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Kumpulan Wang Persaraan (KWAP) has officially appointed 12 international General Partners (GPs) to manage RM6 billion under the Dana Pemacu initiative, which targets strategic investments across private equity, infrastructure, and real estate. Introduced in May 2024, Dana Pemacu is a key pillar under the Government’s GEAR-uP initiative and the Ekonomi MADANI framework, designed to accelerate Malaysia’s economic transformation. The fund places emphasis on sectors with high national impact, including financial inclusion, food security, education, the silver economy, healthcare, energy transition, the digital economy, and other sustainability-driven themes. KWAP confirmed that a significant portion of the RM6 billion will be channelled into Shariah-compliant investments, while the remainder will be allocated internationally to ensure sustainable, risk-adjusted returns. Among those selected in the private equity category are Investcorp, Navis Capital Partners, Nexus Point, and The Vistria Group. For infrastructure mandates, Climate Fund Managers, DigitalBridge, I Squared Capital, and Seraya Partners have been appointed. Meanwhile, Castleforge Partners Limited, Lendlease Investment Management, Savills Investment Management, and TrustCapital Advisors Investment Management will lead in the real estate segment. The Dana Pemacu programme incorporates a co-General Partner model, aligning global fund managers with local partners to build domestic investment capabilities while introducing international expertise to Malaysia’s private market landscape. All global GPs have nominated local counterparts and are currently undergoing regulatory approvals. KWAP Chief Executive Officer, Datuk Hajah Nik Amlizan Mohamed, highlighted the fund’s strong reception from international investors. “We received positive interest from global GPs since the launch of Dana Pemacu, with over 40 submissions reviewed. Following a rigorous evaluation and due diligence process, we have identified 12 global GPs that we believe will contribute significantly to the development of Malaysia’s private market ecosystem. KWAP recognises the strength of the selected managers, who bring proven track records and deep experience in driving investment performance,” she said. Datuk Hajah Nik Amlizan further emphasised that most of the capital will be invested domestically, aligning with KWAP’s strategic objective to support national development while delivering long-term value. -Fintech News

Precision engineering specialist, UMS Integration Limited (“UMS”), has today issued its prospectus for the secondary listing of and quotation for the entire issued share capital of UMS on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) by way of introduction (“Secondary Listing”). Headquartered in Singapore, UMS, through its subsidiaries (collectively known as the “Group”) is an integrated high-precision engineering and manufacturing solutions provider, offering complex precision machining, sheet metal fabrication, surface treatment, as well as sub-module and full-module assembly services, with a focus on serving high-tech industries such as semiconductor and aerospace. UMS’ clientele includes Fortune 500 companies as well as multinational companies listed on, among others, the New York Stock Exchange, NASDAQ, Singapore Exchange (“SGX”) and Euronext Paris. Chief Executive Officer of UMS, Mr. Luong Andy (梁世光), said, “Our Secondary Listing on Bursa Securities represents a strategic advancement in our corporate journey, and we will be the first Singapore public company to have a Secondary Listing on the Main Market of Bursa Securities. Having evaluated several potential listing venues, we have concluded that Bursa Securities is the most strategic platform to broaden our investor base, potentially improve liquidity through separate trading platforms, and provide flexibility to access different equity markets to raise funds in the future.” “This also enhances our visibility across Southeast Asia, which aligns with our key operational presence in Penang that has an aggregate built-up area of about 689,870 square feet. We believe our Secondary Listing on Bursa Securities will enhance our position as an integrated comprehensive service provider for global chip companies and support our long-term growth ambitions. I am very much looking forward to this significant milestone,” Mr. Luong added. UMS is currently listed on the Mainboard of SGX with a market capitalisation of approximately S$970 million (equivalent to about RM3.2 billion). The Group recorded a revenue of S$242.1 million for the financial year ended 31 December 2024 (“FYE 2024”) while profit after tax (“PAT”) stood at S$40.6 million, translating into a PAT margin of 16.8%. It has consistently generated positive net operating cash flow for at least the past 10 fiscal years, and held a net cash position equivalent to S$0.11 per share as at 31 December 2024. UMS has a dividend policy to declare dividends on a quarterly basis. Based on the prevailing share price in Singapore, UMS offers a dividend yield of approximately 4% based on the aggregate payout of S$0.052 for FYE 2024. Mr. Luong concluded by saying, “Looking ahead, UMS will continue to expand our role across the semiconductor and aerospace value chains. In particular, within the semiconductor space, we see exciting opportunities in manufacturing high-precision components used in advanced packaging solutions, which play a vital role in enabling next-generation artificial intelligence and high-performance computing applications.” The Secondary Listing will be undertaken by way of introduction and will not involve any issuance or offering of shares. UMS shares will be fully fungible, where shareholders will be able to transfer their shares between the Mainboard of SGX and the Main Market of Bursa Securities for trading. Following the issuance of the prospectus, UMS is scheduled to be listed on the Main Market of Bursa Securities on 1 August 2025. TA Securities Holdings Berhad is the Principal Adviser, while CGS International Securities Malaysia Sdn. Bhd. is the Financial Adviser for the Secondary Listing.

KUALA LUMPUR: MyEG Services Bhd has announced that it will be officially changing its corporate name to Zetrix AI Bhd, effective 9:00am on Thursday. The announcement was made through a filing with Bursa Malaysia. In line with the rebranding exercise, the company’s stock short name will also be updated from MYEG to ZETRIX, while its stock number will remain unchanged, ensuring continuity for investors and stakeholders. The company, a longstanding concessionaire for the Malaysian electronic government MSC flagship application, is known for providing a wide range of online government services to Malaysian citizens and businesses. The name change reflects its strategic shift and growing focus on artificial intelligence and blockchain technologies, aligning with its evolving digital ambitions under the Zetrix brand. -Bernama

Top Glove Corporation Bhd, the world’s largest glove manufacturer, has come under pressure from analysts following the release of disappointing third-quarter results for its financial year ending 31 May 2025 (Q3 FY2025), prompting several downgrades and target price revisions. The company reported a 31% year-on-year decline in Q3 net profit to RM34.74 million, down from RM50.67 million, despite a 30% increase in revenue to RM830.25 million from RM636.87 million. Notably, Q3 profit was partially bolstered by RM29.72 million in gains from the disposal of property, plant, and equipment, indicating underlying operational weakness. For the cumulative nine-month period (M9 FY2025), Top Glove recorded a net profit of RM70.5 million, marking a turnaround from a net loss of RM58.24 million in the same period last year. Revenue for the nine months surged 55% to RM2.6 billion compared to RM1.68 billion previously. However, this recovery has not been enough to meet analyst expectations. CLSA downgraded the stock to “hold” and cut its target price to 70 sen from RM1.05, citing sustained pricing pressure in non-US markets. The firm flagged that core net profit for M9 FY2025 came in at RM39 million—significantly below consensus forecasts—due to weaker-than-anticipated average selling prices (ASP), despite declining input costs and a gradual uptick in demand from the US. The research house also trimmed its earnings per share estimates for FY2025 to FY2027 by 5% to 25%, arguing that Top Glove’s earnings recovery had already been priced in, limiting further upside potential. Top Glove’s shares closed at 71 sen, down one sen or 1.4% on the day, giving the group a market capitalisation of RM5.83 billion. The stock has declined 45% year to date. AmInvestment Bank reiterated its “sell” recommendation and lowered its target price to 50 sen from 68 sen, describing the earnings outcome as a “big miss”. The firm cited uncertainty in US demand, particularly in Q3, as customers delayed purchases in response to unresolved tariff issues. It also noted that any benefit from US tariffs on Chinese gloves appears limited amid rising global competition. In Europe, prospects remain subdued. While the European Union recently restricted Chinese manufacturers from public tenders exceeding €5 million, Top Glove management indicated that the impact is negligible, as most tenders fall below the threshold. Moreover, sales volume in Europe—accounting for 37% of group revenue—continued to decline in Q3 as Chinese players redirected exports away from the US market. Analysts have raised concerns about aggressive pricing strategies by Chinese competitors in non-US markets, viewed as an attempt to mitigate the effects of US-imposed tariffs. North America currently comprises about 26% of Top Glove’s total sales. Maybank Investment Bank maintained its “sell” call, pointing to escalating competition, particularly from Chinese manufacturers expanding capacity both within China and in ASEAN countries to serve global markets, including the US. Top Glove, founded in 1991 by Executive Chairman Tan Sri Lim Wee Chai and his wife Tong Siew Bee, has grown into a global leader in glove production. The group operates 51 factories across Malaysia, Thailand, and Vietnam, with an annual capacity of 95 billion gloves and exports to 195 countries. Lim, 67, holds a net worth of US$1 billion (RM4.2 billion), ranking 21st on Forbes Malaysia’s 50 Richest list. -FMT

KUALA LUMPUR: Startup World Cup Malaysia 2025 marks a historic milestone as two national finalists—from both East and West Malaysia—will represent the country at the Grand Finale in Silicon Valley, competing for a USD 1 million investment prize.  Organised by Growth Charger, the official Malaysia partner of the global Startup World Cup by Pegasus Tech Ventures, this year’s competition attracted nearly 200 applications nationwide and aligns with over 100 regional competitions held worldwide. For the first time, dual finals are being held in Kuala Lumpur and Kuching, a major step in ensuring inclusive innovation and equal representation for startups across the nation. The West Malaysia Semi-Final took place on 22 May at WORQ KL Sentral, where emerging founders from diverse sectors such as deep tech, digital health, and climate innovation pitched their ideas to a panel of expert judges.  Startup World Cup is a global competition and conference that brings together top innovators and business leaders, with the winner receiving a USD1M investment. Growth Charger Co-founder and Director Iskandar Shafi’i said “Our vision has always been to empower founders regardless of geography or background. By spotlighting both East and West Malaysia, we’re not just hosting a competition, we’re building a national movement.” In East Malaysia, the Kuching Semi-Final was held on 26 June at Makeramai Makerspace and will culminate in the East Final at Tabung Ekonomi Gagasan Anak Sarawak (TEGAS) Digital Village on 31 July. As a testament of their partnership with Startup World Cup, TEGAS will be hosting the TOP 10 East Malaysian startups to pitch and compete for the finals, aligning with their mission to nurture high-potential local talents, accelerating startup growth, and connect them to regional and global opportunities. By introducing dual finals, KL and Kuching, the competition is making significant strides to ensure innovation from across Malaysia is equally represented on the global stage.  “At WORQ, we champion bold ideas and thriving communities. By hosting the Semi-Finals, we’re proud to help Malaysia’s brightest startups connect, compete, and shine on the world stage,” said Stephanie Ping, Co-founder and CEO of WORQ.  Echoing the same sentiment, Head of Technology Hub Development at Cyberview Sdn Bhd,  Shafinaz Salim said Cyberview, as a Tech Hub Developer, accelerates startup growth by providing strategic support, resources, and market access for regional and global scaling.  “We are honoured to be part of this event and witness startups from our Cyberview Living Lab® Accelerator programme advance to their next stages of growth. This further reaffirms Cyberjaya’s collaborative ecosystem,” she said. Meanwhile, MDEC CEO Anuar Fariz Fadzil noted that Startup World Cup Malaysia reflects the country’s commitment to digital inclusion and global market access. “Initiatives like this reflect MDEC’s vision of an inclusive, innovation-driven nation, one where high-impact startups from all corners of Malaysia have the potential to succeed beyond our local shores,” he said.  “Through strategic partnerships with Malaysia Digital companies like Growth Charger, we continue to strengthen Malaysia’s position as a launchpad for regional and global tech success.” The Finals promise to be a celebration of Malaysian startup excellence, with the Top 10 from each region set to compete for a coveted chance to take the global stage. RSVP now and witness the future of Malaysian innovation in action. Khazanah Auditorium, Asia School of Business (ASB), Kuala Lumpur | 17th July 2025 RSVP KL Final: bit.ly/SWC2025KLFinal TEGAS Digital Village, Sarawak | 31st July 2025 RSVP Kuching Final: bit.ly/SWC2025KuchingFinal