News

The Securities Commission (SC) has appointed Datuk Seri Ahmad Johan Mohammad Raslan as the non-executive chairman of its Audit Oversight Board (AOB), effective Jan 5, 2026. Datuk Seri Ahmad Johan Mohammad Raslan. Ahmad Johan, who has been a non-executive board member of the AOB since December 2020, has now been redesignated to lead the board as chairman, succeeding Tan Sri Abu Samah Nordin, whose two-year tenure concluded on Jan 4, 2026. The SC expressed its sincere appreciation to Abu Samah for his “exemplary leadership and contributions” to the AOB during his term. The SC highlighted Ahmad Johan’s extensive experience across both the corporate and public sectors, noting that he brings deep expertise in audit, corporate governance, and financial oversight. Ahmad Johan previously served as executive chairman of PwC Malaysia from 2004 to 2012, where he played a key role in shaping the firm’s strategic direction and professional standards. He has also held several prominent leadership positions, including chairman of the Financial Reporting Foundation, member of Bank Negara Malaysia’s Financial Stability Executive Committee, and member of the International Advisory Panel under the Labuan Financial Services Authority. With his appointment, Ahmad Johan is expected to provide strong oversight of audit practices in Malaysia, reinforcing the SC’s mission to maintain transparency, accountability, and high standards of corporate governance in the financial and capital markets. The SC said Ahmad Johan’s leadership comes at a critical time as the AOB continues to enhance audit quality, strengthen regulatory compliance, and support investor confidence in Malaysia’s capital markets.

Destini Bhd has redesignated Datuk Seri Dr Shahril Mokhtar as its group managing director, just a month after the former MRT Corp CEO joined the engineering group’s board as an executive director. Datuk Seri Dr Shahril Mokhtar The redesignation takes effect immediately, according to a Bursa Malaysia filing on Tuesday. Shahril, 54, was appointed as an executive director of Destini on Dec 4, 2025, bringing with him decades of experience in both public and private sector leadership. Prior to joining Destini, Shahril served as CEO of MRT Corp and as group managing director of Prasarana Malaysia Bhd. He has also held executive and directorship roles in several companies, including listed firms such as CSH Alliance Bhd (now Velocity Capital Partner Bhd), Green Packet Bhd, and Taghill Holdings Bhd. Currently, Shahril also serves on the boards of West River Bhd and EVD Bhd, reflecting his extensive experience in corporate governance, engineering, and infrastructure sectors. The appointment comes as Destini continues to strengthen its executive leadership team and expand its engineering and defence-related businesses across Malaysia and the region. Following the announcement, shares in Destini rose 1.5 sen or 5.08% to 31 sen, giving the company a market capitalisation of RM170.18 million. Shahril’s track record in leading major infrastructure projects and overseeing strategic growth initiatives is expected to support Destini’s long-term expansion plans, particularly in the engineering, aerospace, and defence segments where the group has significant operations.

CGS International Securities Malaysia (CGS MY) entered 2026 following a leadership transition announced on Nov 25, 2025, with Khairi Shahrin Arief appointed as chief executive officer and Alan Inn named country head. Under the new structure, Khairi will oversee the firm’s strategic direction and local operations, while Alan will focus on regional expansion and cross-border growth initiatives. Commenting on the outlook, Khairi said Malaysia’s ASEAN Chairmanship, along with growth opportunities in digital technology, energy transition, and healthcare, supported CGS MY’s performance in 2025. Khairi Shahrin Arief “In 2026, we look forward to delivering progressive outcomes from these initiatives, as CGS MY continues to serve as a key gateway for facilitating partnerships and capital flows,” he said. Khairi added that CGS MY’s China-ASEAN heritage positions the firm well to support collaborations between Malaysian and Chinese companies, particularly in sectors such as digital technology, renewable energy, and artificial intelligence. In 2025, CGS MY executed eight memorandums of understanding with both public and private institutions. These included partnerships with Bursa Malaysia and Fullgoal Asset Management (HK) Ltd to facilitate the listing of foreign-underlying exchange-traded funds (ETFs). The firm also plans to expand its financial literacy initiatives, with new campaigns slated for 2026, including the introduction of gamified educational content. During his previous tenure as co-deputy CEO, Khairi led the expansion of CGS MY’s retail, institutional, and private wealth businesses, including the 2025 launch of fractional trading on the UP app for Bursa Malaysia’s top 30 companies. As CEO, he said he will continue to prioritise regulatory stewardship and market expansion. Khairi also noted that CGS MY has set a KLCI target of 1,810 for 2026, citing Malaysia’s relatively low exposure to global tariff risks and stable policy environment. Meanwhile, Alan Inn will lead growth across asset and wealth management, investment banking, private equity, and cross-border activities. “I am excited to work alongside Khairi and my esteemed colleagues as we continue to drive progress and position Malaysia as a premier investment destination,” Alan said. He added that CGS MY is well positioned to support regional businesses pursuing China Plus One strategies through cross-border initiatives, with the firm targeting RM3 billion in assets under management within three years. CGS MY will kick off the year with its 18th Annual Malaysia Corporate Day on Jan 7, 2026.

The Sarawak state government has officially completed its acquisition of MASwings Sdn Bhd through its wholly owned entity, AirBorneo Holdings Sdn Bhd, effective Jan 1, 2026. AirBorneo said the sale and purchase agreement for the acquisition was signed with Malaysia Aviation Group on Feb 12, 2025. From today, AirBorneo assumes full legal and operational responsibility for MASwings. During the initial transition, the MASwings brand will remain, while AirBorneo gradually introduces its new brand identity. The company thanked passengers, partners, and stakeholders for their cooperation and support during the transition period. AirBorneo said the acquisition aligns with the state government’s strategic goal of enhancing regional air connectivity and ensuring affordable fares for Sarawak residents. It also supports the state’s broader social and economic development agenda and lays the groundwork for the airline’s next phase of growth as AirBorneo. The state government extended its gratitude to all employees, partners, and stakeholders for their support throughout the acquisition and transition process.

Melaka-based food manufacturer Guan Huat Seng Holdings Bhd (GHS Holdings) plans to raise RM30 million from its initial public offering (IPO) ahead of its ACE Market debut on Bursa Malaysia on Jan 22, 2026. Managing Director of Guan Huat Seng Yeo Tien Ee (second,left) and Executive Director Operations of TA securities Holdings Berhad Tah Heong Beng (second,right) officiated the launch of Guan Huat Seng Holdings Berhad’s prospectus in conjunction with its listing on the AC Market of Bursa Malaysia Securities Berhad, today. According to the company, RM12 million (40%) of the proceeds will be used to partially fund a new integrated complex in Batu Berendam, Melaka, while RM9 million will go toward a new facility in Krubong. The remaining funds will be allocated for working capital (RM3 million), marketing (RM1.5 million), and listing expenses (RM4.5 million). GHS Holdings managing director Yeo Tien Ee said the IPO proceeds are expected to enhance operational efficiency and support the company’s future growth plans, including expanding product offerings, strengthening customer relationships, and exploring new markets both in Malaysia and abroad. The IPO comprises 141 million ordinary shares, including 120 million new shares and 21 million existing shares for sale, representing 29.78% of the enlarged share capital of 473.5 million shares. Of the public issue, 23.8 million shares will be offered to the Malaysian public, 14 million shares to eligible directors, employees, and contributors to the group’s success, while 82.2 million shares will be placed privately to selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry. Based on the IPO price of 25 sen per share, the group’s market capitalisation is projected at RM118.38 million. Public applications for the IPO are open from today until Jan 9, 2026. TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter, and placement agent for the exercise.

MSB Global Group Bhd’s wholly owned subsidiary, MSB Machinery Corporation (Malaysia) Sdn Bhd, has entered into a joint venture (JV) agreement with Thai Sin Anant Rubber Factory (2516) Co Ltd (TSAR) to establish a new company in Thailand, marking a step in the group’s regional expansion strategy. According to a Bursa Malaysia filing, the JV will act as the exclusive distributor of automotive parts under the Gold Series brand in Thailand, focusing on the import, distribution, and sale of suspension components, shock absorbers, and related automotive parts. The collaboration leverages MSB Machinery’s product expertise and supplier network alongside TSAR’s local market presence and operational capabilities, the statement said. The new company, to be incorporated at a later date, will have a paid-up capital of 5 million baht, with TSAR holding 81% and MSB Machinery 19%. MSB Global managing director Datuk Ow Kee Foo said the JV reflects the company’s disciplined approach to regional growth, allowing it to enter the Thai market in a capital-efficient way while maintaining strategic exposure in one of ASEAN’s largest automotive markets. The group expects the JV to contribute positively to earnings over time, with no immediate material impact on its share capital or net assets. MSB Global also noted that Thailand’s automotive market is recovering, with domestic car sales rising 20.65% year-on-year to 51,046 units in November 2025, supporting demand for aftermarket replacement parts. The company believes the new JV is well positioned to capture growing demand for high-quality automotive components under the Gold Series brand.

The Securities Commission Malaysia (SC) has charged Datuk Seri Liew Yew Chung, the former CEO and non-independent non-executive chairman of Khee San Bhd (KSB), for causing a wrongful loss of RM7.12 million to KSB’s subsidiary, Khee San Food Industries Sdn Bhd (KSFI). According to the SC, Liew faces 11 charges under Section 317A(1) of the Capital Markets and Services Act 2007 (CMSA). The charges relate to the cancellation of 25 loan agreements given by KSFI to 11 individuals in 2019 in Seri Kembangan, Selangor, which allegedly resulted in the wrongful loss. If convicted, Liew could face mandatory jail terms ranging from two to 10 years and a fine of up to RM10 million. Liew has pleaded not guilty to all 11 charges in two separate courts and was granted bail totaling RM160,000. In the first case, Sessions Court judge Azrul Darus set bail at RM80,000 with two local sureties, requiring him to report to the SC’s investigating officer every two months. In the second case, Sessions Court judge Norma Ismail also set bail at RM80,000 with one local surety and the same bimonthly reporting condition. The SC noted that Liew’s passport was not required to be surrendered, as it had already been handed over to the court in a separate matter in May 2025. Earlier, on May 16, 2025, Liew was charged in an unrelated SC case involving false financial statements and falsification of records at London Biscuits Bhd. He had pleaded not guilty, and the matter is scheduled for hearing in May 2026.

The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into 26 companies suspected of involvement in army procurement projects. Sources said the owners of all 26 companies are also under investigation, and authorities have not ruled out the possibility of remanding them to assist with the probe. “The MACC began investigating all 26 companies at around 11am today, across multiple locations in the Klang Valley, Perak, and Penang,” the sources told Bernama. On Dec 23, MACC officers visited the Ministry of Defence (Mindef) to review projects awarded through open tender procurement as well as those carried out under the Pusat Tanggungjawab (PTJ) Tentera Darat framework. The following day, Dec 24, three individuals were summoned to give statements in connection with the case. MACC chief commissioner Tan Sri Azam Baki confirmed the investigation, saying the case is being probed under Sections 17 and 23 of the MACC Act 2009. Separately, on Dec 22, activist Badrul Hisham Shaharin, also known as Chegubard, claimed that forensic checks on documents he received anonymously showed alleged monthly deposits amounting to tens of thousands of ringgit into accounts linked to a senior military officer and family members.

MMAG Holdings Bhd’s largest shareholder, businessman Datuk Seri Farhash Wafa Salvador Rizal Mubarak, has sold his entire 19.9% stake in the company at a significant premium and has stepped down as chairman. Datuk Seri Farhash Wafa Salvador Rizal Mubarak has stepped down as MMAG Holdings Bhd’s chairman. In a bourse filing on Monday, MMAG said Farhash, who is a former political secretary to Prime Minister Datuk Seri Anwar Ibrahim, disposed of 462 million shares on Dec 31 at 18.9 sen per share, valuing the transaction at RM87.32 million. The disposal price was more than double MMAG’s closing price of seven sen on Dec 31. Farhash became MMAG’s largest shareholder in March 2025 after acquiring the 19.9% stake and was subsequently appointed chairman of the company. While the acquisition price was not disclosed at the time, Bloomberg off-market data showed that 462 million shares were traded in four tranches at 40 sen per share, amounting to RM184.8 million. In a separate filing, MMAG said Farhash had resigned as non-executive chairman, effective Jan 2, citing the need to “pursue personal commitments”. Farhash’s emergence as a substantial shareholder in March 2025 came a day after NexG Bhd acquired a 7.54% stake in MMAG. Prior to Farhash’s appointment, MMAG was chaired by former public service director-general Tan Sri Mohd Khairul Adib Abd Rahman, who had earlier that month become a substantial shareholder in NexG and resigned from MMAG to pursue other interests. MMAG shares experienced a sharp sell-off between late October and early November 2025, falling from 57 sen on Oct 29 to 8.5 sen on Nov 7, which triggered an unusual market activity (UMA) query from Bursa Malaysia. The company later said it was unaware of any reasons for the sharp price movement. The share price has yet to recover since then. On Monday, MMAG shares closed unchanged at seven sen, giving the company a market capitalisation of RM162.48 million.

Pharmora Investment Holdings Pte Ltd has successfully completed its takeover offer for Apex Healthcare Bhd and is moving to delist and privatise the pharmaceutical group. In a press statement issued by UOB Kay Hian (M) Sdn Bhd, Pharmora and parties acting in concert said they had secured a 95.43% stake in Apex Healthcare as at the close of the voluntary takeover offer on Monday (Jan 5). This exceeds the 90% threshold required for delisting from Bursa Malaysia. Pharmora and persons acting in concert secured a 95.43% stake in Apex Healthcare at the voluntary takeover offer’s close on Monday (Jan 5). Following this, Bursa Securities will suspend trading in Apex Healthcare shares from Jan 13, while Pharmora and its joint ultimate offerors will proceed with the necessary steps to delist the company. Pharmora is a special purpose vehicle of healthcare-focused private equity firm Quadria Capital Investment Management Pte Ltd, which is backed by Temasek Holdings (Private) Ltd and the Employees Provident Fund. The takeover was undertaken in partnership with Apex Healthcare’s major shareholder Dr Kee Kerk Chin, who is also the group’s chairman and chief executive officer. The offerors will also compulsorily acquire the remaining shares they do not already own. Valid acceptances had crossed the 90% threshold on Dec 30, 2025, enabling compulsory acquisition of shares held by dissenting shareholders. A compulsory acquisition notice is expected to be issued by Feb 28. The RM2.64 per share takeover offer was launched on Nov 28, 2025. It became unconditional on Dec 22 and was extended to Jan 5 after the closing date was initially pushed back from Dec 19 to Jan 2. Shares in Apex Healthcare closed four sen or 1.52% lower at RM2.60, valuing the group at RM1.88 billion.