News

Wentel Engineering Holdings Bhd is gearing up for its next growth phase with the construction of a new production facility that will double its current manufacturing floor space. The expanded plant is expected to enhance operational efficiency and boost overall production capacity. According to Apex Securities Research, Wentel is currently trading at undemanding valuations, making it an attractive proposition for investors. The new facility is slated to commence operations in the first half of 2026, providing the company with additional room to scale up output and meet increasing market demand. The investment in the new plant reflects Wentel’s long-term strategy to strengthen its position in the engineering and manufacturing sector while supporting sustainable growth and shareholder value.

Shin Yang Group Bhd has announced an increase in its capital expenditure (capex) plans for the upcoming financial year, aiming to strengthen its operational capacity and support long-term growth across its diversified business segments, including timber, construction, and property development. The group said the increased allocation will focus on upgrading existing manufacturing facilities, expanding its production capabilities, and investing in environmentally sustainable technologies. These investments are expected to enhance operational efficiency and meet rising demand in both domestic and international markets. Shin Yang’s management highlighted that the move aligns with the company’s long-term strategic plan to boost competitiveness and market share while ensuring sustainable growth. “The additional capital expenditure reflects our commitment to modernize our operations and reinforce our presence in key sectors,” said the group’s CEO. “We are confident that these investments will position Shin Yang for stronger performance in the years ahead.” The group also noted that the capex increase will be financed through a combination of internal cash reserves and bank borrowings, without materially affecting the company’s gearing or financial stability. Shin Yang shares closed higher following the announcement, reflecting investor optimism about the company’s growth prospects.

Perak has attracted RM6.25 billion worth of investments across 203 projects as of June 2025, potentially creating more than 5,000 job opportunities, said Menteri Besar Datuk Seri Saarani Mohamad. He noted that the investment value represented a 105% increase compared to the same period last year, while job creation surged 224%, reflecting growing investor confidence in the state’s economy. “This clearly demonstrates investors’ confidence in Perak’s strong and stable investment ecosystem — as steadfast as an anchor that holds firm even in turbulent seas,” Saarani said during his address at the Investiture Ceremony in conjunction with the 69th birthday celebration of Sultan Nazrin Shah at Istana Iskandariah, Kuala Kangsar. Also present were Raja Permaisuri Perak Tuanku Zara Salim and other state dignitaries. Saarani highlighted that Perak’s labour force participation rate rose to 67.4% in the second quarter of this year from 65.6% a year earlier, while the unemployment rate dropped to 3.2% from 3.4% in the same period. Under the first rolling plan of the 13th Malaysia Plan, a total of 466 projects valued at RM1.84 billion have been approved, covering infrastructure, education, healthcare, social facilities, and industrial development. Key developments include: The upgrading of the PLUS Expressway from Slim River to South Ipoh The Perak Halal Industrial Park in Manjung The construction of the Tanjung Rambutan Health Clinic “These projects will bring direct benefits to the people’s well-being,” he added. Looking ahead, Perak will benefit from continued federal support in the 2026 Budget, particularly for major initiatives such as the Kerian Integrated Green Industrial Park expansion and the Lumut Maritime Industrial City, both of which aim to strengthen the state’s position as a hub for green and maritime industries. Saarani said the state’s gross domestic product (GDP) grew 4.4% in 2024, up from 2.7% in 2023, with total output increasing to RM86.2 billion from RM82.6 billion. The growth was driven primarily by the services (63.3%) and manufacturing (19.4%) sectors, followed by agriculture (14%), construction (2.6%), and mining (0.6%). “These figures show the resilience of Perak’s economy and the people’s determination to improve their livelihoods,” he said. As of Nov 7, Perak had collected RM1.1 billion in revenue, putting it on track to achieve its RM1.4 billion target and offset a projected RM81.8 million deficit in the 2025 budget. “With continued prudent management, we are confident Perak will record a budget surplus for the fourth consecutive year,” Saarani said.

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.