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Pharmaniaga Bhd will be lifted from Bursa Malaysia’s Practice Note 17 (PN17) category effective Tuesday (March 17), ending its three-year classification as a financially distressed company. The removal follows Bursa Malaysia Securities’ approval of Pharmaniaga’s application, according to a filing on Monday. The group initially fell into PN17 after recognising a RM552.3 million inventory provision for Sinovac Covid-19 vaccines, which led to a record quarterly net loss of RM664.39 million in 4QFY2022 and a full-year net loss of RM607.32 million. Pharmaniaga’s exit comes after completing its regularisation plan, which included a rights issue, private placement, and capital reduction exercise. In July last year, the group raised RM596.6 million through the issuance of 5.12 billion new shares, marking the largest fundraising in Malaysia’s healthcare sector. This was followed by a RM520 million capital reduction in August 2025 to eliminate accumulated losses. The two-year regularisation plan, launched in November 2023, underwent adjustments, including removing warrants from the rights issue and increasing the capital reduction from RM180 million to RM520 million. As of Dec 31, 2025, Pharmaniaga held RM110.59 million in cash against RM690.43 million in short-term and RM125.53 million in long-term borrowings. For FY2025, the group posted a net profit of RM48.5 million, down 63% from RM131.82 million in FY2024, despite revenue rising 4.5% to RM3.93 billion. Pharmaniaga shares closed one sen higher at 25.5 sen on Monday, valuing the company at RM1.67 billion. The stock has risen 82% over the past year.

Effective March 15, 2026, InvestKL will cease operating as an independent agency, with its investment promotion functions to be taken over by the Malaysian Investment Development Authority (MIDA). The transition was announced in a statement posted on MIDA’s official X social media account, where the agency said the move forms part of the government’s broader effort to streamline Malaysia’s investment promotion activities under a single coordinating body. According to MIDA, consolidating investment promotion functions is intended to reduce overlaps among agencies while improving efficiency and coordination in attracting foreign investments into the country. The restructuring is also expected to provide investors with a more seamless and integrated experience when engaging with Malaysia’s investment ecosystem. As part of the transition, MIDA said it will assume responsibility for InvestKL’s investment promotion initiatives and ensure continuity in all ongoing engagements with investors, multinational corporations and other stakeholders. The agency added that efforts are being made to ensure a smooth transition so that current investment facilitation and support services continue without disruption. InvestKL was established in 2011 under the Ministry of International Trade and Industry — now known as the Ministry of Investment, Trade and Industry (MITI) — with a specific mandate to attract multinational corporations to set up regional headquarters and strategic hubs in Greater Kuala Lumpur. The agency initially set a target of bringing in 100 Fortune 500 and Forbes Global 2000 companies by 2020. InvestKL successfully achieved this milestone in October 2020, marking a key milestone in its efforts to position Greater Kuala Lumpur as a leading regional business and investment hub. Following that achievement, InvestKL had set a new target of attracting an additional 100 multinational companies to establish their presence in the capital region as part of Malaysia’s long-term strategy to strengthen its role in the regional and global economy. With the latest restructuring, MIDA will now take over the responsibility of continuing these investment promotion efforts while further aligning them with the country’s broader national investment agenda.

Businessman Datuk Ishak Ismail and his son, Mohamed Najib Ishak, have joined the board of Malaysian passport and MyKad contractor NexG Bhd as non-executive directors, alongside seven newly appointed independent directors, following a brief boardroom tussle. The father-and-son duo joined the board after emerging as the company’s largest shareholders through Raya Aviation Holdings Bhd on March 4. In its first key decision, the new board confirmed in a Bursa Malaysia filing that NexG’s previous investments in listed shares — which had been under review by the former board — were made strategically and complied with laws and listing requirements. However, the investments recorded a fair value loss of RM145.6 million, contributing to NexG’s net loss of RM130.88 million for the third quarter ended Dec 31, 2025. The losses stemmed partly from NexG’s RM88 million investment in March 2025 to acquire 220 million shares, or a 9.53% stake, in MMAG Holdings Bhd at 40 sen per share. MMAG’s share price has since fallen by about 93%, closing at three sen on March 13. Separately, NexG’s 32.61% stake in Classita Holdings Bhd — now known as NexG Bina Bhd — together with 414.31 million warrants acquired in August 2025 for RM76.78 million, is now valued at RM14.19 million, representing an 81.5% decline. The shares last traded at 2.5 sen, while the warrants were at one sen. NexG co-founder and executive chairman Datuk Hanifah Noordin previously had his executive powers temporarily suspended while the investments were under review. His powers were reinstated after the previous board resigned en masse. “The executive directors of the company believe these investments are integral to the company’s strategic transformation and expansion plans,” the new board said in the filing, adding that the share price declines reflected market sentiment rather than wrongdoing or poor decisions. The board’s executive directors include remaining members of the previous board — Hanifah, Datuk Ab Hamid Mohamad Hanipah and Hajah Erna Ismail, who also serves as the company’s chief financial officer. The new board appointments follow the resignation of six directors on March 11: Syed Farid Syed Ahmad Al-Attas, Kunal Tayal, Aswath Ramakrishnan, Mohd Zafil Ibrahim, Mohamed Fairuz Mohamed Fauzy and Badrul Hisham Abdul Aziz. Executive director Datuk Chong Loong Men had earlier stepped down on March 8. New independent directors appointed include Michelle Yong Voon Sze, Lt Col (R) Roseli Abdul Gani, Mohd Azmi Mat Nayan, Datuk Amirudin Abdul Wahab, Muthanna Abdullah and Datuk Anas Alam Faizli. Yong, who previously served on NexG’s board between August 2023 and August 2025, has been appointed chairman of the audit committee. Her appointment comes a day after the Securities Commission Malaysia’s Audit Oversight Board reprimanded her over insufficient audit procedures in a prior public interest entity report. The board said it will provide updates on the extraordinary general meeting — initially called to replace the previous board — and a related legal suit in due course. Shares of NexG closed at 29 sen on March 13, giving the company a market capitalisation of about RM1.06 billion.

The Securities Commission Malaysia (SC) has obtained an arrest warrant for Serba Dinamik Holdings Bhd’s group managing director and CEO, Datuk Mohd Abdul Karim Abdullah. He previously served as chairman and non-executive, non-independent director of Sarawak Consolidated Industries Bhd (SCIB). In a statement, the SC said Abdul Karim had earlier been charged in 2021 over a similar offence involving the furnishing of false information in Serba Dinamik’s financial statements. The case was later resolved through a compound after the Public Prosecutor accepted his representation, with Abdul Karim paying a RM3 million compound. The regulator said Abdul Karim is currently at large and is now wanted for the same offence under Section 369(b)(B) of the Capital Markets and Services Act 2007 (CMSA). The Public Prosecutor has granted consent for criminal prosecution against him for his alleged role in causing SCIB to submit a false statement to Bursa Malaysia. According to the SC, Abdul Karim’s last known address in Malaysia was at Lake Garden Villas, Cahaya SPK, Shah Alam, and he is also linked to an address at Burj Khalifa in Dubai, United Arab Emirates. The commission has urged members of the public with information on his whereabouts to contact the SC via phone or email. Separately, the SC has charged former SCIB group managing director and CEO Rosland Othman at the Kuala Lumpur Sessions Court for allegedly causing the submission of a false statement by SCIB to Bursa Malaysia. Rosland faces a charge under Section 369(b)(B) of the CMSA for the submission of SCIB’s interim financial report for the quarter ended June 30, 2021, which reported revenue of RM852.8 million when it was filed with Bursa Malaysia on Sept 30, 2021. He pleaded not guilty to the charge. Sessions Court judge Tuan Azrul Darus granted Rosland bail of RM500,000 with one local surety, and ordered him to surrender his passport and report to the SC’s investigating officer monthly until the trial concludes. If convicted, Rosland faces up to 10 years’ imprisonment and a fine of up to RM3 million under the CMSA.

Malaysia’s financial markets remain resilient amid global uncertainty, buoyed by foreign inflows from exporters and investors, according to Bank Negara Malaysia’s Financial Markets Committee (FMC). In a statement, the committee said that inflows from exporters and foreign direct investment have helped offset outflows from domestic importers, supporting overall market stability. “Malaysian markets continue to demonstrate resilience during this period of global uncertainty, but we remain mindful of the risks posed by a prolonged conflict,” the FMC said following its meeting on March 10. The committee noted that while global uncertainties—such as tariffs and ongoing conflicts—have increased, domestic financial markets have stayed relatively stable. Ringgit and Bond Market Performance The ringgit has strengthened 2.5% year-to-date (YTD) as of March 9, 2026, despite a 1.8% decline against the US dollar since February, reflecting investors’ moves into safe-haven assets amid the Middle East conflict. At the time of the statement, the ringgit was trading at 3.9260 against the US dollar, compared with 4.05 at the start of the year. Meanwhile, the benchmark 10-year Malaysian Government Securities (MGS) yields rose 11 basis points, in line with global bond movements, but remain near historical lows. The FBM KLCI also showed resilience, recording only a 2.5% decline. The onshore foreign exchange market has remained robust, with an average daily trading volume of US$21.4 billion (RM84.04 billion) YTD, compared to US$19.8 billion in 2025. Demand for government bonds remains healthy, with MGS yields relatively anchored. Recent auctions recorded a strong average bid-to-cover (BTC) ratio of 2.7 times, supported by both domestic and foreign participation. Non-resident holdings of MGS have increased by RM920 million YTD, stabilising at 21.2%. Equity Market and Investor Sentiment The domestic equity market has attracted RM1.5 billion of non-resident inflows YTD. The FMC said positive investor sentiment and ringgit strength are expected to continue through 2026. The committee also highlighted Bank Negara’s ongoing initiatives, including the Qualified Resident Investor (QRI) programme and engagement with government-linked companies (GLCs), investment companies (GLICs), and corporates. These efforts are expected to support consistent two-way flows into Malaysia’s markets. “With Malaysia’s encouraging growth prospects and ongoing structural reforms, these initiatives will provide enduring support for the domestic financial markets,” the FMC said.

NexG Bhd announced that executive director Datuk Chong Loong Men has stepped down from his position, effective March 8, citing “personal reasons,” according to a Bursa Malaysia filing on Monday. His departure comes amid ongoing tensions within the company’s board. The boardroom conflict began after Raya Aviation Holdings, an air cargo company controlled by the sons of Datuk Ishak Ismail, became NexG’s largest shareholder on March 4, holding a 20.4% stake through its takeover of two private firms, Skyelimit Alliance Sdn Bhd and Trendtrove Tradin Sdn Bhd. Skyelimit Alliance was linked to NexG’s former executive deputy chairman Tan Sri Mohd Khairul Adib Abd Rahman, while Trendtrove was tied to executive director Datuk Ab Hamid Mohamad Hanipah. The day after Raya Aviation’s stake emerged, NexG executive chairman and co-founder Datuk Abu Hanifah Noordin, together with Velocity Capital Sdn Bhd (the financing arm of Velocity Capital Partner Bhd) and Ishak’s daughter Siti Nur Aishah Ishak, issued a notice calling for an extraordinary general meeting (EGM) on April 3. The EGM proposes to remove seven directors, including Chong, and appoint eight new directors, including Ishak and Raya Airways group managing director Mohamad Najib Ishak. The board members targeted for removal include Chong, Aswath Ramakrishnan, Kunal Tayal, Syed Farid Syed Ahmad Al-Attas, Mohamed Fairuz Mohamed Fauzy, Badrul Hisham Abdul Aziz, and Mohd Zafil Ibrahim. Chong, Aswath, and Kunal joined the board in mid-November 2025, while Syed Farid, Fairuz, Badrul Hisham, and Mohd Zafil joined in mid-October. Datuk Ab Hamid Mohamad Hanipah and Erna Ismail were not included in the removal notice. In response, NexG’s existing board has suspended Hanifah’s executive powers and announced an internal review of the company’s investments in other public-listed companies (PLCs). The board emphasized that this step is purely administrative, aimed at safeguarding the review process and does not imply any wrongdoing. Additionally, the board has raised concerns over the validity of the EGM notice filed by Hanifah, Velocity Capital, and Siti Nur Aishah, and is seeking independent legal advice. An external professional has also been appointed to verify the shareholding changes following Raya Aviation’s acquisition. Following the news, NexG shares closed 1.5 sen lower at 27.5 sen on Monday, valuing the company at RM1.02 billion, a 5.17% decline from the previous session.

Singapore cross-border taxis may soon be required to install location tracking devices in Johor to monitor their movements and ensure passengers are picked up and dropped off only at designated locations, according to Johor State Executive Councillor Mohamad Fazli Mohamad Salleh. The measure is expected to align with Singapore’s requirement for Malaysian cross-border taxis to use the Electronic Road Pricing (ERP) 2 system, which allows authorities to monitor vehicles while in the country. “Malaysia is expected to implement a similar or equivalent system, though installation costs are still under discussion,” Fazli said. The initiative would also enable monitoring by the Transport Ministry. Singapore’s Acting Transport Minister Jeffrey Siow has said that Malaysian taxis operating in Singapore must install an ERP2 on-board unit before the system’s full implementation on Jan 1, 2027. Fazli added that Johor has proposed 12 key drop-off locations for Singapore taxis, including Senai International Airport, JB Sentral, Medini, Southkey, Mount Austin, Eco Botanic, and six shopping malls such as Johor Premium Outlets (JPO). Malaysian taxis entering Singapore are allowed to drop off passengers at five locations, including Changi Airport, Kranji, Jurong, Shenton Way, and Rochor. Currently, cross-border taxis from Malaysia operate from Larkin Sentral, while Singapore taxis operate from Jalan Ban San Terminal. One-way fares are about RM120 from Johor to Singapore and S$60 from Singapore to Johor. The initiative follows a December 2025 agreement allowing foreign taxis to drop off passengers anywhere outside their home country, while pick-ups remain restricted to designated points. To support enforcement, licensed taxis must be clearly identifiable with corporate livery, tamper-proof plates, special toppers, and, in the case of Singapore, the ERP2 system. Authorities have yet to confirm the enforcement date, including the planned increase of cross-border taxis from 200 to 500.

KUSKOP to Expand TikTok Shop Live Hub to Penang and Pahang to Support Local Entrepreneurs The TikTok Shop Live Hub facility will be expanded to more states this year to help local entrepreneurs leverage digital platforms to market their products, said Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong. Currently, there are four Live Hub facilities in Kuala Lumpur, Sabah, Kelantan, and Johor, providing entrepreneurs with live broadcasting equipment, training, and mentoring to conduct online sales on TikTok. “This year, we will be adding Live Hub facilities in Penang and Kuantan, Pahang, and expanding existing facilities in other states so entrepreneurs nationwide can benefit,” Sim said at the launch of the TikTok Shop Bazaar Raya 2026 event. Sim noted that online platforms like TikTok Shop provide opportunities for local entrepreneurs to increase sales, expand market reach, and adapt to current market trends. The initiative aligns with the ministry’s strategy to enhance market access for entrepreneurs under the ‘Hebatkan Perniagaan Malaysia’ mission. The Live Hub programme is a collaboration between TikTok Shop and TEKUN Nasional, aimed at empowering entrepreneurs through an innovative e-commerce ecosystem. Sim highlighted that the platform has so far trained nearly 200,000 entrepreneurs and helped create 10 new millionaire entrepreneurs through its incubation programme. He added that TikTok Shop supports not only young entrepreneurs but also traditional businesses, enabling them to embrace digital technology, strengthen their presence in the domestic market, and penetrate international markets.

Velesto Energy Berhad (“Velesto” or the “Group”), through its subsidiary Velesto Workover Sdn. Bhd., has secured two multi-year contracts from Sabah Shell Petroleum Company Limited (SSPC) to support deepwater operations offshore Sabah. The contracts cover comprehensive maintenance services for Top Tension Risers (TTRs) at SSPC’s Tension Leg Platform (TLP), with the work to be delivered in partnership with Velesto’s principal, INVX Asia Pacific Pte. Ltd. (INVX). Megat Zariman Abdul Rahim, President of Velesto, said the award reflects SSPC’s confidence in the company’s capabilities. “We thank SSPC for their continued trust in Velesto. This demonstrates our expertise in supporting offshore operations and our ongoing commitment to safe and efficient practices. These projects also strengthen the Group’s long-term resilience by diversifying our range of services,” he said. The contracts form part of Velesto’s strategy to expand its integrated maintenance and engineering offerings in the upstream energy sector. Working closely with INVX, Velesto aims to continue growing its portfolio of specialised offshore services, reinforcing its position as a trusted partner for energy operators in the region.

Xin Hwa Holdings Bhd’s wholly owned subsidiary, Xin Hwa Trading & Transport Sdn Bhd, has been awarded a transportation and logistics contract valued at approximately RM3.44 million by Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE). In a statement, Xin Hwa said the contract involves providing specialised transportation services to support MMHE’s operations, reflecting the group’s continued expertise in delivering logistics solutions for industrial and heavy engineering clients. The contract underscores Xin Hwa’s position as a trusted partner in transportation and supply chain management within Malaysia’s industrial sector. The company noted that the contract is expected to contribute positively to its revenue and earnings during the execution period. Specific details on the duration of the contract or the scope of work were not disclosed, but the assignment is aligned with Xin Hwa’s strategy of securing long-term, high-value contracts that leverage its operational capabilities and fleet resources. Xin Hwa Trading & Transport, as the logistics arm of the group, provides a wide range of services, including heavy equipment transport, project logistics, and specialized haulage. Over the years, the subsidiary has established a track record of handling complex transport projects, particularly for clients in the manufacturing, construction, and energy sectors. The award from MMHE, a key player in Malaysia’s marine and heavy engineering industry, further strengthens Xin Hwa’s strategic footprint in industrial logistics, providing opportunities to expand its client base and reinforce its market reputation. This contract is part of Xin Hwa Holdings’ broader growth strategy to diversify its revenue streams beyond conventional trading operations, tapping into high-value logistics and transportation projects that complement its core business. The group said it will make further announcements as the project progresses and additional material developments occur. Investors and stakeholders are likely to view the contract positively, given the stable demand for industrial logistics services and Xin Hwa’s established expertise in the sector.