cars and buses have become a common sight on the streets of the 100-million-strong nation.

HONG KONG, Starbucks’ China operations have drawn initial bids valuing the business at up to US$5 billion (RM21.1 billion), according to people familiar with the matter. If completed, the deal would rank among the largest divestments of a China unit by a global consumer brand in recent years. The offers, which have not been reported previously, give Starbucks momentum to proceed with the partial sale as it faces slowing economic growth and rising competition from local rivals. Around 10 prospective buyers were invited to submit non-binding bids in early September, Reuters reported earlier. Most of the offers valued Starbucks China at about 10 times its estimated 2025 earnings before interest, taxes, depreciation and amortisation (Ebitda) of US$400 million to US$500 million, the sources said. At least one bidder proposed a higher multiple in the “high teens.” This valuation is broadly in line with Starbucks’ biggest competitor in the market, Luckin Coffee, which currently trades at around nine times its projected Ebitda over the next 12 months. Luckin has been rapidly expanding its footprint, especially in smaller Chinese cities, while winning over price-sensitive customers with cheaper drinks. The bidders’ identities remain confidential, but earlier reports named potential suitors such as private equity firms Carlyle, EQT, Bain Capital, Hillhouse Investment, Primavera Capital and Chinese tech giant Tencent. It is unclear whether all invited parties submitted offers. A Starbucks spokesperson declined to comment on the valuation or bidding process but pointed to the company’s record international sales growth and a return to revenue growth in China in recent quarters. Globally, Starbucks trades at an enterprise value of about 20.6 times its trailing 12-month Ebitda, according to LSEG data. The Seattle-based company has a market capitalisation of around US$99 billion. Starbucks has not disclosed how large a stake it intends to sell, though executives previously ruled out a full divestment. CEO Brian Niccol reiterated in July that the company will retain a “meaningful” stake in its China unit. China remains critical for Starbucks, housing more than 20% of its global outlets. However, its market share has slipped to 14% in 2023, down from 34% in 2019, according to Euromonitor International. To regain momentum, the company has rolled out more affordable non-coffee beverages and China-specific menu items while accelerating store openings. Comparable-store sales in China rose 2% in the quarter ended June 29, after showing no growth in the prior quarter. The bidding process is expected to move into a second round where shortlisted candidates will submit binding offers, the sources said, though the exact timeline remains uncertain.