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KUALA LUMPUR,  Johor-based bakery manufacturer HSS Holdings Bhd is planning to list on the ACE Market of Bursa Malaysia, aiming to raise funds to expand and upgrade its production facilities. According to its draft prospectus filed with Bursa Malaysia on Thursday (Oct 9), the group’s initial public offering (IPO) will comprise 75 million new shares — equivalent to 15% of its enlarged share capital — and an offer-for-sale of 52.5 million existing shares or 10.5%, bringing the total offering to 25.5% of the company’s shares. Of the new shares, 25 million will be allocated to the Malaysian public, 10 million to eligible directors, employees, and contributors, 10 million via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), and 30 million to selected investors. Following the IPO, major shareholder Essential Family Ventures Sdn Bhd — controlled by non-independent non-executive director See Toh Kean Yaw and Joseph Lee Moh Hon — will see its stake trimmed to 14.8% from 23.5%, while managing director Goh Chen Chang’s shareholding will decrease to 5.3% from 12.4%. Incorporated in April 2025 and converted into a public company in September, HSS Holdings manufactures and markets a variety of bakery goods — including cookies, biscuits, cakes, and snacks — under brands such as SINAR. Its products are either produced in-house, outsourced to third-party manufacturers, or sourced directly from brand owners. Financially, the group’s profit after tax rose 42.8% to RM7.8 million for the financial year ended Dec 31, 2024 (FY2024), compared to RM5.46 million the year before. Revenue increased 21.2% to RM160.22 million, from RM132.23 million in FY2023. HSS generates most of its sales from Malaysia and Singapore, while also exporting to Indonesia, Australia, and Cambodia.

Bank Pembangunan Malaysia Berhad (BPMB) is pleased to announce the appointment of Mr. Wee Yee Tat as Managing Director, Group Corporate & Investment Banking.                                                   Wee Yee Tat as Managing Director, Group Corporate & Investment Banking.                                                                                                                                                                        Mr. Wee is a seasoned and highly respected professional in the banking industry, bringing with him extensive experience spanning over two decades in corporate and investment banking. Throughout his career, he has demonstrated exceptional leadership in driving business transformation, structuring complex financial transactions, and delivering sustainable growth for the organisations he has served. His strong understanding of capital markets, corporate finance, and client relationship management will be instrumental in elevating BPMB’s strategic initiatives and market positioning. In his new role, Mr. Wee will oversee the Group Corporate & Investment Banking division, leading efforts to expand BPMB’s reach and strengthen its role as a catalyst for Malaysia’s economic development. His focus will include advancing innovative financing solutions, deepening partnerships with corporate and institutional clients, and ensuring that BPMB continues to play a pivotal role in driving sustainable and inclusive national growth. Mr. Wee’s appointment reflects BPMB’s commitment to building a forward-looking leadership team that embraces excellence, innovation, and integrity. It also reinforces the Bank’s mission to support high-impact projects and sectors aligned with the country’s strategic development priorities. BPMB extends its warmest congratulations to Mr. Wee Yee Tat on his appointment and looks forward to his visionary leadership as the Bank continues to strengthen its market presence, enhance its product offerings, and move confidently into its next phase of transformation and growth.

KUALA LUMPUR, KNM Group Bhd’s largest shareholder, MAA Group Bhd, is seeking to hold an extraordinary general meeting (EGM) to approve the sale of KNM’s German unit, Deutsche KNM GmbH (DKNM), even after Bursa Malaysia rejected the group’s plan to exit PN17 status. The proposed €270 million (RM1.34 billion) deal involves KNM’s wholly owned subsidiary, DKNM, and is seen as a key move to reduce debt and refocus the company’s operations. However, the sale would leave KNM with only its Malaysian units, which have been unprofitable since 2024 and are expected to generate just RM4.21 million in revenue in 2025. Bursa Malaysia’s rejection cited KNM’s inability to show sustainable earnings and a credible turnaround strategy. The exchange will suspend KNM shares on Oct 13, with potential delisting on Nov 5 unless the company appeals by Nov 2. MAA Group, led by Datuk Tunku Yaacob Khyra, who holds a 19.375% stake in KNM, appears determined to push the German unit sale forward. KNM, under PN17 since October 2022, has undergone internal restructuring, blocked a takeover attempt, and secured a temporary court order in September 2025 to protect its assets pending a May 2026 appeal hearing. Separately, KNM filed for court approval of its debt-restructuring plan on Sept 26, 2025, following creditor approval in August. The court will hear the case on Oct 24, with potential outcomes including binding approval for all creditors or forced asset sales or liquidation. KNM shares closed unchanged at 0.5 sen, valuing the group at RM20.23 million, down 92.86% year-to-date.

KUALA LUMPUR, Vape liquid prices could rise by up to 1,000% if the Health Ministry’s proposed tax hike is approved, aimed at curbing widespread use of the products, the ministry said. Deputy Health Minister Datuk Lukanisman Awang Sauni. Deputy Health Minister Datuk Lukanisman Awang Sauni said the proposal has been submitted to the Finance Ministry for inclusion in Budget 2026. “The Health Ministry has suggested increasing the excise duty on vape liquids from the current 40 sen per ml to RM4 per ml,” he told the Dewan Rakyat yesterday. He added that while a cigarette stick delivers around 10 puffs, 1ml of vape liquid provides roughly 100 puffs, highlighting the need for stronger regulation. Currently, all vape liquids are subject to the 40 sen per ml excise duty, regardless of nicotine content, in effect since May 1, 2023. Nicotine continues to be regulated under the Poisons Act 1952. Lukanisman explained that electronic cigarette liquids are now governed under the Control of Smoking Products for Public Health Act 2024 (Act 852), effective Oct 1, 2025. The law covers registration, advertising, sale, packaging, labelling, price control, and production of all smoking products, including vape liquids. “Under Act 852, all smoking products, including e-cigarettes, must be registered with the Health Ministry before they can be imported, produced, or distributed. Failure to comply is an offence, punishable by fines, imprisonment, or both,” he said. While the ministry works toward a nationwide ban on vape products, Lukanisman noted that the measure must be implemented before vape-related health cases rise further. Current data show 46 cases linked to e-cigarette and vaping product use-associated lung injury (EVALI).

PETALING JAYA, Petronas president and group CEO Tengku Muhammad Taufik Aziz has issued an apology for joining a champagne celebration following Mercedes-AMG’s victory at the recent Formula One Singapore Grand Prix. In a statement, Tengku Taufik said the win was a significant milestone in Petronas’s long-standing partnership with Mercedes-AMG, and he felt honoured to receive the Winning Constructor Trophy on the team’s behalf. He acknowledged, however, that his “spontaneous, spur-of-the-moment celebration” may have been inappropriate. “While I did not consume any alcohol, as a Muslim I should have been more mindful of the sensitivities around participating in such celebrations. I apologise for any unintended offence and take full responsibility for my actions,” he added. The apology comes after criticism, including from PAS, over his participation in the champagne shower. Tengku Taufik was invited to the podium following Mercedes-AMG driver George Russell’s race victory. The incident follows a separate controversy involving the Tourism Ministry, where minister Tiong King Sing received a warning from the prime minister over the serving of alcohol at a Tourism Malaysia Global Travel Meet dinner.

Toyota Motor Corp chairman Akio Toyoda’s ¥4.7 trillion (US$31 billion or RM130 billion) plan to take Toyota Industries Corp private has been delayed, as antitrust reviews in multiple countries are taking longer than expected. Originally slated to begin in December, the tender offer is now expected to be postponed until at least February 2026, Toyota Industries said in a statement on Monday. The deal, announced in June, involves a group real estate unit making a tender offer for Toyota Industries’ shares. The delay marks an early hurdle for Toyoda’s ambitious plan to consolidate control over Japan’s largest business group. Some investors have already criticised the offer, saying it undervalues Toyota Industries. Under the proposal, the real estate company would offer ¥16,300 per share — an 11% discount to Toyota Industries’ closing price when the deal was announced. The company, which produces textile looms, forklifts and automotive parts, is the original business that gave rise to Toyota Motor, now the world’s largest automaker. So far, antitrust clearances have been obtained in Australia, Canada, Israel and South Africa. “Approvals in other jurisdictions are still pending, with completion expected in mid-January 2026 or later,” the company said. The buyout is intended to streamline Toyota’s complex ownership structure, which has long been criticised for cross-shareholdings among group companies. At the same time, it could further strengthen the Toyoda family’s control over the group founded by Akio’s grandfather. Japan’s top banks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group — will provide ¥2.8 trillion in loans to finance the transaction. Toyoda himself will invest ¥1 billion into a new holding company that will lead the privatisation through Toyota Fudosan Co., an unlisted real estate firm that serves as the Toyoda family’s investment arm.

KUALA LUMPUR, CelcomDigi Bhd announced that its wholly owned unit, CelcomDigi Mobile Sdn Bhd, has received a notice of arbitration from IMMA Technology Sdn Bhd regarding a dispute over a services agreement signed nearly four years ago. In a filing with Bursa Malaysia, the company said IMMA is seeking RM72.59 million in alleged loss of profit, or alternatively RM28.28 million for claimed wasted expenditure. The agreement, signed in March 2022, involved the provision of credit advance services on a revenue-sharing basis with no upfront payment to IMMA. However, the launch of the service was postponed due to the Celcom-Digi merger. After the merger, a new request for proposal (RFP) was issued in November 2023 with an expanded scope to cover both subscriber bases, but IMMA did not participate despite being invited. Corporate records show that IMMA’s sole shareholder is its director, Charbel El Litani, who also serves as chief executive officer of InMobiles Holding — a global ICT solutions provider with operations across the Middle East, Africa, Europe, Asia and the US. CelcomDigi said it strongly disputes the claims and intends to defend its position vigorously. “The arbitration is not expected to have any material operational or financial impact on the group for the financial year ending Dec 31, 2025,” the company said. CelcomDigi’s shares closed three sen higher at RM3.69 on Monday, valuing the group at RM43.29 billion.

KUALA LUMPUR, Security seal manufacturer Mega Fortris Bhd (KL:MEGAFB) has been taken to court by a Singapore-based consultancy firm over an alleged breach of contract related to its listing on Bursa Malaysia. In a filing, the company said Whatman Capital Pte Ltd filed the lawsuit concerning a March 2023 consultancy agreement. The contract covered advisory services for Mega Fortris’ transition from a private to a public company and its eventual Main Market listing in November 2023. Also named in the suit are non-independent non-executive chairman Datuk Ng Meng Kee and his brother, group managing director and CEO Datuk Ng Meng Poh. Whatman Capital is seeking payments of RM3.03 million and RM1.93 million, plus interest. Mega Fortris said it has obtained legal advice and believes the claim “lacks merit and legal basis,” adding that it is confident in its ability to successfully defend the case. “The board is of the view that the claim will not have any material financial or operational impact on the company at this stage,” it said. Mega Fortris’ majority shareholder, Mega Fortris Global Pte Ltd, holds a 65% stake and is linked to the Ng family. On Monday, Mega Fortris shares rose 2.5 sen or 3.85% to close at 67.5 sen, giving the company a market capitalisation of RM570.36 million.

Verizon Communications has appointed former PayPal chief executive Dan Schulman as its new CEO, succeeding Hans Vestberg in a leadership change designed to navigate slowing growth in the wireless sector. The transition comes as Verizon faces intensifying competition and weaker subscriber growth, with many consumers holding back on premium mobile plans. Vestberg, who has led the company since 2018, will stay on as a special adviser until Oct 4, 2026, the company said. Schulman, 67, brings nearly a decade of leadership experience from PayPal, where he oversaw its separation from eBay and guided the company through a boom in digital payments during the Covid-19 pandemic. During Vestberg’s tenure, Verizon invested heavily in building out its 5G infrastructure and expanding into media and enterprise services — ventures that were later scaled back as the company refocused on core connectivity. Despite these efforts, Verizon’s stock has trailed behind competitors AT&T and T-Mobile in recent years. Schulman’s appointment follows a similar leadership shake-up at T-Mobile, underscoring broader changes in the US telecommunications industry as major players reposition themselves to capture growth in an increasingly saturated market.

Adani Green Energy Ltd, led by Indian billionaire Gautam Adani, has secured about US$250 million (RM1.05 billion) in funding from a consortium of global lenders — marking its first foreign loan since the US Department of Justice launched an investigation into the Adani Group. According to sources familiar with the deal, the financing will be provided by DBS Bank Ltd, DZ Bank, Rabobank, and Bank SinoPac Co Ltd. The proceeds are expected to be used to refinance existing debt. The loan reportedly carries a tenor of over five years with an interest rate of around 8.2%. While Adani Group, Bank SinoPac, and Rabobank did not immediately respond to requests for comment, a spokesperson from DZ Bank confirmed the bank’s participation in the lending syndicate. This offshore financing underscores renewed lender confidence in the Adani Group as it works to reduce its overall debt over the next five years. The conglomerate has indicated that it does not plan to issue any new bonds in international markets until at least 2027. Earlier this year, Adani Green refinanced a 92.61 billion-rupee (RM4.4 billion) construction-linked loan with India’s Power Finance Corporation Ltd. Across its various subsidiaries — including Adani Green Energy, Adani Enterprises Ltd, Adani Energy Solutions Ltd, and its ports division — the group has secured more than US$10 billion in new credit facilities during the first half of the year, according to an August report by S&P Global Ratings. S&P also noted that the Adani family injected about US$1.1 billion of equity into Adani Green in July, and stated that there is “no significant increase in funding costs” for the group despite recent scrutiny.