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Magna Prima Bhd said its largest shareholders, Datuk Seri Wong Sze Chien and managing director Seah Ley Hong, have completed their unconditional mandatory takeover offer for the company, bringing their total shareholding to 54.96%. According to a press statement issued by AmInvestment Bank Bhd on behalf of the offerors, the duo — through their jointly controlled investment vehicle, Hallson Holdings Sdn Bhd — received valid acceptances for 76.78 million shares, representing a 19.23% stake in Magna Prima, by the close of the offer on Thursday. Prior to the offer, Hallson already owned 35.73% or 142.61 million shares in the construction and property development group. With the additional acceptances, their collective shareholding now stands at 219.39 million shares, or 54.96% of the company’s total issued share capital. The takeover offer, first announced in September after Hallson’s stake rose above the 33% threshold, was extended once to Nov 6 from its initial closing date of Oct 30. It became unconditional last month after the offerors secured more than 50% of the company’s voting shares. The offer price was not specified in Thursday’s statement, but earlier filings showed the acquisition that triggered the offer — a 5.66% block from Prisma Pelangi Sdn Bhd — was valued at RM16.5 million, or 72 sen per share. Despite completing the takeover, Wong and Seah said they intend to maintain Magna Prima’s listing on the Main Market of Bursa Malaysia. The valid acceptances received represent about 29.9% of the 256.55 million shares that the offerors did not own at the time the offer was made — well below the 90% threshold required for a potential delisting or compulsory acquisition. Independent adviser UOB Kay Hian (M) Sdn Bhd, in its evaluation of the offer, deemed it “unfair but reasonable”, noting that the offer price represented a discount to Magna Prima’s unaudited net asset value but still provided shareholders with an opportunity to realise their investment in cash at a premium to recent market prices. The takeover bid followed Hallson’s acquisition of the 5.66% stake from Prisma Pelangi, which increased its total shareholding to 35.73% and automatically triggered the mandatory general offer under Bursa Malaysia’s takeover rules. Magna Prima, founded in 1995, is best known for its property development projects in the Klang Valley, including The Avare in Kuala Lumpur City Centre and Boulevard Business Park along Jalan Kuching. At Thursday’s market close, Magna Prima shares were unchanged at 72 sen, giving the group a market capitalisation of RM289.04 million. The stock has gained more than 15% over the past three months.

A unit of Singapore Telecommunications Ltd (SingTel) is set to divest part of its shareholding in Bharti Airtel Ltd, India’s second-largest mobile carrier, in a deal that could raise as much as 103.5 billion rupees (US$1.2 billion or RM4.88 billion), according to terms seen by Bloomberg. The SingTel unit, Pastel Ltd, plans to offload 51 million shares — representing approximately 0.8% of Bharti Airtel’s total share capital — through an open market transaction. The shares are being offered at a floor price of 2,030 rupees apiece, which is about a 3.1% discount to the company’s last closing price on Thursday in Mumbai. The sale is scheduled to take place on Friday (Nov 8) on India’s local bourses, with settlement expected by Nov 10. A 60-day lock-up period will apply following the completion of the transaction. JPMorgan Chase & Co is acting as the sole broker for the deal. Bharti Airtel’s stock has seen a strong performance in 2025, gaining more than 30% year-to-date, driven by steady subscriber growth, network expansion, and improving average revenue per user (ARPU). The company currently ranks as the third-largest constituent of India’s benchmark Nifty 50 Index by market value. The move by SingTel comes as the Singaporean telecoms group continues to rebalance its portfolio and unlock capital from long-term investments, aligning with its broader strategy to enhance shareholder returns and reinvest in high-growth digital infrastructure and regional ventures. SingTel has been a long-term strategic investor in Bharti Airtel, holding a significant stake through its various subsidiaries since the early 2000s. Despite this partial sell-down, analysts expect the Singapore-based group to retain its long-term partnership with the Indian telecommunications giant, which remains a key asset in SingTel’s regional portfolio.

Digital travel platform Agoda and global payments brand from Japan, JCB International Co., Ltd. (JCB), today announced the start of a three-year partnership at the 18th JCB World Conference. Effective from April 2026 to March 2029, the signed Memorandum of Understanding (MOU) will see both parties leveraging data-driven insights to attract new customers, optimize marketing strategies and explore new communication channels to effectively engage with inbound travelers to Japan. From left to right: Damien Pfirsch, Chief Commercial Officer, Agoda alongside Masaki Yokawa, President & CEO of JCB International Co., Ltd. Through joint campaigns, co-marketing activities, and the development of long-term value propositions, Agoda and JCB are committed to enhancing customer satisfaction and engagement. This collaborative partnership is structured to benefit both companies by attracting new customers, encouraging greater use of JCB Cards, and supporting the growth of JCB Card issuance. “Agoda and JCB share a commitment to making travel more rewarding and accessible for customers across Asia,” said Damien Pfirsch, Chief Commercial Officer at Agoda during his keynote speech at the 18th JCB World Conference. “This partnership is a testament to the trust we’ve built and our shared vision to strengthen inbound travel to Japan and expand opportunities for travelers in the region. By combining Agoda’s technology and reach with JCB’s strong brand and customer base, we are well-positioned to deliver meaningful benefits and new experiences for our users.” Under the MOU, JCB cardmembers will benefit from exclusive discounts and special offers on Agoda in key markets including Taiwan, China, Hong Kong, the Philippines, South Korea, Indonesia, Thailand, Vietnam, and India. With joint promotions already live, JCB cardmembers can enjoy up to 12% additional discount on hotel bookings through dedicated Agoda pages. In the first half of 2025 alone, Japan remained the top searched destination on Agoda, with a 35% growth in searches, underscoring the continued appeal of Japan among travelers in the region. “We are proud to partner with Agoda to deliver even greater benefits to our traveling cardmembers,” said Masaki Yokawa, President & CEO at JCB International Co., Ltd. “As part of this partnership, JCB cardmembers can look forward to even more convenience, exclusive privileges, and a seamless payment experience as they explore destinations across Asia. We endeavour to make every step of the travel and shopping experience smoother and more rewarding for our cardmembers across the region.” The strengthened partnership between Agoda and JCB aims to better meet the evolving needs of travelers across Asia, particularly as intra-Asia travel grows alongside the region’s rising middle class. By offering greater convenience and value, the collaboration continues to contribute to Japan’s appeal as a top inbound destination. The partnership also underscores Agoda’s commitment to enhancing travel experiences and supporting innovation within the travel and payments industry.

KUALA LUMPUR, Hextar Capital Bhd has further strengthened its position in Binasat Communications Bhd, raising its shareholding by 4.1% to 29.8%, according to the telecommunications support service provider’s filing on Wednesday. The additional 24.7 million shares were acquired via Hextar Capital’s wholly owned subsidiary, Opcom VC Sdn Bhd. While the purchase price was not disclosed, the shares are estimated to be worth around RM2.72 million based on Binasat’s closing price of 11 sen on Wednesday. Binasat’s largest shareholder, Datuk Eddie Ong Choo Meng — who also controls the Hextar Group — has diversified interests across chemicals, agriculture, industrial products and renewable energy. Ong also holds major stakes in several listed companies, including Hextar Global Bhd, Hextar Industries Bhd, and Hextar Healthcare Bhd. Opcom VC, which focuses on project management services such as the supply of cables, hardware, engineering consultancy, and IT solutions, is the vehicle through which Hextar Capital made the purchase. Hextar Capital became the controlling shareholder of Binasat in January 2024 after completing its acquisition of a majority stake. At Wednesday’s close, Binasat’s shares fell half a sen or 4.35% to 11 sen, valuing the company at RM66.5 million.

KUALA LUMPUR, YTL Power International Bhd has successfully overturned a tax assessment related to its A$1.03 billion (RM2.8 billion) sale of Australian electricity transmission operator ElectraNet Pty Ltd in 2022, saving the group from a potential A$284.32 million (RM877 million) capital gains tax bill. According to a report by Accounting Times, Australia’s Federal Court ruled on Oct 30 that the disposal was not subject to capital gains tax, as ElectraNet’s transmission network lease assets were not considered “taxable Australian real property.” The ruling follows a long-running dispute between YTL Power and the Australian Commissioner of Taxation, who may still appeal the decision. YTL Power, through its wholly owned subsidiary YTL Power Investments Ltd, previously held a 33.5% stake in ElectraNet, which it sold to Australian Utilities Pty Ltd. The divestment contributed a disposal gain of RM1.27 billion to the group in its 2022 financial year. Before this court win, YTL Power had appealed the assessment with Australia’s tax authorities, but the appeal was dismissed, prompting the company to take the case to court. Shares of YTL Power closed two sen or 0.51% lower at RM3.88 on Tuesday, giving it a market capitalisation of RM33.68 billion.

Singapore-based floating production specialist Yinson Production is charting an ambitious growth path with expansion into Namibia, a major carbon capture and storage (CCS) project in Norway, and a potential IPO within the next few years. The offshore unit of Malaysia’s Yinson Holdings has secured a strong foundation with US$19.9 billion in contracted revenue backlog stretching through 2050. Chief executive officer Flemming Grønnegaard said the company expects to reach a final investment decision (FID) on its flagship Stella Maris CCS project next year, targeting commercial operations by 2030. Left: CFO Markus Wenker; Right: CEO Flemming Gronnegaard. Photo: Yinson Production. “We are taking active steps to be part of the energy transition — this will form a significant new business line for us,” Grønnegaard said. Developed with Harbour Energy, the Stella Maris project aims to provide full offshore carbon capture and permanent storage. Chief financial officer Markus Wenker said CCS represents “the only realistic path to net zero,” noting that investments will be made with long-term returns in mind. To support upcoming demand, Yinson plans to open a local office in Namibia by January 2026 and launch a cadet training programme as the country moves closer to first oil. Grønnegaard said FPSO contracts are likely to be awarded by 2027, with production expected before 2030. Yinson is currently assessing 20 potential projects across Brazil, West Africa, and Southeast Asia, anticipating new contract awards within the next 12 to 18 months. “Nothing is confirmed until the ink is dry, but we’re well positioned in nearly all our target markets,” Grønnegaard added. The company has also strengthened its operational flexibility with the acquisition of a very large crude carrier (VLCC), which can be swiftly converted for deployment once new contracts are signed. “We’ve done the engineering, and we’re ready to move fast,” Grønnegaard said. “Our lease-and-operate model, combined with a 99.5% uptime record, gives us a clear competitive edge.” Yinson’s Agogo FPSO, delivered four months ahead of schedule, is cited as an example of its project execution strength. Financially, the group has refinanced US$2.8 billion in bank debt, creating room for growth and freeing up lending capacity. Wenker said project bonds are being prepared for 2026, particularly for the refinancing of the Agogo and Atlanta FPSOs, to further deepen the FPSO project bond market. An initial public offering (IPO) is being considered within the next five years, once the current capital expenditure cycle is complete. “An IPO remains an option, depending on market conditions and achievable valuation,” Wenker said. Yinson currently operates nine FPSOs with two more under construction. It posted US$608 million in enterprise revenue and US$402 million in adjusted EBITDA, backed by US$1.7 billion in equity. With initiatives such as onboard electrification, closed flare systems, and carbon capture integration, Yinson is positioning its fleet to be net-zero ready. “We are not just an oil and gas company,” Grønnegaard said. “We’re building the next generation of offshore infrastructure.”

KUALA LUMPUR, Destini Bhd has announced that its wholly-owned subsidiary, Destini Prima Sdn Bhd (DPSB), has received a letter of award from the Ministry of Defence (Mindef) for the extension of its existing contract to supply non-proprietary aircraft spare parts to the Royal Malaysian Air Force (RMAF). In a filing with Bursa Malaysia today, the diversified industrial group said the extended contract maintains a total ceiling value of RM403.75 million, which is shared among 29 appointed contractors under the same supply arrangement. The company said the contract extension will span an additional 18 months — from July 1, 2025, to Dec 31, 2026 — following the expiry of the initial agreement on June 30, 2025. “The extension reflects the government’s continued confidence in Destini’s capabilities and technical expertise in supporting the operational readiness of the Royal Malaysian Air Force’s aircraft fleet,” the group said. Under the terms of the extension, DPSB is required to provide a performance bond for every order issued by the government. The performance bond will amount to 2.5% for orders exceeding RM200,000 and 5% for orders exceeding RM500,000, in accordance with Mindef’s procurement requirements. Destini noted that the contract extension will contribute positively to the group’s earnings and strengthen its position as a trusted partner in Malaysia’s defence and aerospace maintenance, repair, and overhaul (MRO) sector. The company added that it remains committed to maintaining high standards of quality, safety, and reliability in all its operations while pursuing strategic opportunities to expand its footprint in both local and international defence supply chains.

KUALA LUMPUR, Proton Holdings Bhd (Proton) has announced the appointment of Datuk Abdul Rashid Musa as its deputy chief executive officer (CEO), effective Nov 1, 2025. In a statement, Proton said Abdul Rashid will report directly to CEO Li Chunrong and brings over three decades of experience in engineering, manufacturing, and product development. A former chief technical officer at Proton, Abdul Rashid also served as CEO of Proton Edar, where he played a key role in major milestones such as the 2018 launch of the Proton X70. After leaving Proton, he took on leadership roles at UMW Holdings Bhd, heading its aerospace division and driving innovation and sustainability initiatives aligned with Malaysia’s national agenda. Li said Abdul Rashid’s deep industry knowledge and familiarity with Proton’s operations would be instrumental in advancing the company’s transformation and long-term growth. Proton also expressed appreciation to Ainol Azmil, who served as acting deputy CEO from June 10 to Oct 31, 2025. Ainol will return to his previous role as vice president of corporate strategy while also leading the group’s technical procurement division as senior director.

KUALA LUMPUR, Majlis Amanah Rakyat (MARA) is targeting to have at least three Bumiputera companies listed on Bursa Malaysia next year, said Deputy Minister of Rural and Regional Development Datuk Rubiah Wang. She said the initiative forms part of the Bumiputera Economic Transformation Plan 2035 (PuTERA35), which aims to identify and strengthen high-potential Bumiputera enterprises for market expansion and to enhance global competitiveness. “This target is embedded within PuTERA35 and also outlined in MARA’s Strategic Plan 2026–2030. We are starting by identifying companies with strong potential to go public, but our ambitions go beyond that,” Rubiah said after officiating the MARA Automotive Ecosystem 2025 (MATEC2025) event today. Rubiah highlighted that Bateriku (M) Sdn Bhd is among the companies set to debut on Bursa Malaysia — a testament to the growing expertise and capabilities of Bumiputera entrepreneurs, particularly in the automotive sector. She added that MARA remains committed to enhancing Bumiputera participation and leadership in industries with high growth potential, including automotive technology and electric vehicles (EVs). Meanwhile, Rubiah announced that MATEC will return for its third edition next year, following strong participation and success in this year’s event. “The next MATEC will be bigger and more inclusive, promoting greater collaboration between Bumiputera and non-Bumiputera companies,” she said. She noted that MARA continues to demonstrate that Bumiputeras are not merely consumers but key contributors to the RM80 billion automotive industry. “With major investments like BYD’s EV plant in Tanjung Malim and over 2,000 Bumiputera automotive entrepreneurs now active across the value chain, Malaysia is advancing confidently with its own identity,” Rubiah added. Held from Oct 31 to Nov 2, MATEC 2025 carried the theme “Charge the Hype”, targeting over 104,000 visitors and featuring 200 exhibitors. To further strengthen talent and industry collaboration, six Memoranda of Understanding (MoUs) and Agreements (MoAs) were signed between MARA and major partners, including Volvo, Modenas, YTL Technologies, the Malaysia Automotive, Robotics and IoT Institute (MARii), Mannol, and TalentCorp Malaysia. The 2025 edition marks a major leap from last year’s MATEC 2024, which drew 26,550 visitors and generated RM16.6 million in sales. This year’s event is projected to attract RM50 million in transactions.

KUALA LUMPUR, NexG Bhd, formerly known as Datasonic Group Bhd, saw its former executive deputy chairman Tan Sri Mohd Khairul Adib Abd Rahman raise his stake in the company by 4.31%, cementing his position as the group’s largest shareholder. Former NexG Bhd executive deputy chairman Tan Sri Mohd Khairul Adib Abd Rahman increased his stake in the company by 4.3% to 16.96% through his vehicle, Skyelimit Alliance Sdn Bhd, according to a bourse filing. According to NexG’s filing with Bursa Malaysia, Mohd Khairul Adib’s private vehicle, Skyelimit Alliance Sdn Bhd, acquired 150.34 million shares — equivalent to a 4.31% equity interest — through a direct business transaction on Friday. The purchase raised his total shareholding to 16.96%. While the filing did not disclose the transaction value, Bloomberg off-market data indicated that the shares changed hands at 40 sen apiece, amounting to RM60.14 million. The acquisition price represents a 5.3% premium over NexG’s closing price of 38 sen on the same day. Skyelimit holds a 12.09% stake in NexG, forming the bulk of Mohd Khairul Adib’s shareholding, while the remainder is owned through Kuantum Juang Sdn Bhd. Companies Commission of Malaysia (SSM) records show Skyelimit is wholly owned by Mohd Khairul Adib, whereas Kuantum Juang is 99.9% held by RHB Trustees Bhd. Following this latest acquisition, Mohd Khairul Adib has overtaken executive chairman and group chief executive officer Datuk Abu Hanifah Noordin, who currently owns a 13.89% stake, as the company’s largest shareholder. Mohd Khairul Adib stepped down from his executive deputy chairman role on Oct 14 to pursue other interests. He first joined NexG’s board in November 2024 as an independent non-executive director before being redesignated as executive deputy chairman in March 2025. Before his corporate stint, Mohd Khairul Adib served as the director general of the Public Service Department (JPA) from October 2019 to January 2022. NexG shares closed unchanged at 38 sen on Friday, giving the group a market capitalisation of RM1.39 billion.