Investment & Market Trends

KUALA LUMPUR, AmanahRaya Trustees Bhd (ART), a wholly owned unit of Amanah Raya Bhd, has signed a memorandum of understanding (MoU) with CoKeeps Sdn Bhd to explore the development of Digital Asset Custodian (DAC) services. In a joint statement, both parties said the collaboration represents a key step in advancing digital transformation, enhancing investor confidence, and strengthening Malaysia’s financial ecosystem. The partnership will combine ART’s expertise in fiduciary and trusteeship with CoKeeps’ position as Malaysia’s first Securities Commission (SC)-registered digital asset custodian. Together, they aim to create a testbed for tokenisation and build certified digital asset infrastructure to support corporate clients, private mandates, estate planning, and future tokenisation projects. ART chief executive officer Zainudin Suhaimi said digital assets are reshaping wealth management, and trustees must evolve to meet new market needs. “By bridging traditional fiduciary roles with modern infrastructure, AmanahRaya Trustees will continue to be a trusted partner in today’s fast-changing financial landscape,” he said. CoKeeps CEO Suhanna Hussein added that the collaboration is an important step toward building a secure and reliable digital asset ecosystem that complies with regulations while keeping pace with market expectations. “This partnership aligns with the government’s digital economy agenda and ensures custodial frameworks are built on strong governance, compliance, and risk management, paving the way for tokenisation and long-term value creation,” she said.

Japan’s SoftBank Group has reduced its stake in Indian electric scooter manufacturer Ola Electric to 15.68% from 17.83%, following the sale of a 2.15% holding over the past two months, according to a filing with the stock exchange on Thursday. SoftBank, which is Ola Electric’s second-largest shareholder after founder Bhavish Aggarwal, disposed of a total of 94.9 million shares through multiple transactions conducted between July and September. The company did not disclose the sale price, leaving investors to speculate on the valuation of the divestment. Ola Electric, which made its stock market debut in August 2024, has recently experienced a surge in trading activity, reflecting heightened investor interest in the electric vehicle sector in India. The stock recorded gains of more than 10% in two of the last four trading sessions, indicating strong market momentum. The reduction in SoftBank’s stake marks another strategic adjustment by the Japanese investment giant, which has been actively managing its portfolio in response to changing market conditions and the evolving outlook for clean energy and mobility companies globally. Despite the partial exit, SoftBank remains a significant shareholder, continuing to support Ola Electric’s growth ambitions in India’s rapidly expanding electric two-wheeler market. Ola Electric has been investing heavily in scaling up production capacity and expanding its charging and service infrastructure to meet rising demand, positioning itself as one of the leading players in India’s transition to electric mobility. The company’s founder, Bhavish Aggarwal, retains control and continues to drive strategic initiatives, including new product launches and international expansion plans.

KUALA LUMPUR, Hengyuan Refining Company Bhd (KL:HENGYUAN) said its major shareholder, Malaysia Hengyuan International Ltd (MHIL), has committed to subscribe for its full entitlement in the company’s ongoing rights issue. “This commitment secures the minimum fundraising of RM155 million under the exercise,” Hengyuan said in a filing with Bursa Malaysia on Thursday, noting that the group is now on course to raise up to RM300 million through the exercise. The rights issue will involve up to 300 million new shares and 150 million free detachable warrants, offered at one rights share for every existing share held and one warrant for every two rights shares subscribed. Proceeds from the exercise are primarily intended to fund the purchase of additional crude oil feedstock. Hengyuan remains the main supplier of Shell refined products in Peninsular Malaysia and has also expanded its customer base to include Petronas, Petron, and Five. Approximately 90% of Hengyuan’s refined products are sold domestically, with the remainder exported to Southeast Asia. Hengyuan, 51.02%-owned by MHIL, expects to raise up to RM300 million from the rights shares, based on an illustrative price of RM1 per share. If the warrants are fully exercised at RM1.41 each, the company could raise an additional RM211.5 million over five years. The group is targeting a return to profitability by 2026 and, subject to this, the board may consider resuming dividends in the future. Chief Financial Officer Yeo Bee Hwan said Hengyuan has invested more than RM2.2 billion over the past five years to boost production capacity and expand into higher-value products such as sustainable aviation fuel and Euro 5 gasoil. Hengyuan has reported losses over the past three financial years, including a RM158 million loss after tax in FY2022, RM489 million in FY2023, and RM358 million in FY2024. The first half of FY2025 saw a net loss of RM353.69 million, compared with RM198.34 million in the same period last year, on revenue of RM5.89 billion, down 39% from RM9.61 billion. Hengyuan’s share price closed two sen lower at RM1.19 on Thursday, down 45% year-to-date.

Vantage Data Centers is in talks to acquire Yondr Group’s Malaysian assets, including its data centre campus in Johor, in a deal valued at about US$1.6 billion (RM6.76 billion), sources told Bloomberg. The potential acquisition would streamline the portfolio of their joint backer, DigitalBridge Group Inc, while strengthening its footprint in the Asia-Pacific region. Sovereign wealth fund Abu Dhabi Investment Authority (ADIA), a co-investor, is also expected to participate. Discussions are still ongoing, and details such as valuation may change. Representatives for DigitalBridge, Vantage, Yondr and ADIA declined to comment. Yondr, co-owned by DigitalBridge and La Caisse, operates independently within DigitalBridge’s portfolio. Vantage, meanwhile, provides data centre services for cloud providers, artificial intelligence (AI) and technology firms, with operations across Singapore, Malaysia, Australia, Hong Kong, Japan and Taiwan. DigitalBridge and Vantage already share close ties. Last year, DigitalBridge and Silver Lake Management led a US$6.4 billion equity injection into Vantage, following a €1.5 billion (RM7.38 billion) investment from AustralianSuper for its Europe, Middle East and Africa business. The surge in AI and data-driven technologies is fuelling global data centre investments. In July, Stonepeak Partners pledged US$1.3 billion to Princeton Digital Group for its Asia-Pacific expansion. Similarly, Bain Capital-owned Chindata Group’s China operations have attracted local bidders in a potential 30 billion yuan (RM17.75 billion) deal. In August, Bloomberg reported that DigitalBridge was weighing a stake sale in Vantage’s Asia-Pacific business worth up to US$1 billion and had previously explored selling its Hong Kong assets for as much as US$500 million.

TANJONG MALIM, Prime Minister Datuk Seri Anwar Ibrahim has urged Chinese automotive giant Zhejiang Geely Holding Group Co Ltd (Geely) to scale up its investment in the Automotive Hi-Tech Valley (AHTV), positioning the site as a key hub in the regional automotive supply chain. Anwar, who also serves as Finance Minister, said AHTV’s growth is being driven by national carmaker Proton Holdings Bhd’s substantial investment. “We want AHTV to be a major centre for Geely. I told its chairman Li Shufu that beyond car manufacturing, Geely should also set up a centre of excellence for training and education here,” he said during the launch of Proton’s new electric vehicle (EV) plant. The ceremony was also attended by Perak Menteri Besar Datuk Seri Saarani Mohamad, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, and Transport Minister Anthony Loke. Anwar emphasised the importance of collaboration between the state government and relevant ministries to ensure the success of AHTV-related projects. He added that Proton’s EV factory will help lower production costs, enabling the company to offer affordable EVs suited to middle-income buyers. “These vehicles will also cater to lower-income groups seeking cars with better features at lower prices,” he said. The Prime Minister noted that Proton’s expansion would strengthen its international presence, highlighting Egypt as an example. “In Beijing, Egyptian Prime Minister Mostafa Madbouly praised Proton Egypt’s performance, where the brand has become a popular choice among consumers,” Anwar said. He revealed that discussions are underway for Proton to expand into South Africa and Brazil, with both nations’ leaders — President Luiz Inacio Lula da Silva of Brazil and President Cyril Ramaphosa of South Africa — expected to attend the 47th ASEAN Summit in October. “I have asked Proton to showcase its technology and capabilities during the summit so foreign leaders and delegations can see firsthand the brand’s strengths, opening doors to more export markets,” Anwar added.

KUALA LUMPUR, WTK Holdings Bhd, together with its wholly-owned subsidiary BioPalm Venture Sdn Bhd, has announced plans to acquire three companies in deals worth a combined RM555 million. In a filing with Bursa Malaysia, WTK said the proposed acquisitions are part of its strategy to strengthen its footprint in the oil palm sector in Sarawak, covering upstream plantation activities as well as palm oil milling operations. The first deal, with WTK Realty, involves the purchase of seven million ordinary shares in Desacorp Sdn Bhd — representing 100% equity interest — for RM230 million. The second transaction, through BioPalm Venture and WTK Realty, will see the acquisition of 14 million shares in Imbok Enterprise Sdn Bhd, equivalent to a 70% stake, for RM290 million. Meanwhile, the third proposal involves BioPalm Venture and WTK Realty acquiring 3.5 million shares in WTK Oil Mill Sdn Bhd, also representing a 70% equity interest, for RM35 million. Upon completion, Desacorp will become a wholly-owned subsidiary of WTK, while Imbok Enterprise and WTK Oil Mills will be 70%-owned subsidiaries of BioPalm Venture. WTK said the acquisitions will boost the group’s financial strength, as the subsidiaries’ results will be consolidated into the group’s accounts in line with Malaysian Financial Reporting Standards. This is expected to enhance WTK’s asset base, revenue streams, profitability, cash flow, and long-term earnings visibility. “Given the robust global demand for palm oil, the group remains optimistic about the plantation division’s ability to deliver sustainable growth and profitability in the coming years,” it said. The acquisitions are targeted for completion by the first quarter of 2026.

KUALA LUMPUR, Sunway Bhd has unveiled plans to list its healthcare arm, Sunway Healthcare Holdings Bhd (SHH), by early 2026, with the exercise also involving a share dividend distribution to its shareholders. Ahead of the proposed IPO of up to 1.97 billion new and existing shares, SHH will undertake a share split, converting each share into nine shares. This will expand its share base from 1.2 billion to 10.9 billion without altering its current valuation of RM2.2 billion. SHH is 84%-owned by Sunway via Sunway City Sdn Bhd (SunCity), while the remaining 16% is held by Singapore’s Greenwood Capital Pte Ltd. Following the share split, SunCity will distribute its SHH holdings to Sunway as a special dividend, which Sunway intends to pass on to its shareholders at a ratio of one SHH share for every 10 Sunway shares. The IPO, subject to regulatory approval, will comprise up to 575 million new shares and 1.4 billion existing shares, representing as much as 17.2% of SHH’s equity. Proceeds from Sunway’s portion of the sale will be used to reduce borrowings, support working capital and cover listing expenses. SHH’s portion will be channelled towards hospital expansion, new developments, partial redemption of Islamic medium-term notes, and IPO-related costs. Post-listing, Sunway is expected to retain a 69.5% stake in SHH through SunCity. The group noted that the exercise would unlock value, provide SHH direct access to capital markets, and strengthen its financial flexibility while reinforcing its position as a leading private healthcare provider in Southeast Asia. SHH currently operates five hospitals with a combined 1,662 licensed beds, led by its flagship Sunway Medical Centre in Subang Jaya. Its portfolio also includes hospitals in Cheras, Penang, Damansara and Ipoh, alongside services in ambulatory care, fertility, traditional and complementary medicine, home care and senior living. Expansion plans are underway, including hospitals in Seremban, Iskandar Puteri and Putrajaya, as well as a fertility centre in Kota Bharu. These projects are expected to more than double SHH’s capacity to over 3,400 beds by 2032. For FY2024, SHH reported a net profit of RM257.5 million on revenue of RM1.85 billion, compared with RM181.6 million and RM1.46 billion respectively in FY2023. Adjusted Ebitda rose to RM458.5 million from RM380.8 million. Maybank Investment Bank and AmInvestment Bank are joint advisers for the IPO. Sunway’s shares eased two sen or 0.40% to RM4.92 at Friday’s midday break, giving the group a market capitalisation of RM30.85 billion. Year to date, the counter has gained 4.02%.

KUALA LUMPUR, PPB Group Bhd could face a potential financial exposure of up to RM600 million in a worst-case scenario if its associate Wilmar International Ltd fails in its appeal before Indonesia’s Supreme Court over alleged misconduct linked to palm oil export permits. Managing director Lim Soon Huat said the figure, equivalent to about 45 sen per PPB share, represents the group’s share of Wilmar’s US$729 million (RM3.1 billion) security deposit with Indonesia’s Attorney General’s Office (AGO). “However, this is only a worst-case scenario. We remain confident that the Supreme Court ruling will be more favourable,” Lim said at PPB’s first-half results briefing on Wednesday, adding that the group has not made any financial provisions for the matter. Despite the legal overhang, Lim assured that PPB’s dividend policy remains unaffected. The group declared an interim dividend of 12 sen for the second quarter ended June 30, 2025 (2QFY2025), unchanged from a year earlier, supported by a net cash balance of RM1.3 billion. “Beyond dividends from Wilmar, we also receive cash from other investments. After accounting for capital and operational requirements, we are confident of continuing to deliver consistent shareholder returns,” he said. Lim also noted that Wilmar’s operations in China and India are expected to remain profitable and supportive of future payouts. Wilmar is PPB’s largest profit contributor, delivering RM992 million to PPB’s FY2024 profit before tax of RM1.33 billion. However, in 2QFY2025, Wilmar’s contribution fell 19% to RM197 million, in line with its lower net profit of US$251 million compared with US$277 million a year earlier. PPB holds an 18.8% stake in Wilmar. On concerns about exposure to Indonesia, Lim dismissed speculation that PPB may scale back operations following recent legal uncertainty and social unrest. “Instead of pulling out, we are expanding further in Indonesia, not only in business but also in infrastructure and distribution. Wilmar remains one of the strongest consumer products players, with cooking oil, rice and sugar under its portfolio,” he said, describing the ongoing case as a temporary setback against a broader economic slowdown. Wilmar, along with two other palm oil companies, was implicated in a 2022 graft case involving export permits. While the Central Jakarta Court acquitted all parties earlier this year, prosecutors have appealed after several judges involved in the acquittal were arrested on bribery allegations. In June, Wilmar confirmed that it placed 11.8 trillion rupiah (US$729 million or RM3.1 billion) with the AGO as a security deposit, which will be returned if the company is cleared but could be forfeited in part or full if the appeal is unsuccessful. Kenanga Research said the development increases PPB’s risk premium and may weigh on sentiment until the case is resolved. The research house has lowered its target price for PPB from RM15.00 to RM10.50 and downgraded the stock to a ‘market perform’ call. PPB shares, which recently slipped below RM10 for the first time in over 16 years, rebounded at mid-day trading on Wednesday, rising 27 sen or 2.99% to RM9.31, valuing the company at RM13.24 billion.

KUALA LUMPUR, Tropicana Corporation Bhd has completed the redemption of another tranche of its Sukuk Wakalah Programme amounting to RM100 million, which matured today. In a statement, the group said it had earlier redeemed a tranche worth RM123.5 million on June 30, 2025, under the same programme. “The redemption of the sukuk underscores Tropicana’s prudent financial management and steadfast commitment to honouring its obligations to investors. The group continues to deliver sustainable earnings, supported by unbilled sales of RM2.1 billion and strengthened by its ongoing and upcoming signature developments across Malaysia with an estimated gross development value (GDV) of RM6.5 billion,” it said. Tropicana added that it remains on a growth trajectory through initiatives focused on enhancing sales performance, monetising landbank and investment properties, as well as optimising financial management. The group’s balance sheet has also continued to strengthen, with its gross gearing ratio easing from 0.43 times as at Dec 31, 2024, to 0.42 times as at June 30, 2025. “We have in place strategic divestment plans and will continue to implement effective sales campaigns to drive growth. We would also like to extend our sincere appreciation to our business partners for their continuous support towards Tropicana Group,” it said. As at June 30, 2025, Tropicana’s landbank stood at 1,336.1 acres (540.70 hectares), with a total potential GDV of RM168.4 billion.

KUALA LUMPUR, Dagang NeXchange Bhd (DNeX) has secured its sixth extension from the Ministry of Finance (MOF) to continue operating and maintaining Malaysia’s National Single Window (NSW) for Trade Facilitation. The latest extension, awarded to DNeX’s wholly owned subsidiary Dagang Net Technologies Sdn Bhd, runs from Sept 1, 2025, to Aug 31, 2026, with the option for a further one-year renewal subject to performance review, prevailing needs, and mutual agreement, the company said in a Bursa Malaysia filing. Dagang Net, which sits under DNeX’s information technology division, specialises in business-to-business e-commerce and digital transaction services, and has been managing the NSW platform since its launch. DNeX first won the NSW concession in September 2009 for a five-year term. Since then, it has received multiple extensions — two years in 2014, two in 2016, two in 2017, two in 2019, three in 2021, and now a further year in 2025. The NSW functions as Malaysia’s backbone for digital trade facilitation, connecting users with permit-issuing agencies, financial institutions, and customs checkpoints to streamline cross-border transactions. In earlier disclosures, particularly during the 2017 extension, DNeX noted that Dagang Net charged government users 75 sen per kilobyte of electronic data interchange (EDI) volume, while private-sector users were charged 80 sen per kilobyte or RM5 per successful permit and certificate of origin application. No updated pricing has been provided for the latest contract renewal. On Wednesday, DNeX’s shares slipped two sen or 4.08% to close at 47 sen, giving the group a market value of RM1.57 billion. Despite the dip, the stock remains up more than 67% year to date, having reached a year-high of 53.5 sen on July 28.