Investment & Market Trends

Stack Infrastructure Inc, a data centre operator owned by Blue Owl Capital, is exploring strategic options that include a potential sale of its Asian operations, according to people familiar with the matter. The Denver-based company has reportedly been in discussions with potential advisers regarding a partial or full divestment of its assets across Australia, Japan and Malaysia, the sources said, noting that talks are private and ongoing. A possible transaction could be valued at more than US$30 billion (RM117.75 billion). The sources added that infrastructure-focused funds and industry players are expected to show interest, although discussions remain at an early stage and no final decisions have been made. Blue Owl declined to comment, while Stack did not respond to requests for comment. The potential sale comes amid strong investor interest in data centre assets, driven by rapid growth in artificial intelligence (AI) and digital infrastructure demand. The Asia-Pacific region has seen a surge in related deal activity, with several major players reportedly reviewing or marketing assets. Recent reports have also pointed to possible transactions involving other data centre operators in the region, as investors look to capitalise on long-term demand growth. According to Moody’s Ratings, global investment in the data centre sector could exceed US$3 trillion over the next five years, with a significant portion expected to be funded through debt financing. However, analysts have also raised concerns about sustainability risks linked to the rapid expansion of AI-driven infrastructure. Stack operates data centres across the Americas, Europe and Asia, and expanded into the Asia-Pacific region in 2021, establishing its regional headquarters in Singapore. The company has pursued both organic growth and acquisitions in the region. In recent funding activity, Stack had previously sought a loan of around A$3 billion (US$2.2 billion) to support expansion in Australia and also secured a ¥39.7 billion (US$253 million) green financing facility to expand its data centre campus near Tokyo.

Majlis Amanah Rakyat (MARA) has allocated RM2.2 billion for targeted, high-impact investments up to 2030 as it intensifies efforts to strengthen its asset base, diversify income streams, and drive long-term value creation. From left: Majlis Amanah Rakyat (MARA) Senior Director (Investment) Dr Azmi Amat Murjan, MARA Director General and MARA Corporation Chairman Datuk Zulfikri Osman and MARA Corporation Acting Group CEO Datuk Amir Azhar Ibrahim. MARA Corporation presented a RM25.2 million dividend contribution cheque to MARA. The allocation is part of a broader shift towards more disciplined capital deployment as MARA marks its 60th anniversary, positioning itself as a more structured investment institution while continuing to uphold its socioeconomic mandate. MARA Director General and MARA Corporation Chairman Datuk Zulfikri Osman said the milestone reflects the agency’s transition into a disciplined capital allocator, balancing financial performance with measurable social outcomes and long-term national value creation. The planned investments will cover areas such as carbon credit initiatives, property development, and other high-value sectors aligned with national priorities, with several projects already in progress. Among the key developments are three property projects located in Signal Hill (Kota Kinabalu), Ampangan (Negeri Sembilan), and Jalan Maktab (Kuala Lumpur), with a combined gross development value (GDV) of about RM1 billion. These projects are targeted for completion by 2030. MARA is also expanding into the carbon market, including plans to develop what it describes as the world’s first Shariah-compliant carbon credit framework, alongside a Shariah-compliant carbon credit fund. The initiative targets more than 200,000 hectares of carbon-related projects and projected revenue of up to RM450 million by 2030. In addition, MARA introduced the PMB Shariah Fixed Price Total Return Wholesale Fund, aimed at providing institutional investors with structured and stable Shariah-compliant investment options. Beyond new investments, MARA is also looking to unlock value from existing assets through capital market listings. Institutions such as Kolej Poly-Tech MARA (KPTM) and Universiti Kuala Lumpur (UniKL) are being prepared for potential IPOs within the next three years, alongside possible listings of healthcare-related assets including U.n.i.Klinik, U.n.i.Farmasi and U.n.i.Dental. Zulfikri said MARA’s approach reflects a balance between financial performance and its broader socioeconomic role in advancing Bumiputera development. The group reported a 10% increase in revenue to RM1.69 billion in 2025, while continuing to reduce accumulated losses, with a return to profitability expected by 2027. It also recorded RM1.67 billion in socioeconomic value creation between 2021 and 2025 through its education and development programmes. MARA is further strengthening governance through digitalisation, including an enterprise resource planning (ERP) system expected to be completed by December 2026 to improve transparency and decision-making. “As we mark six decades of service, MARA remains committed to disciplined capital allocation, expanding future-ready investments, and delivering tangible economic impact to the Bumiputera community,” Zulfikri said.

Nissan Motor plans to cut around 900 jobs in Europe, or about 10% of its regional workforce, as part of a broader global restructuring effort aimed at improving profitability and efficiency. The Japanese automaker said the job cuts will mainly affect white-collar and warehouse roles, with its European headcount currently at about 9,300 employees. As part of the plan, Nissan will also streamline production at its Sunderland plant in the UK, reducing operations from two production lines to one to improve plant utilisation. The company confirmed that the changes will not impact production-line workers at the facility. The move is part of a wider turnaround strategy launched last year under CEO Ivan Espinosa, which aims to restore profitability following recent losses, reduce Nissan’s global manufacturing footprint, and cut its total workforce by 15% worldwide. Nissan said it is taking steps to build a leaner and more resilient business, including operational changes across Europe. These include the partial closure of a warehouse in Barcelona and a shift to a new distribution model in Nordic markets, where importer partners will take on a larger role. In Spain, around 500 employees work in functions affected by the proposed cuts, although the final number will be determined through discussions with labour unions and is expected to be lower. Nissan said it will provide further updates on its restructuring progress when it announces its full-year financial results later this month, with additional strategic plans to be revealed later in the year.

IQ Group Holdings Bhd is closing its manufacturing operations in Penang that produce motion sensors and lighting products due to declining orders. The company said in a Bursa Malaysia filing that 37 employees will be retrenched, while a small team will remain to manage third-party supply and external manufacturers. It added that no alternative roles will be offered to affected staff. IQ Group said the closure will not impact its other manufacturing operations in China, or its offices in Taiwan, Japan and the UK. The Penang plant, operated by its wholly-owned subsidiary IQ Group Sdn Bhd, has seen a sharp drop in orders over the past three years as customers shift production to China for lower costs, while US tariffs also affected volumes. The company said production in Malaysia is no longer commercially viable, with the final production batch completed in April and no new orders received since. IQ Group added it has been coordinating with customers to manage inventory for remaining product needs, while some products have been redesigned for lower-cost manufacturing in China. It said the closure affects about 5% of group revenue. One-off costs of RM2.9 million will be recorded for write-offs and retrenchment compensation. The shutdown is expected to be completed by September and generate annual savings of about RM1.81 million. For the financial year ended March 31, 2025, IQ Group posted a net profit of RM490,000, while revenue fell nearly 14% to RM110.35 million. Revenue has declined 17% over the past three years.

GIIB Holdings Bhd said it is evaluating a potential investment in a healthcare-related business following a query from Bursa Malaysia over unusual trading activity in its shares. In a filing on Monday, the group said the proposal is still at a preliminary stage, with key terms and details yet to be finalised. The stock surged despite the group’s auditor recently flagging a material uncertainty related to its ability to continue as a going concern, citing losses, negative operating cash flow and a mismatch between short-term liabilities and assets. “The board wishes to inform that the company is currently in the midst of considering a potential investment in a healthcare-related business,” it said, adding that any material developments will be announced accordingly. GIIB, whose core businesses include rubber compounding, tyre retreading, rubber trading and property development, said it is not aware of any other corporate developments or rumours that could explain the recent share price movement. The clarification came after Bursa issued an unusual market activity (UMA) query, following a sharp spike in GIIB’s share price on Monday. The stock rose as much as 50% intraday before closing 45.45% higher at 16 sen, its highest level in over four years, with 56.8 million shares traded. It was also the fifth most actively traded stock on the exchange. The surge came despite auditors recently flagging uncertainty over GIIB’s ability to continue as a going concern, citing losses, negative cash flow and a mismatch between short-term liabilities and assets. Auditors also issued a qualified opinion on its FY2025 accounts due to issues including the deconsolidation of its glove unit and recoverability of receivables.

Sarawak Consolidated Industries Bhd said shareholders have approved its RM151.2 million divestment exercise at an extraordinary general meeting on Monday. The deal involves the sale of its entire stake in SCIB Concrete Manufacturing Sdn Bhd for RM113 million, as well as seven parcels of land worth RM38.19 million. In a statement, the group said the disposal is part of its strategic reset to unlock value from its manufacturing assets and landbank, while shifting focus towards its engineering, procurement, construction and commissioning (EPCC) business. SCIB added that the move is expected to strengthen its balance sheet by improving liquidity and generating cash inflows. Proceeds from the sale will be used to fund ongoing and future construction and EPCC projects, support property development activities, and boost working capital. Executive chairman Chong Loong Men said the exercise marks a reset for SCIB on a stronger and more focused foundation. As at end-December 2025, SCIB’s accumulated losses widened to RM103.9 million, while total liabilities rose to RM201.9 million. Cash stood at RM22.2 million against borrowings of RM38 million. SCIB shares closed up 0.5 sen or 3.7% at 14 sen on Monday, giving the group a market value of RM99.52 million.

AGX Group Berhad said it is restructuring its regional logistics business through a share swap involving its Philippines and Singapore units. In a Bursa Malaysia filing, the third-party logistics provider said it will transfer its stake in All-Link Philippines to its Singapore associate as part of a corporate restructuring exercise aimed at consolidating regional operations. Following the exercise, AGX’s effective stake in All-Link Philippines will fall to 31% from 47.99%, while its holding in All-Link Singapore will be reduced to about 23.2% from 30%. The transaction, valued at RM856,048 (S$276,689), will be settled through the issuance of 1,447 new shares in All-Link Singapore to AGX Logistics (S) Pte Ltd. AGX said the move will help unlock value in its investment, strengthen the associate’s capital base, and support its regional expansion. Group CEO Ponnudorai Periasamy said the exercise marks a key step in crystallising the value of its investment in All-Link, while improving governance, transparency, and access to capital for future growth. On Monday, AGX shares closed 0.5 sen lower at 42.5 sen, giving the group a market value of RM183.79 million.

XL Holdings Bhd has agreed to acquire 34 Giant Mini outlets in the Klang Valley for RM15 million, marking its entry into the convenience retail sector. Its wholly-owned subsidiary, XL Retail Sdn Bhd, signed the asset purchase agreement with Jutaria Gemilang Sdn Bhd. In a filing with Bursa Malaysia, the company said the acquisition is part of its strategy to diversify into retail. It said the move will provide an additional income stream, reduce reliance on its core businesses, and serve as a platform for future expansion. The deal is expected to be completed by May 31 and is anticipated to contribute positively to future earnings. The purchase will be funded internally, with payment made in stages: RM1 million upfront, RM2 million upon signing, RM8.6 million by May 20, and the remaining RM3.4 million upon completion. XL Holdings is mainly involved in breeding Asian arowana, stingrays and other ornamental fish, as well as trading aquarium products and edible bird’s nest. For the nine months ended Jan 31, 2026, the company’s net profit fell 17.63% to RM5.95 million, while revenue rose 2.73% to RM93.68 million. Its shares closed 0.5 sen lower at 67.5 sen on Monday, giving it a market value of RM325.58 million.

An independent adviser has recommended that shareholders of Concrete Engineering Products Bhd accept the RM2.60 per share takeover offer by YTL Corp Bhd’s subsidiary, YTL Cement Bhd, deeming the proposal both “fair” and “reasonable”. In an independent advice circular issued on Monday, Mercury Securities Sdn Bhd said the offer is considered reasonable given the relatively low trading liquidity of Concrete Engineering’s shares. It is also viewed as fair as the offer price represents a meaningful premium over the company’s revalued net assets (RNAV) per share. The RM2.60 offer price reflects a 46.9% premium to the group’s RNAV per share of RM1.77. It also represents a substantial 122.2% premium to its latest consolidated net asset value of RM1.17 per share. In addition, the offer comes at a premium ranging from 39% to 96.2% over the stock’s volume-weighted average market price (VWAP) across periods spanning five days to one year. Mercury Securities further highlighted that Concrete Engineering’s shares have been relatively illiquid, with a simple average monthly trading volume equivalent to just 0.53% of its free float shares. This is significantly lower than the 7.1% recorded by the Bursa Malaysia Industrial Production Index, reinforcing the attractiveness of the cash offer for shareholders seeking an exit opportunity. Based on these considerations, the adviser concluded that the offer provides a compelling opportunity for shareholders to realise their investment at a favourable price, and has therefore recommended acceptance of the takeover bid. YTL Cement’s mandatory takeover offer was triggered in April following its acquisition of a 53.49% stake in Concrete Engineering for RM103.79 million from several vendors. These included Inch Kenneth Kajang Rubber PLC, which divested a 19.3% stake, as well as Datuk Dr Che Muhamad Fasir Samsudin and his son Muhammad Firdaus Muhamad Fasir, who sold stakes of 4.1% and 4.7% respectively. The takeover offer officially opened on April 22 and will remain valid until May 13, unless revised or extended. As at the midday trading break, shares in Concrete Engineering were up three sen, or 1.16%, to RM2.62, giving the company a market capitalisation of approximately RM195.5 million.

Oversea-Chinese Banking Corp (OCBC) has agreed to acquire the retail and wealth management assets of HSBC Holdings Plc in Indonesia, strengthening its presence in one of Southeast Asia’s fastest-growing markets. In a statement, OCBC said the purchase consideration will be based on the net asset value of HSBC Indonesia’s International Wealth and Premier Banking businesses, along with a premium of up to S$0.48 billion (approximately US$376 million or RM1.5 billion). The transaction is expected to be completed by the second quarter of 2027. The assets to be transferred include a total of S$6.6 billion under management, comprising S$4.3 billion in customer investments such as mutual funds, bonds and insurance products, S$2.3 billion in deposits, and a S$0.3 billion retail loan portfolio. HSBC said the divestment is part of its broader strategy to streamline operations and focus on areas where it has a stronger competitive advantage. The bank will continue to grow its corporate and institutional banking business in Indonesia. OCBC currently operates in Indonesia through its Jakarta-listed subsidiary, PT Bank OCBC NISP Tbk, and has expanded its footprint in the country through both organic growth and acquisitions, including the purchase of PT Bank Commonwealth Indonesia in 2024. The latest deal marks the first acquisition under OCBC’s new chief executive officer, Tan Teck Long, as the group looks to further expand across Asia, with a focus on growing its affluent and private banking segments. Indonesia continues to attract regional and global banks seeking growth opportunities, as institutions reposition their portfolios and strengthen their presence in key markets across Southeast Asia.