Investment & Market Trends

Keyfield International Bhd is strengthening its offshore support vessel fleet with the acquisition of a 2014-built anchor handling tug supply (AHTS) vessel for US$7.35 million (RM29.6 million), as the group positions itself to meet growing charter demand. In a filing with Bursa Malaysia, the offshore support vessel operator said its wholly owned subsidiary, Keyfield Resolute Sdn Bhd, has entered into an agreement to acquire the vessel, which will be renamed Keyfield Joyful. The seller was identified only as an unrelated third-party company incorporated in Indonesia and belonging to a Singapore-headquartered group. In addition to the purchase price, Keyfield expects to invest between RM3 million and RM4 million to progressively upgrade the vessel’s capabilities, including its bollard pull, accommodation capacity and Dynamic Positioning 2 (DP2) system. The company said the acquisition will immediately expand its available AHTS capacity to capitalise on near-term chartering opportunities, as all of its existing AHTS vessels are currently chartered out or allocated for contracts in Malaysia and overseas. Its two new-build DP2 AHTS vessels are only expected to be delivered in 2028. Group Chief Executive Officer and Executive Director Datuk Darren Kee Chit Huei said the domestic offshore support vessel market continues to show strong fundamentals, particularly for AHTS vessels below 80 tonnes. “The medium-term outlook for the domestic offshore support vessel sector remains highly resilient, with widening supply shortages projected for AHTS under 80 tonnes. “By acquiring Keyfield Joyful, it provides our group with an opportunity to deploy into the tight local market to earn immediate income. We will further enhance its marketability by upgrading its technical specifications,” he said. Kee added that the purchase follows the recent mobilisation of three AHTS vessels — comprising two owned vessels and one third-party managed vessel — to the Middle East. The latest acquisition is part of Keyfield’s long-term fleet expansion strategy, which is expected to increase its owned fleet from 14 vessels currently to 18 vessels by 2028. The expansion plan includes three vessels currently under construction: one DP2 accommodation work boat and two DP2 90MT AHTS vessels. Keyfield said the acquisition will be financed entirely through the remaining proceeds from its sukuk issuance completed in December 2024 and is expected to contribute positively to the group’s earnings and net assets in the second half of 2026 once the vessel is deployed. For the first quarter ended March 31, 2026, Keyfield’s net profit more than doubled to RM56.13 million from RM20.68 million a year earlier, largely driven by a RM78 million gain from the disposal of an accommodation workboat, despite lower vessel utilisation and weaker revenue. Revenue declined 45.6% to RM47.18 million from RM86.75 million previously, while the group recorded a gross loss of RM16.03 million compared with a gross profit of RM34.8 million a year earlier. The company reported a fleet utilisation rate of 36.1%, equivalent to 442 chartered days, during the quarter, covering vessels operating in Malaysia, the Middle East and Thailand. Shares of Keyfield closed four sen higher at RM1.58 on Monday, giving the group a market capitalisation of RM1.28 billion.

Sime Darby Property Bhd has launched a new investment fund with a target size of up to RM1.25 billion to develop and invest in data centres and industrial assets located within its townships across Malaysia. Known as the New Economy Venture, the fund has secured full capital commitments from the Employees Provident Fund (EPF), the Armed Forces Fund Board (LTAT) and Great Eastern Life Assurance (Malaysia) Bhd. The company said additional limited partners may be brought into the fund at a later stage. Sime Darby Property chief executive Datuk Seri Azmir Merican. Sime Darby Property Group Managing Director and Chief Executive Officer Datuk Seri Azmir Merican said the initiative represents a significant milestone in expanding the group’s investment and fund management capabilities. According to the company, the New Economy Venture builds on its growing presence in the industrial and logistics sector following the launch of its RM1 billion Industrial Development Fund, a joint venture with LOGOS Property established in 2022. Together, the two funds are expected to strengthen Sime Darby Property’s recurring income base by generating investment yields and fee-based earnings from the development and management of assets such as data centres, warehouses and other new economy infrastructure that continue to see strong market demand. The new fund has already secured two seed assets located within the group’s flagship developments, Elmina Business Park and the City of Elmina. These projects account for approximately 85% of the targeted fund size and are backed by long-term lease agreements. Construction of both assets is expected to be completed in the second half of 2027. Under the investment structure, Sime Darby Property will serve as the general partner and contribute RM500.1 million to the main fund. EPF will invest RM100 million, LTAT will commit RM200 million and Great Eastern will provide RM199.9 million. In addition, EPF will participate in a sidecar investment vehicle with a capital commitment of RM250 million. The sidecar fund is designed to invest alongside the main fund in selected projects. The company said the initiative supports its capital-light growth strategy by leveraging third-party institutional funding to accelerate the development of new economy assets across its existing townships. Sime Darby Property added that its investment and asset management division currently oversees approximately RM4.4 billion worth of assets, supported by a long-term hyperscale data centre lease that commenced operations in April 2026.

YM Raja Lokman bin Raja Ahmad, Founder, BS Fitness Nutrition (M) SDN. BHD. Building a successful business is one challenge. Building a business that can scale consistently across manufacturing, distribution, exports, compliance, and brand development is another altogether. For BS Fitness Nutrition (M) Sdn Bhd, growth has never been viewed simply through the lens of product sales. Instead, the company has focused on creating the operational infrastructure, manufacturing capabilities, and market foundations required to build a business with long-term relevance and international potential. Today, operating from two production facilities in Bangi with a manufacturing capacity of up to 40 tonnes per month, BS Fitness Nutrition has established itself as an emerging player within Malaysia’s sports nutrition and functional wellness industry. Yet behind the products lies a broader strategy centred on manufacturing excellence, export readiness, ecosystem development, and the creation of a Malaysian brand capable of competing on a larger stage. As consumer expectations continue to evolve and global competition intensifies, the company’s focus remains clear: building a business defined not by short-term growth, but by operational credibility, scalability, and sustainable value creation. The wellness and performance nutrition sector has undergone significant transformation over the past decade. Once dominated by a handful of international brands, the market today is increasingly competitive, sophisticated, and driven by consumers who demand far more than attractive packaging or marketing claims. Quality assurance, product transparency, manufacturing standards, and brand trust have become critical factors influencing purchasing decisions. BS Fitness Nutrition recognised this shift early. When the company entered the market, there was a noticeable gap between what consumers were looking for and what was readily available. While demand for sports nutrition and performance supplements was growing steadily, locally manufactured products capable of competing with established international brands remained relatively limited. This created an opportunity not only to manufacture products, but to build a business around credibility, consistency, and consumer confidence. Rather than approaching the market purely from a retail or product perspective, the company invested heavily in building its manufacturing capabilities, operational systems, and compliance framework. This long-term approach allowed BS Fitness Nutrition to position itself as more than a product company—it became a business built on production capability, quality control, and continuous innovation. Today, the company produces a growing portfolio of sports nutrition products, functional beverages, and performance supplements while serving athletes, fitness communities, active consumers, commercial partners, and distributors. However, management views these products as an outcome of the business rather than the business itself. At the heart of BS Fitness Nutrition’s strategy is the creation of a scalable ecosystem. The company has spent years strengthening the foundations required for sustainable growth. This includes investments in research and development, manufacturing technology, compliance standards, digital commerce capabilities, distribution networks, and strategic partnerships. These investments may not always be visible to consumers, but they form the backbone of a business designed to compete in increasingly demanding markets. A key pillar of the company’s growth strategy is international expansion. While Malaysia remains an important market, BS Fitness Nutrition sees significant opportunities beyond its domestic borders. Rising global demand for wellness products, increasing acceptance of Malaysian-made goods, and growing interest in trusted nutritional solutions have created favourable conditions for expansion. To support this ambition, the company has actively participated in international trade exhibitions, export acceleration programmes, and cross-border business initiatives. These efforts are not simply aimed at increasing sales volumes but at building long-term market access, strengthening distribution channels, and establishing the credibility necessary to compete internationally. This disciplined approach also shapes how the company defines growth. For many businesses, growth is often measured through revenue, outlet expansion, or market share. BS Fitness Nutrition adopts a broader perspective. Growth means building stronger operational capabilities, creating entrepreneurship opportunities, developing products that can scale across markets, strengthening export presence, and building trust with customers and business partners alike. Equally important is what the company chooses not to pursue. Management remains cautious about opportunities that may generate short-term gains but undermine long-term sustainability. Price competition, aggressive expansion without supporting infrastructure, and growth that compromises quality standards are areas the company deliberately avoids. Instead, the focus remains on strengthening the foundations that support long-term competitiveness. As the business has expanded, maintaining consistency has become increasingly important. Generating demand is often easier than managing complexity. Scaling production, ensuring quality assurance, maintaining regulatory compliance, coordinating logistics, managing exports, and developing people all require a different level of organisational maturity. To address this, BS Fitness Nutrition has evolved from a founder-driven business into a more structured organisation supported by specialised leadership, operational systems, departmental accountability, and standardised processes. This transformation has enabled the company to maintain agility while creating the discipline necessary for larger-scale growth. Leadership development has become a particularly important area of focus. As the organisation continues to grow, the ability to build capable teams, empower decision-making, and develop future leaders will play a critical role in sustaining momentum. Behind the company’s commercial success lies a significant commitment to operational excellence. Over the past 18 months, BS Fitness Nutrition has prioritised investments into manufacturing systems, food safety compliance, export readiness, and internationally recognised certifications, including HACCP, GMP, and halal standards. While these initiatives require substantial investment, they provide the credibility and assurance required to compete within increasingly regulated and quality-conscious markets. For the company, sustainability is closely linked to operational integrity. Responsible growth means building systems that can support long-term expansion while maintaining product quality, customer trust, and business resilience. Looking ahead, BS Fitness Nutrition’s ambitions extend beyond becoming a larger manufacturer. The company is focused on establishing itself as a globally recognised Malaysian brand while strengthening its role within the broader wellness and performance nutrition industry. Future priorities include accelerating international market penetration, expanding innovation within the functional beverage category, strengthening distribution ecosystems, enhancing research and development capabilities, and leveraging automation to improve operational efficiency. Yet despite these ambitions, the company’s underlying philosophy remains unchanged. Success is not measured solely by how much a business grows, but by how well it

Attendees included Datuk Noripah Kamso, Senior Independent Non-Executive Director of DXN Holdings Bhd; Amirah Khairiah Abdul Latip, District Officer of Kubang Pasu; Dr. Haim Hilman Abdullah, Kedah State Executive Councillor; Dato’ Dr. Nadzman Mustaffa, Kedah State Financial Officer; Kedah Chief Minister Dato’ Seri Haji Muhammad Sanusi Md Nor; DXN Executive Chairman and Founder Datuk Lim Siow Jin; PKNK CEO Dato’ Haji Mohd Sahil Zabidi; Kubang Pasu Municipal Council President Junaidi Abdul Rani; DXN COO Abdul Hafiz Mahmood Hisham; CFO Lim Beng Cheng; and CTO Muhammad Luthfi Hidayat.  DXN Holdings Bhd. (“DXN” or the “Company”) , a leading global wellness company and manufacturer of nutraceutical products, broke ground on Malaysia’s largest nutraceutical manufacturing facility in Bukit Kayu Hitam, Kedah (“BKH Facility”), a RM140 million investment that cements Malaysia’s position as the anchor of DXN’s global manufacturing network and strengthens the Group’s long-term growth platform. The ceremony was officiated by YAB Dato’ Seri Haji Muhammad Sanusi bin Md Nor, Menteri Besar of Kedah, accompanied by Datuk Lim Siow Jin, Founder and Executive Chairman of DXN. Phase 1 of the development will feature approximately 300,000 square feet (“sq ft”) of built-up space across a 26.6-acre site leased from Perbadanan Kemajuan Negeri Kedah (“PKNK”). The integrated manufacturing hub will house 7 production blocks, 10 warehouse facilities and a dedicated Research and Development centre, making it DXN’s largest facility worldwide and one of Malaysia’s largest nutraceutical manufacturing complexes. Production is targeted to commence in March 2028 with 118 SKUs across Coffee, Food & Beverage and Juice categories, while future phases will support expansion into higher-value segments such as Cosmetics, Personal Care and Pharmaceuticals. The investment comes as DXN continues to experience sustained growth across its international markets. Over the past three years, the Group has delivered consistent expansion in revenue and earnings, increasing demand on its manufacturing and logistics infrastructure. The BKH Facility is designed to provide the capacity, flexibility and operational resilience required to support DXN’s next phase of global growth while ensuring that manufacturing capability remains ahead of future demand. The BKH Facility will complement and expand DXN’s existing manufacturing footprint by providing a scalable platform for production, warehousing and research, while improving operational flexibility and strengthening supply chain resilience. Beyond capacity expansion, the facility is expected to deliver efficiency gains through greater automation, integrated logistics capabilities and the consolidation of key manufacturing and warehousing functions within a single campus, positioning DXN to support growing global demand more effectively over the long term. Welcoming the investment, Menteri Besar of Kedah YAB Dato’ Seri Haji Muhammad Sanusi bin Md Nor said: “On behalf of the Kedah State Government and the people of Kedah, I congratulate DXN on this historic investment. Malaysia’s largest nutraceutical factory will be built right here in Kedah, and that is a source of great pride for our State. This RM140 million commitment creates quality employment for our people, strengthens Kedah’s position as a premier industrial destination within the Northern Corridor, and demonstrates the confidence that world-class manufacturers continue to place in Kedah as a foundation for global operations. DXN has been a trusted partner of Kedah for over 20 years. Today, that partnership enters a new and historic chapter.” Datuk Lim Siow Jin, Executive Chairman and Founder of DXN pointed to the structural resilience of the global nutraceutical and wellness industry as the foundation underpinning the investment. “DXN’s revenue has grown at a compounded annual growth rate of 15.4% over the past three years, and FY2025 delivered all-time highs in revenue, net profit and EBITDA. That growth has outpaced our existing production capacity.” “Bukit Kayu Hitam is our answer, with seven production blocks and a dedicated R&D centre, built to support the next decade of growth. More than a factory, it is a purpose-built manufacturing, logistics and innovation hub that will enable DXN to scale more efficiently, operate more effectively and serve our global markets with greater flexibility and resilience. Together with our existing facilities in Kedah, it will further reinforce Malaysia’s role as the heart of our global production ecosystem and strengthen our ability to support customers worldwide.” Datuk Lim pointed to the structural resilience of the global nutraceutical and wellness industry as the foundation underpinning the investment. “The global health and wellness market is growing at a pace that most investors have yet to fully appreciate. The ready-to-eat and functional food segment alone is projected to reach RM1.6 trillion by 2034, growing at 7.7% annually. Wellness spending per capita in Asia stands at just RM1,860 per year compared to RM23,815 in North America and RM7,410 in Europe; that convergence gap represents decades of addressable growth. DXN currently generates RM1.9 billion in annual revenue from a global market measured in the hundreds of billions. Bukit Kayu Hitam is how we ensure our production capacity is never the constraint on capturing that opportunity.” Bukit Kayu Hitam is the flagship of DXN’s Global Manufacturing Strategy, which targets 21 factories across four continents by 2028. The facility anchors a three-pillar Malaysian manufacturing ecosystem alongside the existing Jitra complex and the Gua Musang facility under development in Kelantan. Together, this integrated cluster will supply the majority of DXN’s global SKU portfolio to its consumer community of approximately 22 million registered consumers across more than 180 countries, while new regional facilities in Peru, Bolivia, Morocco, Saudi Arabia and Brazil serve their respective local markets. The RM140 million investment will be financed through external funding facilities, underpinned by the Group’s robust financial position, including a zero net debt balance sheet and a debt-to-equity ratio of approximately 0.15 times. This provides DXN with the financial flexibility to pursue strategic growth initiatives while maintaining a disciplined approach to capital allocation and long-term value creation. From Kedah to the world, the BKH Facility reflects DXN’s confidence in Malaysia as its manufacturing home base and its commitment to building a world-class production platform capable of supporting future growth across global markets. The project represents a significant milestone in DXN’s journey to strengthen its global manufacturing network and deliver

Allianz Global Investors (AllianzGI) is reportedly in exclusive negotiations to acquire the asset management business of Singapore-based United Overseas Bank Ltd (UOB), according to sources familiar with the matter. The investment manager is understood to have emerged as the leading bidder after outpacing several competing suitors, with discussions now focused on finalising the terms of a transaction that could value UOB Asset Management (UOBAM) at as much as S$600 million (US$467 million). While negotiations are said to be progressing, the sources noted that no definitive agreement has been reached and the deal remains subject to ongoing discussions. A spokesperson for AllianzGI declined to comment on the matter. UOB also refrained from commenting on the reported talks, stating only that it remains focused on creating long-term value for shareholders and meeting the needs of its customers. Reports of a potential sale follow earlier indications that UOB had been exploring strategic options for its asset management arm as part of efforts to streamline its business portfolio. Industry sources previously identified several interested parties, including Amundi SA, KKR & Co, and Seviora, an asset management group backed by Temasek Holdings. One of the key considerations in the sale process has been the extent to which UOB’s extensive distribution network across Southeast Asia would be included in any transaction, given its strategic importance in driving regional fund sales and client acquisition. Established in 1986, UOB Asset Management is a wholly owned subsidiary of UOB and manages more than S$41 billion in assets. The firm has built a regional presence with operations in Singapore, Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam. For AllianzGI, the acquisition would further strengthen its footprint in Asia and expand its access to one of Southeast Asia’s largest banking distribution networks. As of the end of March, AllianzGI managed nearly €600 billion (US$697 billion) in assets across a broad range of investment strategies, including equities, fixed income, private markets and multi-asset solutions. AllianzGI is part of Allianz SE, the German financial services group that also owns global fixed-income investment manager Pacific Investment Management Co (PIMCO).

Sapura Industrial Bhd is disposing of a 2.163-hectare parcel of vacant leasehold land in Ayer Keroh, Melaka, to Loongsen Plastics (M) Sdn Bhd for RM10.48 million as part of its efforts to unlock value from non-core assets and strengthen its financial position. In a filing with Bursa Malaysia, the automotive components manufacturer said the property carries a 99-year leasehold tenure that is set to expire on Oct 22, 2073. The land is currently occupied by a tenant and generates a monthly rental income of RM2,940. According to the company, the disposal presents an opportunity to realise the capital appreciation of the asset after holding it for approximately 25 years. Sapura Industrial noted that the land was originally acquired to support the expansion of its manufacturing operations in Melaka. However, changing business requirements and evolving operational priorities have prompted the group to reassess the strategic value of the property within its portfolio. The board said that while the site had been earmarked for future expansion, the company is now focusing on growth opportunities in locations that are closer to its existing customers and those of its subsidiaries. This shift is expected to enhance operational efficiency, improve logistics management and better support customer demand. “Having held the asset as an investment for 25 years and having considered the need for expansion of plant facilities in other areas that are in closer proximity to the company’s or its subsidiaries’ customers, the board believes that the proposed disposal is timely,” the company said. Sapura Industrial added that the transaction will enable the group to unlock the value embedded in the property and convert it into liquid funds that can be redeployed towards more productive uses. The proceeds from the disposal are expected to support the group’s operational requirements, strengthen its cash position and provide additional flexibility to pursue future expansion and investment opportunities aligned with its long-term business strategy. The company said the disposal reflects its ongoing efforts to optimise asset utilisation and focus resources on areas that offer stronger strategic and operational benefits, while continuing to support its growth ambitions in the automotive and industrial sectors.

Malakoff Corporation Bhd’s wholly owned subsidiary, Malakoff Technical Solutions Sdn Bhd (MTSSB), has signed a memorandum of understanding (MoU) with TNB Repair and Maintenance Sdn Bhd (TNB REMACO), a subsidiary of TNB Power Generation Sdn Bhd under Tenaga Nasional Bhd. The partnership aims to explore opportunities in maintenance, repair and overhaul (MRO) services for power plants, while also focusing on workforce training and competency development initiatives. According to Malakoff, the collaboration will seek to identify potential third-party MRO projects, enabling both parties to leverage their combined technical expertise and industry networks beyond their existing operations. Malakoff Group Chief Executive Officer Syahrunizam Samsudin said the partnership reflects a shared commitment to enhancing power plant reliability through effective maintenance, skilled talent and continuous improvement. “Both organisations bring decades of experience in Malaysia’s power sector. Through this collaboration, we are creating a platform to exchange knowledge, strengthen capabilities and elevate maintenance and operational standards across the industry,” he said. Syahrunizam added that MTSSB and TNB REMACO are well-positioned to jointly pursue third-party MRO opportunities, creating new growth avenues beyond their current asset portfolios. He noted that the collaboration aligns with Malakoff’s strategy to optimise the performance of its existing thermal power assets while nurturing the next generation of engineering and technical professionals. “As electricity demand continues to grow and energy security becomes increasingly important, strengthening operational reliability and workforce capability remains a key priority,” he said. Moving forward, Malakoff said it will continue to focus on enhancing operational performance across its energy and environmental solutions businesses, supported by its long-term commitment to delivering reliable energy and sustainable services.

Pictured at the signing ceremony are Keng Fai Wong, Chief Executive Officer of Crewstone International, and Piremnat Alagendran, Co-Founder and Chairman of MG Gold, alongside members from respective teams, marking Crewstone’s strategic investment in MG Gold. Crewstone International Sdn Bhd (Crewstone), a licensed and regulated private equity and private credit manager, has made an initial RM12 million investment into MG Gold and Bullions (MG Gold) as part of a broader RM50 million growth plan that goes beyond capital alone, combining funding with a clearer operating roadmap, stronger commercial discipline and the institutional build-out required to support a targeted five-year path towards an IPO. Crewstone’s investment also reflects a constructive view on gold as an asset class at a time when macroeconomic uncertainty, inflation sensitivity and reserve diversification continue to support demand for the metal globally. In 2025, total gold demand reached record levels of more than 5,000 tonnes, the gold price recorded 53 all-time highs, and the annual average price rose to US$3,431 per ounce, up 44% year-on-year.  Against that backdrop, Crewstone sees the stronger opportunities not in passive commodity exposure alone, but in backing operators that can convert that tailwind into repeatable commercial returns through disciplined execution across merchandising, distribution and inventory turnover. Beginning its business journey in 2017 and shaped by family ownership, MG Gold has grown to become a differentiated gold retail and trading platform with more than 100 Business-to-Business (B2B) customers, operating across 2 commercial hubs with 40 designers and staff. In 2025, the business generated approximately RM115 million in revenue across Malaysia and Singapore, comprising RM85 million from Malaysia and RM30 million from Singapore. In Malaysia, revenue was driven by approximately RM60 million from wholesale and trade sales, with the remaining RM25 million coming from retail. The company expects total revenue across Malaysia and Singapore to grow to RM165 million in 2026, representing a projected year-on-year growth of 43%, driven by its proven Singapore operations, wholesale expansion, retail growth and the planned launch of its digital initiatives. Underpinning that commercial momentum is a product platform shaped over time through family ownership, accumulated market knowledge and long-standing familiarity with customer demand, with more than 1,500 in-house jewellery SKUs developed to date, of which more than 500 remain active in production today. That positioning is especially relevant in a market long shaped by familiar incumbent players whose product ranges are often narrower and less responsive to current demand. That heritage has given management a closer read on what customers are actually buying, how preferences are shifting, and where conventional players are leaving demand underserved. MG Gold differentiates itself through deliberate sourcing and sharp merchandising judgement. The company sources through more than 30 suppliers, travelling to markets such as the Middle East to identify commercially validated SKUs and bring a broader, more current assortment back into Malaysia.  That model gives both trade buyers and end-customers access to greater variety than the market has typically offered, while allowing the platform to monetise demand across both direct purchase and downstream resale. The result is a platform that spans wholesale and retail across Malaysia and Singapore, with principal products such as gold bullion, gold jewellery and used gold, and a digital gold ecosystem in development. In 2025, MG Gold refined more than 75kg of gold materials and tested more than 1,000 assay samples, giving a clearer picture of throughput, product integrity and the internal capabilities required to scale responsibly. That operating base is matched by a control environment suited to a high-value inventory business, with no material incidents of theft, robbery, internal pilferage or substantiated customer privacy complaints disclosed during the period. With its proven operational foundation, MG Gold is expected to accelerate its growth through digital platforms and expand its presence in South East Asia, building on its established position in Singapore. Its digital growth roadmap will begin with the planned Q3 2026 launch of its technology-enabled digital gold platform, designed to improve customer access to physical gold through a more transparent and accessible digital experience.  This will be followed by the planned Q4 2026 launch of its direct-to-consumer gold jewellery e-commerce platform with global shipping capabilities, supporting MG Gold’s transition into a regional digital gold ecosystem spanning wholesale, retail, e-commerce and future digital gold services. “Our focus is to translate this growth plan into disciplined execution across operations, sourcing, product development, digital channels and regional expansion. With an established wholesale base, Singapore operations and upcoming digital launches, MG Gold is well positioned to strengthen customer reach and build a more scalable platform over the next phase of growth,” said Sharrvindren Alagendran, Chief Executive Officer of MG Gold. The investment highlights Crewstone’s strength in identifying where category tailwinds and operator quality intersect.  In gold, the firm sees scope for attractive returns not from commodity exposure in isolation, but from backing businesses that can capture value through sourcing judgement, inventory velocity, channel development and disciplined execution. “There is a clear commercial gap in this space. Customer choice in this category remains limited, operators with the judgement to source and commercialise winning SKUs are not easily replicated, and MG Gold is already showing that it can serve both resellers and end-buyers through the same platform,” said Keng Fai Wong, Chief Executive Officer of Crewstone International. “That gives the business a more credible growth path than a conventional single-channel jeweller, and a stronger foundation from which to scale into its next phase.” “We started MG Gold in 2017 as a small trading business, and over the years the company has grown into a broader gold platform serving wholesale, trade, retail and jewellery customers. With our Singapore operations already active, the next phase is about scaling more systematically across Southeast Asia, launching our technology-enabled digital gold platform, expanding into global digital commerce and building the foundation for a regional digital gold ecosystem. Crewstone’s support gives us the institutional backing and strategic discipline to execute this transition properly and prepare the business for long-term IPO readiness,” said Piremnat Alagendran, Co-Founder and Chairman of MG

Japan’s Yamada Holdings and Edion said they are planning a merger that could create a major consumer electronics retailer with combined sales of around US$16 billion. Both companies said their boards will meet on Friday to review the proposal, though details of the merger terms have not been disclosed. If completed, the deal would strengthen Yamada’s position as Japan’s largest electronics retailer, as the industry faces growing pressure from e-commerce competition and a declining population. Following the announcement, Edion shares jumped 11%, while Yamada rose 3.5% in Tokyo morning trading. Japanese electronics retailers are known for their large stores offering a wide range of products, including smartphones, gaming devices, home appliances, and stationery, often paired with customer reward points. According to the Nikkei newspaper, the companies are considering establishing a holding company structure, under which both brands would operate. The move is expected to improve product offerings and strengthen their private-label businesses through greater scale. However, the merger may face antitrust scrutiny, especially in western Japan, where both retailers have overlapping store networks. If successful, the deal would mark the biggest restructuring in Japan’s electronics retail industry since 2012, when Yamada Denki took control of Best Denki, and Bic Camera acquired Kojima. In the latest financial year, Yamada reported a 45% drop in net profit to 14.8 billion yen, despite sales of 1.7 trillion yen. Meanwhile, Edion posted a 9.5% rise in profit to 15.5 billion yen.

A takeover offer for Maxim Global Bhd from its managing director Tan Sri Gan Seong Liam is not fair and not reasonable, said the deal’s independent adviser. Maxim Global is worth RM656 million, or 89 sen per share, based on its revalued net asset value, sharply higher than the offer price of 24 sen per share, according to MainStreet Adviser Sdn Bhd. The offer also undervalues the property developer’s estimated net asset of 76 sen per share, the firm said. The offer is also not reasonable as Gan and his connected parties aim to maintain the listing of Maxim Global, providing an avenue for minority shareholders to sell their shares, MainStreet said. “Accordingly, we recommend that the holders reject the offer,” the adviser concluded. The mandatory takeover offer was triggered after Gan bought the equivalent of a 15.54% stake in Maxim Global from executive director Chai Chang Guan and her brother Chai Seong Min for RM27.42 million. The acquisition raised Gan’s direct interest to 37.33%. Gan and the people connected to him, including children Gan Kuok Chyuan and Gan Kuok Wei, together now own 60.37% in Maxim Global. His two children are also executive directors in the company. Minority shareholders have until June 15 to accept the offer. The offer price was already at a discount to the stock’s last levels before the takeover was launched on May 4. Maxim Global returned to the black in the financial year ended Dec 31, 2021 (FY2021). For FY2025, it posted a net profit of RM33.44 million on revenue of RM443.78 million. Shares of Maxim Global were unchanged at 26.5 sen on Thursday, valuing the company at RM195 million.