Investment & Market Trends

CYBERJAYA: DXN Holdings Bhd. (“DXN” or the “Group”), a leading global manufacturer of nutraceutical products has announced the charter of a Gulfstream G550 corporate jet for 12 months to accelerate DXN’s global expansion efforts. The corporate jet is dedicated to supporting our key management team and high-performing members who have attained “Crown Ambassador” status, facilitating frequent travel across key cities in our overseas markets. This enables the leadership team to efficiently engage and motivate DXN’s 4.9 million active members worldwide as of September 2024 through in-person marketing events, including market activation meetings and member appreciation events, enhancing member motivation and driving sales growth. Additionally, the corporate jet provides greater oversight of DXN Group’s manufacturing facilities and operations worldwide, strengthening our capacity to drive growth across regions. DXN is a global company, with majority of its sales generated outside Malaysia. The Latin America market is the Group’s top-performing market and leads DXN’s growth, contributing 57.9% of DXN Group’s total sales of RM1,897.8 million in the FYE 29 February 2024 (“FYE 2024”). In FYE 2024, Latin America sales reached RM1,097.9 million, an impressive increase from RM589.8 million in FYE 2021. The Asian market is the Group’s second-largest market, contributing 25.8% of total gross sales in FYE 2024, with growth mainly contributed by robust sales in India.   The Group has 13 manufacturing facilities, of which 11 of them are located outside of Malaysia, with another 2 being constructed in Bangladesh and Nepal. These new facilities are expected to start operating by end-2024. Additional facilities are also planned for the future. DXN’s investment in manufacturing facilities across key markets is essential for managing supply chain and mitigating rising freight costs. Executive Chairman and Founder of DXN, Datuk Lim Siow Jin  said, “With our business expanding rapidly across multiple continents globally, this corporate jet charter will allow us to operate more effectively, focusing on what matters most, driving sales growth across our fast-growing international markets. Given the vast distances between key locations, the convenience and flexibility of the corporate jet will streamline travel, enhancing efficiency and time management compared to commercial flights.”   “The outlook for DXN in Latin America is highly promising as we prepare for expansion into Brazil. With strong, established markets in neighbouring Peru and Bolivia and a large base of active members, we are well-positioned to extend our business into Brazil. This new market, with a population of over 210 million, around five times larger than Peru and Bolivia combined offers significant growth potential for DXN. We have secured approval for eleven products in the Brazilian market to meet the growing demand for nutraceuticals, particularly among its expanding middle class.”   The corporate jet will enable the leadership team to efficiently engage and motivate members worldwide through in-person marketing events, such as market activation meetings and member appreciation events, which enhances member motivation, leading to better performance and higher sales.   The investment is considered well-justified, as DXN has achieved a 3-year revenue compound annual growth rate (“CAGR”) from FYE 2021 to FYE 2024 of 19.8%, with profit after tax and non-controlling interest (“net profit”) growing at a 3-year CAGR of 17.5%. In FYE 2024, the Group delivered a record high net profit of RM311.0 million on revenue of RM1,897.8 million.   “With our steady growth trajectory and the positive benefits arising from the jet charter, we are confident this investment will add value in terms of growth in sales and profitability well beyond the costs associated with it,” Datuk Lim concluded.

Current developments and key facts As of 7:00 a.m. UTC, most data providers, including ABC, CBS, NBC, and CNN, projected that Donald Trump would become the next president of the United States. However, even as Trump’s victory looks almost guaranteed at this point, it is the balance of power in the U.S. Congress that will determine how successfully and effectively the next president will be able to govern. So far, Republicans have won an extra seat in the Senate, but neither of the parties has a clear advantage in the battle for the House of Representatives. Overall, the counting of votes is still at a relatively early stage, and it could be hours or even days before a final outcome is known. The contest will come down to seven swing states, only three of which (North Carolina, Georgia, and Pennsylvania) have been most likely won by Trump so far. Still, judging by the latest market reaction, it appears reasonable to infer that global investors are pricing in a decisive victory by Donald Trump. Initial market impact and reactions As of 7:00 a.m. UTC, the global markets were positioned for Donald Trump’s victory. U.S. Treasury yields and U.S. stock benchmark indices rallied sharply, pushing the U.S. Dollar Index (DXY) higher. Given that, it is no wonder other major fiat currencies plunged, with EURUSD and GBPUSD down 1.82% and 1.32%, respectively, while bitcoin hit a new all-time high of $75,410, as per Coinbase. ‘Such a dramatic shift in market sentiment is explained by Trump’s official policies, or more precisely by the possible effect these policies are likely to have,’ says Kar Yong Ang, a financial market analyst at Octa Broker. ‘Generally, it all boils down to Trump’s tax, immigration, and trade policies, which differ greatly from what Harris proposed. The market perceives them as inflationary, which is why we are seeing a bullish impact in the U.S. dollar.’ The United States controls the world’s primary reserve currency, the U.S. dollar, so only a few countries will not feel the effect of the latest U.S. presidential and congressional elections. Major currencies are already experiencing the initial impact. ‘Major currencies are falling predominantly because the U.S. dollar is rising, but there is also a fear that Trump’s policy on tariffs may hit their domestic economies,’ Kar said. Indeed, the primary reason for such a dramatic decline in EURUSD, for example, is that investors fear that Trump’s policies on immigration and taxes will spur inflation and force the Federal Reserve (Fed) to tighten its monetary policy. This could widen the difference in interest rates between the U.S. and the Eurozone, making the U.S. dollar more attractive to investors. Additionally, Trump has previously mentioned the possibility of imposing tariffs on European goods such as automobiles and chemicals, which adds to economic concerns. According to some analysts, Trump’s proposed 10% universal tariff on all U.S. imports may erode Europe’s GDP by up to 1.5% or about €260bn. A similar kind of impact may await the United Kingdom, where Trump’s blanket tariffs would hit billions of pounds of U.K. automotive, pharmaceutical, and liquor exports. It stands to logic that GBPUSD was down more than 1.3% today. For similar reasons, CNYUSD (Chinese renminbi / U.S. dollar spot rate) hit a 3-month high. ‘For the Chinese economy, the risks are even greater, as Trump promised to impose higher tariffs on Chinese goods. On top of that, under his administration, tensions are likely to grow over the CNYUSD exchange rate,’ comments Kar Yong Ang, a financial market analyst at Octa Broker. Although the currency policy of the future Trump Administration is unclear, in his interview with Bloomberg, he had this to say: ‘We have a big currency problem because the depth of the currency now in terms of strong dollar / weak yen, weak yuan, is massive.’ Interestingly, the impact on the gold market has been relatively muted so far. As of 7:00 a.m. UTC, XAUUSD was down 1.2%, but historically, it is not a significant swing, especially given how much the U.S. dollar has strengthened. ‘Because Trump’s victory appears to be decisive, it lowers the probability of social tensions in the U.S., which is not a minor factor considering how fractious U.S. politics has become lately. Thus, XAUUSD is selling off, but I think there are bullish risks ahead as relations between China and the U.S. turn bitter,’ comments Kar Yong Ang. Analysts suggest that Donald Trump’s policies could escalate trade tensions between the U.S. and China, which may increase the appeal of gold as a safe-haven asset. Additionally, his proposed large-scale tax cuts could potentially widen the U.S. fiscal deficit, prompting some strategic investors to move away from the U.S. dollar and into alternative assets like gold and bitcoin. Notably, BTCUSD reached a new all-time high following the news of Trump’s projected victory, as he is generally perceived to be more supportive of cryptocurrencies compared to Harris. In the short term, all the bullish dollar trades may temporarily reverse as traders buy the dips in EURUSD and GBPUSD in hope of a technical rebound. In the long term, however, the bearish pressure on these pairs will likely persist.

HONG KONG SAR:  Luxshare Precision (002475.SZ) announced its Q3 2024 financial results on October 25. In the first three quarters of the year, the company achieved approximately RMB177.177 billion in revenue, reflecting a year-on-year growth of 13.67%. The net profit attributable to shareholders of the listed company reached RMB9.075 billion, marking a year-on-year increase of 23.06%. These figures highlight the company’s robust performance, driven by its deep engagement in several key business segments. A core pillar of Luxshare Precision is consumer electronics, where strong partnerships with longstanding clients like Apple Inc. have yielded significant returns. Additionally, in the communication and data center sector, along with the automotive electronics area, the company has launched innovative products and solutions that have garnered positive market feedback, emerging as new growth drivers. In the consumer electronics sector, Luxshare Precision continues to demonstrate its technological prowess. In September 2024, Apple Inc. launched the iPhone 16 series. According to Counterpoint Research, sales of the iPhone 16 Pro and Pro Max surged by 44% compared to last year’s models. The new iPhone experienced a strong debut in the Chinese market, with sales in the first three weeks up 20% compared to the 2023 models. Recently, Apple’s Chief Operating Officer, Jeff Williams, accompanied by Luxshare Precision’s Chairwoman, Ms. Wang Laichun (Grace Wang), visited the factory in Kunshan, Jiangsu, where he praised the advanced automation and maturity of the production lines. This endorsement from such a pivotal partner not only underscores Luxshare Precision’s significant role in the global consumer electronics market, but also highlights its commitment to quality and technological innovation. Moreover, Apple Inc. has announced the launch of its Apple Intelligence feature on October 28, alongside iOS 18.1. This feature will integrate Siri and ChatGPT to enhance user experience. The introduction of Apple Intelligence is expected to boost sales of Apple products, from which Luxshare Precision stands to benefit, further promoting its development in the consumer electronics sector. In the communication and data center sector, Luxshare Precision is focusing on core products related to electrical connections, air-cooled/liquid-cooled cooling systems, and power management to meet the demand for high-performance solutions. The company has made significant strides in high-speed interconnection within data centers. At the 2024 OCP Global Summit, Luxshare Precision showcased its proactive contributions to AI data center innovations. Its subsidiary, Luxshare-Tech, introduced 224G High-Speed Interconnect Systems, Liquid Cooling System Solutions, and High-Power Interconnect Systems, all designed with advanced manufacturing processes to ensure stability and reliability during high-speed data transmission, supporting the rapid growth of AI applications. Overall, Luxshare Precision is continually deepening its diversified development strategy to solidify its position as a comprehensive technology manufacturing enterprise while actively addressing potential market challenges. Over the past year, the company has strategically executed several important acquisitions, further enhancing its market position in manufacturing and automotive sectors. In the automotive sector, Luxshare Precision has formed strategic partnerships with major global automotive manufacturers in areas such as wiring harnesses, connectors, intelligent cabins, and intelligent driving. Through continuous innovation and improved production capacity, the company is enhancing its competitiveness in the automotive market. To accelerate the globalization of its automotive business, Luxshare Precision announced plans to acquire a 50.1% stake in German cable and harnessing manufacturing giant Leoni AG and 100% of its wholly-owned subsidiary, Leoni Kabel GmbH. Grace Wang stated that the company aims to leverage Leoni’s resources in conjunction with Luxshare Precision’s own strengths, thus expanding its global business footprint and driving innovation to provide greater value to customers. This strategic move will further solidify Luxshare Precision’s position in the global automotive wiring harness market and expand additional market opportunities. In the consumer electronics sector, Luxshare Precision plans to acquire a majority stake in Pegatron’s Kunshan factory for RMB2.1 billion, which will make it the largest shareholder of the factory and position it to become the second-largest iPhone assembler globally. This acquisition is expected to further consolidate its role within Apple’s supply chain. Furthermore, Luxshare Precision has completed the acquisition of Qorvo’s packaging and testing facility in China, which is expected to enhance its packaging and testing capabilities in the consumer electronics RF front-end module sector, further strengthening its competitive advantage in the industry. The acquired facility specializes in core components for wireless communication modules, focusing on the mobile cellular market. Through these strategic acquisitions, Luxshare Precision continues to optimize and deepen its business layout, laying a solid foundation for future growth. Luxshare Precision projects that its net profit for the entire year of 2024 will reach between RMB13.143 billion and RMB13.691 billion, indicating a year-on-year increase of 20.00% to 25.00%. Excluding nonrecurring profit and loss, the net profit is projected to be between RMB11.486 billion and RMB12.713 billion, with a year-on-year growth of 12.76% to 24.82%. Having been listed among Fortune Global 500 for two consecutive years, Luxshare Precision will continue to pursue a dual-driven strategy of internal growth and external expansion to promote steady business growth. Looking ahead, with the launch of new Apple products and ongoing growth in the communications and automotive areas, Luxshare Precision’s future business performance appears promising.

HO CHI MINH CITY: Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank – Stock code: HDB) announces its 9 months business results with profit before tax reaching VND 12,655 billion (US$500 million), an increase of 46.6% year-on-year, achieving 79.8% of the full-year targets. HDBank achieved a strong ROE of 26.7% and an ROA of 2.2%, placing it among the leading banks in the sector. HDBank continued its track record of regular dividend payouts by implementing a 30% dividend for 2023. This included a 10% cash dividend paid in July, and the Bank is now finalizing the procedures for a 20% stock dividend. This positive business performance reaffirms HDBank’s position among the top universal banks with a solid foundation, strong financial health, and ability to maintain high and continuous growth for many consecutive years, with good profitability ratios. HD SAISON, the consumer finance arm of HDBank, continued its strong recovery, with its loan book growing 15% YoY. Profit before tax surged by 126% to reach VND 906 billion (US$35.8 million), achieving an ROE of 22.9%, making it one of the most profitable consumer finance company in the sector. As of September 30, 2024, HDBank reported total consolidated assets of VND 629 trillion ($24.8 billion), reflecting a YoY increase of 23.9%. Similarly, total funding mobilization reached VND 559 trillion ($22 billion), demonstrating a 24.8% rise YoY. The Bank also recorded a total outstanding loan balance of VND 412 trillion (16 billion), marking a 16.6% increase since the beginning of the year. HDBank strategically directs credit flows towards key sectors driving economic growth, including rural agriculture, small and medium enterprises (SMEs), value-chain finance, household businesses, traders, and green credit initiatives. The non-performing loan ratio as prescribed by the State Bank is only 1.46%, lower than the sector average; Capital Adequacy ratio (CAR) of 14.8% under Basel II standards. Other prudential indicators are at healthy levels, demonstrating the effectiveness of HDBank’s sustainable development strategy, which comprehensively integrates ESG factors. With these positive results over the first nine months, HDBank has solidified its position among leading banks in the sector. The Bank is well-positioned to maintain high and continuous growth, ensuring the successful completion of the General Meeting of Shareholders’ plan.

NEW YORK: US stocks closed sharply higher in a broad rally on Tuesday after data signaled a solid economy, but investors braced for volatile trading this week as voting was underway in an extremely tight US presidential election. The Institute for Supply Management said its non-manufacturing purchasing managers index, a gauge of the services sector, accelerated to 56.0 last month, its highest since August 2022, from 54.9 the prior month and above the 53.8 expected by economists polled by Reuters. The election outcome could take days to be finalized as the latest polls showed the race between Republican Donald Trump and Democrat Kamala Harris, which has impacted markets in recent months, was too close to call. The former president’s odds improved on Tuesday in betting markets that many investors see as election indicators. “The market continues to try and price for what is the outcome of this election,” said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle. “It’s been so tight and …we’ve been in a tight price range, and so what’s really moving us is marginal positioning for one result or the other.” “Both the bond market and the equity market are looking at Congress as important as well,” he added. “Most base cases are for divided government, but this election is so close we could get any outcome. That’s the challenge.” The Dow Jones Industrial Average rose 427.28 points, or 1.02%, to 42,221.88, the S&P 500 gained 70.07 points, or 1.23%, to 5,782.76 and the Nasdaq Composite gained 259.19 points, or 1.43%, to 18,439.17. Volatility was more pronounced in government debt and currency markets. The benchmark 10-year US Treasury note yield rose more than 10 basis points to a high of 4.366% before paring gains on a solid auction, and was last down 2 basis points on the day. Equity markets avoided Monday’s volatility on expectations of a soft landing for the economy, bolstered by corporate earnings, lower interest rates and a resilient labor market. Other economic data on Tuesday showed the trade deficit hit a 2-1/2 year high in September, as domestic demand draws in imports while concerns about higher tariffs under a Trump presidency have led to a front loading of imports by businesses. Still, the CBOE Volatility Index, also known as Wall Street’s “Fear Gauge,” closed at 20.49, above its long-term average of 19.46, although it had eased from a near-two month high hit last week of 23.42. Industrials, up 1.67%, and consumer discretionary , up 1.83%, led S&P 500 sectors higher and were among five to gain at least 1.3% on the session. Investors are also keeping an eye on Congressional elections to determine the balance of power in Washington. Many analysts predict a split government, which would limit the ability of the president to enact significant policy changes. Stocks viewed as proxies on a win for the former president experienced large swings, with Trump Media & Technology Group climbing as much as 18.64% and dropping as much as 8.42%, while also being halted for volatility multiple times. Its shares eventually closed down 1.16% on the session. Crypto stocks tracked bitcoin higher, with the cryptocurrency up roughly 3%, as Trump has positioned himself as an ally to the sector. Palantir surged 23.47% to close at a record $51.13 after the data analytics firm raised its annual revenue forecast for the third time. The Federal Reserve will announce its latest policy statement on Thursday. Markets have almost completely priced in a 25-basis point interest rate cut, but the outlook for the path of future easing is less certain given the U.S. economy’s strength. Advancing issues outnumbered decliners by a 4.44-to-1 ratio on the NYSE and by a 2.67-to-1 ratio on the Nasdaq. The S&P 500 posted 23 new 52-week highs and seven new lows while the Nasdaq Composite recorded 110 new highs and 104 new lows. Volume on US exchanges was 12.64 billion shares, compared with the 11.77 billion average for the full session over the last 20 trading days. — Reuters

KUALA LUMPUR: OB Holdings Berhad (“OB Holdings”), a provider of fortified food and beverage (F&B) and dietary supplements manufacturing services, has successfully debuted on the ACE Market of Bursa Malaysia Securities Berhad. The stock, categorized under the consumer products and services sector, began trading today with the short name OBHB and stock code 0327. At the opening bell, OB Holdings’ share price opened at 25 sen, above the issue price of 24 sen, with an opening volume of 6.39 million shares. This debut followed an impressive initial public offering (IPO) oversubscription of 109.47 times, reflecting strong investor confidence in OB Holdings’ business strategies and growth potential. Mr. Teoh Eng Sia, Managing Director of OB Holdings, stated, “Today marks a significant milestone for OB Holdings as we join the ACE Market. This achievement is a testament to our team’s dedication and commitment over the past 29 years in the fortified F&B and dietary supplements industry. With fresh capital in hand, we are poised to embark on a new era of growth and innovation.” “In a world where health and wellness are top priorities, OB Holdings provides consumers with products that are both nutritious and enjoyable. Our commitment to using scientifically proven formulations aligns with our mission to promote well-being. We are grateful for the support we have received and look forward to leveraging this opportunity to create sustainable value for our shareholders while continuing to innovate and improve our product offerings.” To recap, 72.22% of the RM28.80 million raised will be allocated to fuel OB Holdings’ business expansion initiatives. These funds will be used to repay bank borrowings associated with the construction of the new Serendah Factory. OB Holdings will also invest in new machinery and establish a state-of-the-art laboratory within the factory. Additionally, a portion of the funds will support a clinical trial for Bonlife SachaQ10 Plus Softgel. These strategic investments aim to enhance production capabilities, drive product innovation, and instill greater consumer confidence in OB Holdings’ offerings. On the financial front, OB Holdings generated RM12.02 million in revenue and RM1.44 million in profit after tax (PAT) in the first quarter of the fiscal year ending 31 May 2025 (1QFY25). After adjusting for listing expenses of RM0.10 million, the Group recorded an adjusted PAT of RM1.54 million. In terms of revenue breakdown by segment, manufacturing services remained the key contributor, accounting for 52.6% of total revenue, followed by house brand product sales at 34.8%. Trading of milk powder and other activities contributed 12.6% during the period under review. Alliance Islamic Bank serves as the Principal Adviser, Sponsor, Sole Underwriter, and Placement Agent for the IPO exercise.

SINGAPORE: Armis, the cyber exposure management & security company, announced today the close of a US$200 million Series D round of investment, increasing its total company valuation to a new high of $4.2 billion. Armis’ latest funding round was led by both top-tier investors General Catalyst and Alkeon Capital, along with existing investors Brookfield Growth and Georgian. The additional capital will enable Armis to continue with its 5 year strategy to build a multi-generational cybersecurity company, fuel strong organic product innovation and global go-to-market programs, while simultaneously taking advantage of game changing inorganic growth opportunities that may arise. Armis’ ability to offer unmatched visibility, security, and risk management to enterprises across all industries has made it a standout leader in the fast-evolving cybersecurity landscape. As the trusted cybersecurity partner of the world’s largest organisations, including United Airlines, Colgate-Palmolive, Mondelez, Reckitt, and more, Armis’ innovative platform, Armis Centrix™, enables companies to see, secure, and manage their most critical assets in real time – from IT, OT, and medical devices to cloud, code, and software assets. This new round of funding comes after Armis recently announced it had surpassed the 200 USD million in Annual Recurring Revenue (ARR) mark, growing ARR by an additional 100 million USD in less than 18 months. The company is targeting a future IPO, and building a multi generational company with the next major milestones being reaching the $500M ARR milestone along the journey to $1 billion ARR and beyond. Yevgeny Dibrov, CEO and Co-Founder of Armis, commented on the latest round of investments and the long-term potential they unlock: “My Co-founder Nadir Izrael and I are incredibly grateful for the support of General Catalyst and Alkeon Capital as well as Brookfield and Georgian. Their investment and belief in Armis’ future reflect the strength of our platform and the market need for a comprehensive Cyber Exposure Management platform – from asset management and Cyber Physical systems security to Remediation of vulnerabilities and issues from IT to cloud and the CI/CD pipeline. We remain confident that this is just the beginning for Armis, and we look forward to delivering on our vision of a safer digital world.” Jonathan Carr, CFO of Armis, highlighted the company’s focus on growth and firm commitment to Armis customers: “We are excited about the addition of General Catalyst and Alkeon Capital to our amazing investors and strategic partners. Armis’ history of rapid and global scaling highlights the growing need for organisations to drive toward an asset centric approach to cybersecurity. This new funding will allow us to continue that rapid pace of value creation for our customers and shareholders, further highlighting our relentless commitment to innovation on our platform and to customer satisfaction that will continue driving our growth for many years to come.” Mark Crane, Partner at General Catalyst shared his enthusiasm about the investment: “We see Armis as a powerful force in cybersecurity, with tremendous potential to scale rapidly and drive meaningful innovation in the industry. We are excited to support them on their path to becoming a public company.” Abhi Arun, Managing Partner at Alkeon Capital echoed these sentiments: “We are proud to invest in Armis at this pivotal stage of its growth. With a proven track record and rising demand for its solutions, Armis is uniquely positioned to redefine industry standards in the cybersecurity market. We’re excited to collaborate with Armis as it accelerates on its remarkable upward trajectory.” As the cybersecurity industry continues to face increasingly complex challenges, Armis’s unique approach to Cyber Exposure Management makes it an indispensable partner for enterprises seeking to secure and manage their critical assets. By delivering comprehensive visibility, prioritisation, and remediation capabilities, Armis ensures that organisations can stay ahead of the growing threat landscape. General Catalyst and Alkeon Capital are joining existing investors that include Insight Partners, CapitalG, Georgian, Brookfield Growth, and One Equity Partners. For broader investor related queries please visit Armis.com

KUALA LUMPUR: Sabah-based major road infrastructure construction player, Azam Jaya Berhad (“Azam Jaya”), has garnered significant interest from investors for its initial public offering (“IPO”), which has been oversubscribed by 23.00 times ahead of its listing on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). Azam Jaya, through its subsidiaries (collectively, the “Group”), specialises in the construction of large-scale road infrastructure in Sabah, including roads, highways, bridges, flyovers, and tunnels. With over 30 years of experience in the industry, the Group has a proven track record, having successfully completed over 50 construction projects in the region. Azam Jaya’s IPO comprises 128.8 million ordinary shares, featuring a public issue of 78.8 million new ordinary shares (“Issue Shares”) at an issue price of RM0.78 per share, representing 15.8% of the enlarged share capital with RM61.5 million expected to be raised. In addition, there is an offer for sale of 50.0 million existing shares (“Offer Shares”), representing 10.0% of the enlarged share capital, by way of private placement to selected investors. In respect of the 25.0 million Issue Shares allocated to the Malaysian public, Azam Jaya has received a total of 16,014 applicants for 599,942,800 Issue Shares with a value of approximately RM467.96 million, representing an overall oversubscription rate of 23.00 times. For the Bumiputera portion, 8,482 applications for 282,907,200 Issue Shares were received, representing an overall oversubscription rate of 21.63 times. As for the Malaysian public portion, 7,532 applicants were submitted for 317,035,600 Issue Shares, resulting in an oversubscription rate of 24.36 times.   The 10.0 million Issue Shares available for application by the eligible directors and employees, as well as persons who have contributed to the success of the Company have been fully subscribed. Meanwhile, the 43.8 million Issue Shares and 50.0 million Offer Shares by way of private placement to institutional and selected investors have also been fully placed out. Notices of allotment will be posted to all successful applicants by 6 November 2024. Datuk Jessica Lo, Executive Director of Azam Jaya, stated, “We are greatly encouraged by the positive response to our IPO, which affirms the market’s confidence in Azam Jaya’s business strategies. We are well-positioned to seize new opportunities, which will include enhancing our construction capabilities and expanding our capacity for larger-scale projects. This will enable us to reach our goal of elevating construction standards in Sabah by introducing innovative techniques and delivering high-quality engineering solutions to meet the region’s growing demands.” From the RM61.5 million to be raised from the IPO, the Group has allocated RM8.0 million (13.0%) to boost construction capabilities and operational efficiencies by acquiring new machinery and equipment as well as technological upgrades. In addition, RM28.4 million (46.2%) is allocated for working capital purposes, RM20.0 million (32.5%) is earmarked for repayment of bank borrowings, and RM5.1 million (8.2%) will be used to defray listing expenses.  Azam Jaya is scheduled to be listed on the Main Market of Bursa Securities on Monday, 11 November 2024. Upon listing, Azam Jaya will have a market capitalisation of approximately RM390.0 million based on the issue price of RM0.78 per share and the enlarged share capital of 500.0 million shares. Inter-Pacific Securities Sdn Bhd is the Principal Adviser, Sole Underwriter and Sole Placement Agent for the IPO exercise.

HANOI:  On October 28, 2024, Vingroup announced the launch of the VinVentures capital fund, with total assets under management of 150 million USD. The fund is dedicated to investing in high-impact technology startups, aiming to foster and develop the startup ecosystem. This initiative is expected to contribute significantly to the creation of digital technology enterprises in Vietnam and across the region. VinVentures is a capital fund sponsored by Mr. Pham Nhat Vuong and Vingroup. The fund currently manages total assets of 150 million USD, of which 100 million USD is an inherited investment portfolio from Vingroup, with an additional 50 million USD expected to be disbursed over the next three to five years. The primary investment focus of VinVentures includes Artificial Intelligence (AI), Semiconductors, and Cloud Computing, as well as other high-tech products. Moreover, the fund also welcomes startups from diverse sectors, provided they demonstrate growth potential and the ability to deliver quality products and services, without being limited to those associated with Vingroup. The fund initially targets Vietnamese market, focusing on startups with local founding teams in the early stages, specifically the seed and Series A rounds—which are the second and third of five typical funding rounds for startups. In the future, the fund aims to broaden its scope to include startups in regional markets with development traits similar to Vietnam, such as Singapore, Indonesia, and the Philippines. In terms of the investment process, the fund collaborates with potential investees through a series of defined steps: initial meetings, exchange of information, detailed research on the product and its target market, thorough investment appraisal, signing of negotiation agreements, and then the final investment contract. The timeline from when a startup submits its application to when it secures funding typically spans 2 to 3 months, maxing up to 6 months for larger-scale transactions. VinVentures sets forth specific investment criteria, targeting startups that demonstrate potential for sustainable growth, robust growth rates, and commercially viable products and services with substantial practical applications. Additionally, these startups must be led by founding teams with established credibility and extensive experience. Investment transactions are executed on a foundation of professional investment principles, wherein VinVentures acquires equity stakes, becoming a shareholder in the company with clearly defined profit expectations. Ms. Le Han Tue Lam, Managing Director of VinVentures, stated: “Beyond providing capital, VinVentures offers startups a unique advantage by facilitating connections within the Vingroup ecosystem. This includes using the ecosystem as a rigorous platform for evaluating and testing products and services before they enter the market, with the potential for these companies to also become customers of the startups. Moreover, by leveraging our extensive network and resources as the leading corporation in Vietnam and the region, we are equipped to provide advice and assistance. This support helps startups to establish relationships with major market partners and acts as a catalyst for their future growth.” Investing in technology startups has consistently been a strategic priority for Vingroup as it transitions into Vietnam’s leading technology conglomerate. Prior to VinVentures, Vingroup had already invested in numerous tech startups through funds such as Vingroup Ventures and VinTech City. With robust resources from the conglomerate, these startups have successfully developed and launched products to the market, with some even rising to become leaders in their respective fields, including VinBigData, VinAI, VinBrain, VinCSS,… By continuing Vingroup’s commitment to nurturing and expanding digital technology enterprises, VinVentures will strategically optimize opportunities for the realization and introduction of innovative technology ideas into the Vietnamese and regional markets, at the same time broadening the conglomerate’s revenue streams According to the Global Startup Ecosystem Report (GESER 2023) by Startup Genome, Vietnam’s startup ecosystem is currently ranked third in Southeast Asia, boasting an estimated economic impact of $5.22 billion. The number of startups in Vietnam has dramatically increased from approximately 1,600 during the Covid-19 pandemic to over 3,800 at present, with AI startups making up nearly 10% of the total. Startups interested in partnering with and receiving investment from VinVentures are encouraged to contact us via email at [email protected] and fill out the application form here