Investment & Market Trends

PETALING JAYA,  Johor has attracted RM1.34 billion in investment commitments from five Singapore-based companies under the Johor-Singapore Special Economic Zone (JS-SEZ), according to Menteri Besar Onn Hafiz Ghazi. He added that an additional RM78 million in potential investments is currently being negotiated as part of the second phase. Onn Hafiz said these investments were facilitated by the Johor branch of the Malaysian Investment Facilitation Centre, which plays a key role in coordinating and expediting strategic investments in the state. Johor menteri besar Onn Hafiz Ghazi said 70 companies from countries such as Singapore, China, Germany, the UK and the Netherlands have expressed interest in investing in the JS-SEZ. “To date, 70 companies from Singapore, China, Germany, the UK, the Netherlands and local investors have expressed interest in investing in the JS-SEZ,” Bernama quoted him as saying during his official visit to Singapore as the 82nd recipient of the Lee Kuan Yew Exchange Fellowship. During the visit, he met with Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong to discuss strengthening economic ties and advancing the JS-SEZ agenda. Topics discussed included the establishment of a free trade zone within the JS-SEZ, enhancing the cross-border movement of goods and talent, and developing a second Rapid Transit System (RTS) link on Johor’s western side. Onn Hafiz also highlighted discussions on addressing the rising cost of living, improving infrastructure, and creating a more efficient transport system. He reiterated Johor’s readiness to adopt progressive policies that drive growth and deliver tangible benefits to the people while reaffirming the importance of strong cooperation between Johor, Malaysia and Singapore. “I believe the strategic cooperation between Johor, Malaysia and Singapore must continue to be strengthened to achieve an inclusive, equitable and sustainable development agenda where no one is left behind,” he said. Formally established in January through an agreement between Malaysia and Singapore, the JS-SEZ aims to attract 100 projects worth RM100 billion and create around 100,000 jobs in high-value sectors such as manufacturing, the digital economy, logistics, clean energy, and tourism over the next decade.

KUALA LUMPUR, IGB Real Estate Investment Trust (IGB REIT) reported a net profit of RM92.51 million for the second quarter ended June 30, 2025 (2Q 2025), up from RM81.55 million in the same period last year. Revenue grew to RM160.09 million from RM149.97 million previously, driven by stronger rental income, the company said in a filing with Bursa Malaysia today. Looking ahead, IGB REIT noted that while the retail outlook remains soft — with Retail Group Malaysia revising its full-year 2025 retail sales growth forecast down to 3.1% from 4.3% — it remains positive about long-term prospects. The trust pointed to its expansion plans, including the proposed acquisition of The Mall, Mid Valley Southkey in Johor, as a key growth driver. “The Johor retail market is supported by initiatives such as the Johor-Singapore Special Economic Zone, the Rapid Transit System Link, and strong cross-border spending. Subject to completion, this acquisition will further strengthen and diversify IGB REIT’s portfolio,” it said. For the first half of 2025, net profit rose to RM199.08 million from RM181.16 million a year earlier, while revenue climbed to RM331.53 million from RM312.53 million previously.

KUALA LUMPUR, FGV Holdings Bhd will be delisted from Bursa Malaysia’s Main Market after the Federal Land Development Authority (Felda) secured almost 92% of the company’s shares, surpassing the 90% threshold required under its unconditional voluntary takeover offer. In a filing to Bursa Malaysia, FGV said Felda and its concert parties collectively held 3.35 billion shares, or 91.73% of FGV’s total issued shares as of 5:00 pm today. Felda had previously stated it did not intend to retain FGV’s listing status. As a result, Bursa will suspend trading of FGV shares five market days after the final offer closing date on August 15, after which Felda will begin the process of delisting the plantation company. The update was communicated to FGV through a press notice from Maybank Investment Bank Bhd, which is acting on Felda’s behalf. Felda launched its takeover bid in June, offering RM1.30 per share for all remaining shares it did not own—a cash offer representing a 9.91% premium over FGV’s six-month volume-weighted average price prior to the notice. This move is part of Felda’s long-term strategy to privatise FGV and strengthen its control over the company. It marks Felda’s second attempt to take FGV private, following a similar bid in December 2020, when it acquired more than 82% of the shares at the same offer price of RM1.30.

Integrated engineering solutions provider, Oxford Innotech Berhad (“OXB”) (牛津科创有限公司), has successfully debuted on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) today. The stock is categorised under the Industrial Products & Services sector and carries the stock name OXB, with a stock code of 0368. (From left to right) Ms. Kaoy Lay Min (郭莉敏), Independent Director of Oxford Innotech Berhad, Puan Che Rogayah binti Sudin, Independent Director of Oxford Innotech Berhad, Mr. Khoo Lay Tatt (邱勵達), Independent Director of Oxford Innotech Berhad, Ms. Lee Lai Chan (李丽珍), Executive Director of Oxford Innotech Berhad, Mr. Ng Thean Gin (黄天仁), Managing Director of Oxford Innotech Berhad, Dr. Hari Narayanan a/l P.Ondiveeran, Independent Chairman of Oxford Innotech Berhad, Mr. Oh Yen San (胡炎山), Executive Director of Oxford Innotech Berhad, Mr. Teh Teng Wah (鄭庭華), Executive Director of Oxford Innotech Berhad, Ms. Lim Chia Wei (林嘉薇), Managing Director of Malacca Securities Sdn Bhd, Datuk Kenny Yong (杨富乾), Director, Corporate & Institutional Coverage of Kenanga Investment Bank Berhad, Mr. Wong Yoke Nyen (黄育源), Managing Director of WYNCORP Advisory Sdn Bhd At the opening bell, OXB’s share price opened at 36 sen, representing a premium of 24.1% over the issue price of 29 sen, with an opening volume of 9.2 million shares. Managing Director of OXB, Mr. Ng Thean Gin (黄天仁), said, “The listing of OXB on the ACE Market of Bursa Securities is certainly a defining moment for us. It provides a stronger foundation to scale our operations and grow our presence, particularly in the modular building systems, electrical and electronics (“E&E”), and semiconductor sectors. Looking ahead, we aim to broaden our product offerings and expand our customer base in these industries by cross-selling to existing customers.” “In addition, we are also constructing a new factory that will add another 67,722 square feet of production area, bringing the total manufacturing space to 192,896 square feet upon its completion in 2027. The facility is intended to meet the anticipated demand from customers in the modular building systems, E&E and semiconductor industries. At the same time, we are purchasing new machinery and equipment to complement our existing setup and optimise production capacity as the business scales.” “With our expanding manufacturing capacity and engineering capabilities, we are well-positioned to capture opportunities across our core markets, while remaining committed to delivering innovative, high-quality solutions,” Mr. Ng concluded. Of the RM41.6 million raised from the IPO, OXB has allocated RM23.1 million (55.5%) for the construction of a new factory, RM11.2 million (26.9%) for the purchase and refinancing of new machinery, RM3.3 million (8.0%) for general working capital, and RM4.0 million (9.6%) for the defrayment of listing expenses. On the financial front, OXB reported its first quarter results for the financial period ended 31 March 2025 (“1QFYE2025”), posting a profit after tax (“PAT”) of RM3.2 million on the back of RM19.5 million in revenue, translating to a PAT margin of 16.6%. The mechanical assembly solutions segment was the largest contributor, accounting for 65.0% of total revenue, followed by the precision engineering components solutions segment at 33.4%, and the automation and robotics solutions segment at 1.7%. Geographically, revenue in 1QFYE2025 was predominantly derived from Malaysia, which contributed 96.4%, with the remaining 3.6% coming from other Asian countries, North America, and Europe. Malacca Securities Sdn Bhd serves as the Principal Adviser, Sponsor, Underwriter and Joint Placement Agent, while Kenanga Investment Bank Berhad is the Joint Placement Agent, and WYNCORP Advisory Sdn Bhd is the Corporate Finance Adviser for the IPO exercise.

KUALA LUMPUR, PGF Capital Berhad (“PGF Capital” or “the Group”) (stock code: 8117), a leading insulation manufacturer listed on the Main Market, kicked off its new financial year on a strong note, recording a net profit of RM7.5 million for the first quarter ended 31 May 2025 (1QFY26), up 11.9% from RM6.7 million in the same period last year. Revenue held steady at RM40.6 million compared to RM40.5 million in 1QFY25. The improved profit was mainly due to solid demand for insulation products from the Oceania region and tighter cost controls, though it was partly offset by a RM0.6 million unrealised loss on currency swaps. PGF Capital Berhad – Group CEO Fong Wern Sheng The Insulation segment remained the Group’s main revenue driver, contributing 99.7% of total revenue. PGF Capital noted strong sales momentum in Australia, supported by government policies such as updated building codes and housing targets, along with incentives like the Victorian Energy Upgrades programme. However, a gas pipeline incident in Putra Heights temporarily affected production and exports during the quarter. The Group also shared positive updates on its new mineral wool sandwich panels, which have been certified by SIRIM and are awaiting final approval from Malaysia’s Fire Department. These products are expected to support energy-efficient construction under the Energy Efficiency and Conservation Act 2024. PGF Capital’s new 40,000 metric-tonne plant in Kulim, Kedah, remains on track to begin commercial operations in the first half of 2026. The project has secured a tax incentive package under the Northern Corridor Economic Region (NCER), which includes a 5+5 year corporate tax holiday. The Group reassured stakeholders that ongoing US reciprocal tariffs are unlikely to impact its business, as the majority of its exports go to Oceania and Malaysia, with no direct exports to the US. On the property development front, PGF Capital received conditional planning approval for Phase 1 of its Tanjong Malim project. In partnership with Malvest Properties, the development will deliver 1,808 residential and commercial units, supporting the government’s vision of making Proton City an Automotive High-Tech Valley. Financially, the Group maintained a healthy net gearing ratio of 0.15 times and net assets per share of RM1.39. It also generated RM3.4 million in operating cash flow during the quarter, reflecting solid underlying performance.

KUALA LUMPUR,  Accenture (NYSE: ACN) has acquired Malaysia-based consulting firm Aristal, marking its first banking-focused acquisition in the country. The move strengthens Accenture’s ability to help Malaysian banks modernize their core systems, streamline operations, and manage major changes such as mergers and system upgrades. Founded in 2006, Aristal is known for its strong expertise in core banking transformation and has successfully delivered large-scale IT and business change projects across Malaysia, Indonesia, Singapore, and Thailand. “Aristal has a proven track record in helping banks improve outdated systems and enhance customer experience,” said Paul Ng, Financial Services Lead for Southeast Asia at Accenture. “Their skills in platform implementation and post-merger integration will strengthen our services across the region.” The firm’s team of 30 experienced professionals will join Accenture’s Financial Services division in Malaysia, combining local banking knowledge with Accenture’s global technology and operations expertise to deliver end-to-end transformation for clients. With banks across Southeast Asia facing growing pressures from regulatory demands, M&As, and digital competition, the region is expected to invest heavily in core system upgrades. The global core banking market is forecast to reach USD 28.8 billion by 2027. “This acquisition grows our local talent pool and boosts our ability to help clients embrace modern core systems, AI, and data,” said Azwan Baharuddin, Accenture’s Country Managing Director for Malaysia. “It reflects our ongoing investment in the country’s financial services sector.” Lin Kok Liong, Managing Director at Aristal, added: “Joining Accenture allows us to scale our impact and tap into its global resources. We’re excited to bring more value to clients and grow with the team.” This acquisition follows Accenture’s continued focus on Southeast Asia, including the acquisition of Percipient’s digital twin technology in Singapore and the launch of its AI Refinery Engineering Hub in the region. Financial details of the Aristal deal were not disclosed.

KUALA LUMPUR, MMAG Holdings Bhd’s Labuan-based indirect subsidiary, MMAG SkyAssets, has entered into an agreement to purchase a Boeing 737-800 converted freighter for US$25.9 million (approximately RM109.18 million) from GASL Ireland Leasing A-1, a special-purpose vehicle managed by Genesis Aircraft Services Ltd. MMAG Holdings Bhd’s Labuan-based indirect unit MMAG SkyAssets has signed an agreement to buy a Boeing 737-800 converted freighter for US$25.9 million (about RM109.18 million). The aircraft is currently leased and operating under MMAG Aviation Consortium Sdn Bhd’s MJets Air. Upon completion of the deal, it will become MMAG’s third owned freighter, bringing the group’s total fleet to seven, including four leased aircraft. This marks the group’s third aircraft acquisition, following two previous purchases from JPA No.161 Co Ltd in December 2024 and January 2025. The move aligns with MMAG’s long-term strategy to increase asset ownership and reduce reliance on leased equipment. MMAG Aviation chairman Woo Kam Weng said the acquisition reflects the company’s goal of becoming a fully empowered aviation operator. “With stronger asset control, we can better adapt to market demands, optimise fleet usage, and unlock new revenue opportunities. It’s a strategic step towards long-term sustainability in a competitive logistics environment,” he said. The acquisition, subject to shareholder approval, will be financed through a structured payment plan over 14 months, ending with a final settlement upon transfer of ownership. MMAG said this phased approach ensures sound cash flow management while securing long-term operational value. Built in 2005, the newly acquired freighter is significantly newer than the group’s previous aircraft purchases, which were over 30 years old. The younger aircraft is expected to enhance fleet reliability, improve efficiency, and offer greater residual value. The growing number of owned freighters underlines MMAG’s broader plan to internalise its fleet infrastructure, reduce dependence on third-party lessors, and reinforce financial resilience through asset ownership.

HONG KONG, CK Hutchison announced on Monday it is in discussions to include a major Chinese strategic investor in the consortium bidding for its global ports business, valued at US$22.8 billion. The move comes after Beijing raised regulatory concerns over the transaction amid ongoing geopolitical tensions between China and the United States. CK Hutchison said on Monday it wants a major Chinese strategic investor to join the BlackRock-led consortium bidding for its US$22.8 billion ports business. The Hong Kong-based conglomerate made the statement following the expiry of its exclusive negotiation period with the bidding consortium, which is led by U.S. asset manager BlackRock and MSC, the family-run shipping giant owned by Italian billionaire Gianluigi Aponte. The proposed deal covers 43 port assets across 23 countries, including two strategically sensitive ports located along the Panama Canal. China COSCO Shipping Corp is reportedly looking to join the consortium, according to a source familiar with the matter. CK Hutchison indicated that revisions to the consortium’s structure and transaction terms may be necessary to meet regulatory requirements and said it would allow additional time to ensure full compliance. “The company has consistently maintained that it will not proceed with any transaction without approval from all relevant authorities,” CK Hutchison said in a filing to the Hong Kong Stock Exchange. The end of the exclusivity period now opens the door for potential bids from other interested parties, according to a source with direct knowledge of the situation. Shares of CK Hutchison rose 1.6% on Monday, outperforming the broader Hang Seng Index, which gained 0.9%. The deal has stirred geopolitical tensions, particularly after former U.S. President Donald Trump publicly called for a return of U.S. influence over the Panama Canal and labeled the proposed acquisition as a means of “reclaiming” control. His administration previously criticized Chinese ownership of strategic ports in the region. China’s market regulator, the State Administration for Market Regulation, said it will evaluate the deal in accordance with domestic laws to ensure fair competition and protect public interest. State-backed Chinese media, echoing Beijing’s position, criticized the original deal structure and suggested Chinese involvement was essential due to national interests. CK Hutchison emphasized that any new investor must hold a “significant” stake within the consortium. Analysts remain cautious. “A Chinese investor with majority control is likely to raise concerns, but a stake below 50% might satisfy both sides,” said David Blennerhassett of Ballingal Investment Advisors. JPMorgan, in a client note, said that including COSCO could help ease Beijing’s concerns and improve chances of regulatory clearance. However, it also warned that not all 43 ports—especially the Panama assets—may be included in the final deal, and the composition of the buyer group could shift, potentially impacting the final valuation.

KUALA LUMPUR, Brigade Hotel Ventures’ ₹7.6 billion (US$88 million) initial public offering (IPO) was fully subscribed by Friday afternoon, the second day of bidding, reflecting growing investor confidence in India’s rapidly expanding hospitality sector. As of 1:28pm local time, exchange data showed total bids equaled the number of shares available in the fresh issue. The hotel operator, targeting a market valuation of approximately US$397 million, is scheduled to list on Thursday, July 31. India’s hospitality sector is seeing a surge in demand, driven by a strong rebound in both business and leisure travel. This momentum is further supported by affluent consumers splurging on luxury goods and services—from high-end accommodations to premium cars, apartments, and designer items. In response, hospitality groups like ITC Hotels and Schloss Bangalore (owner of Leela Hotels) have turned to public markets over the past two years, banking on continued appetite for premium experiences. Brigade Hotel Ventures initially filed for a ₹9 billion IPO in October, but the offer size was reduced following partial debt repayments and pre-IPO fundraising efforts. The company operates nine hotels across five Indian cities, partnering with international brands such as Marriott, Accor, and IHG in the mid- to upscale segments.

KUALA LUMPUR, Ekovest Bhd and its major shareholder Tan Sri Lim Kang Hoo have mutually agreed to extend the deadline to finalise the proposed acquisition of Credence Resources Sdn Bhd (CRSB) to August 29, from the original date of July 28. In a filing with Bursa Malaysia, Ekovest said the extension allows additional time for the parties to evaluate the proposed deal and to continue discussions and negotiations on the terms of the definitive agreement. The company also announced the appointment of MBSB Investment Bank Bhd as the principal adviser and Astramina Advisory Sdn Bhd as the financial adviser for the acquisition. The proposed deal, announced on October 28, 2023, involves Ekovest acquiring a 70% stake in CRSB for RM1.15 billion. The acquisition forms part of a broader consolidation plan aimed at streamlining Lim’s shareholdings across various companies.