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The legal dispute between Sapura Holdings Sdn Bhd (SHSB) director Datuk Shahriman Shamsuddin and his brother, SHSB group CEO Tan Sri Shahril Shamsuddin, over a winding-up petition has been amicably settled out of court. The settlement was disclosed to High Court judge Leong Wai Hong on Wednesday by lawyers representing all parties. Tan Sri Shahril Shamsuddin (left) and Datuk Shahriman Shamsudin. The winding-up petition, filed by Shahriman on Sept 23, 2024, sought to dissolve SHSB to ensure a fair division of assets. Shahril and minority shareholder Datuk Rameli Musa opposed the move, arguing that SHSB is not a family company. Both brothers hold 40.5% of the company each, while their jointly owned vehicle, Brothers Capital Sdn Bhd, holds 15%, and Rameli owns 4%. The dispute centered on the division of assets, particularly the jointly owned Permata Sapura office project with KLCC Holdings, part of the development project called Project Apex. Shahriman argued that Sapura Resources Bhd lacked the capital to manage and operate the 52-storey skyscraper near KLCC, while Shahril proposed injecting funds through a cash call. Sapura patriarch Tan Sri Shamsuddin Abdul Kadir stated that SHSB was founded as a family company to be equally controlled by his two sons. The winding-up petition was based on claims of a complete breakdown in trust and confidence between the brothers, who agreed they could no longer work together. Under Project Apex, a joint venture with KLCC Holdings in 2011, the Permata Sapura project cost about RM1.26 billion. A master lease agreement with Sapura Resources as tenant did not materialize after Sapura Energy Bhd, previously an oil and gas giant, came under Permodalan Nasional Bhd (PNB) control in 2018 following a series of rights issues. In 2023, KLCC Holdings proposed an RM85 million exit for Sapura Resources from Project Apex, supported by Shahriman but opposed by Shahril. The settlement formally ends the winding-up case, while other ongoing legal matters involving the family—such as Shahriman being sued for alleged breaches and disputes over a 1997 hibah (gift) of SHSB shares—are expected to be resolved amicably. Lawyers confirmed that the settlement was mutual and confidential, with no family members present in court. The winding-up proceedings had included testimony from both Tan Sri Shamsuddin and Shahriman, with Shahriman undergoing cross-examination at the time of the settlement.

Precision engineering services provider Ambest Group Bhd has launched its initial public offering (IPO) on the ACE Market of Bursa Malaysia, targeting gross proceeds of up to RM37.74 million. According to its prospectus issued on Wednesday, the IPO is priced at 25 sen per share and comprises a public issue of 110 million new shares, alongside an offer for sale of 40.95 million existing shares by co-founders and selling shareholders Tan Beng Beng and Lim Eng Guan. In total, up to 29.6% of Ambest’s enlarged share capital will be made available through the listing exercise. (From left): Ambest Group Bhd independent non-executive director Wong Thai Sun, Malacca Securities MD Lim Chia Wei, Ambest Group MD Tan Beng Beng, executive director Lim Eng Guan, independent non-executive chairman Tan Sri Samshuri Arshad, independent non-executive director Lok Man Shung and Wyncorp Advisory managing director Wong Yoke Nyen at the launch of the prospectus. Of the total funds raised, RM27.5 million from the issuance of new shares will go towards supporting the group’s expansion plans, while RM10.24 million from the offer for sale will accrue to Tan and Lim. Based on the IPO price, Ambest is expected to have a market capitalisation of RM127.5 million upon listing. The IPO will close on Jan 27, 2026, with the company scheduled to make its ACE Market debut on Feb 6, 2026. Headquartered in Penang, Ambest primarily serves the semiconductor industry, providing precision machining services for customised parts and components that require high accuracy and tight tolerances. The group also offers value-added services, including sub-modular assembly and surface finishing treatments. Ambest’s manufacturing capabilities are supported by a fleet of 44 CNC milling machines, two CNC turning machines, and seven CNC turn-milling machines, enabling the group to carry out milling, turning and integrated turn-milling processes. In terms of fund utilisation, Ambest plans to use RM21.5 million of the IPO proceeds to partially repay outstanding term loans, which is expected to lower its borrowings and reduce interest expenses. The group also intends to acquire four computer-assisted cutting machines to enhance its production capacity. Additionally, Ambest plans to expand its Facility 42A by constructing an extra storey, increasing the built-up area from about 2,010 square metres to 2,910 square metres. The expansion will allow for the installation of additional machinery, improved production flow, and the development of a new cleanroom facility. Managing director Tan Beng Beng said about RM6.8 million, or 24.7% of the IPO proceeds, will be allocated for general working capital to support daily operations, including the purchase of raw materials. A further RM4.8 million, or 17.5%, will be used to cover listing-related expenses. For the financial year ended Dec 31, 2024 (FY2024), Ambest recorded a 3% increase in net profit to RM7 million, alongside a similar rise in revenue to RM47.26 million. The Malaysian market accounted for 84% of total revenue, while overseas markets — including Singapore, Sri Lanka and Japan — contributed the remaining 16%. Ambest’s board is chaired by Tan Sri Samshuri Arshad, an independent non-executive chairman, who is also the non-independent non-executive chairman of Binastra Corp Bhd. Malacca Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO, while Wyncorp Advisory Sdn Bhd is the corporate finance adviser.

Favelle Favco Bhd has clinched three new contracts to supply tower and offshore cranes, with a total value of RM76.3 million. According to a Bursa Malaysia filing on Monday, the orders were awarded to the group’s wholly owned subsidiaries, Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd. Delivery of the cranes is expected by the end of 2026 and the first quarter of 2027. The company said the contracts are set to positively impact its earnings and net assets for the financial year ending Dec 31, 2026, and beyond. These latest wins follow Favelle Favco’s announcement on Nov 25 of RM79 million in contracts for four additional cranes. As of Nov 12, the group’s outstanding order book stood at RM519 million. Shares of Favelle Favco closed five sen, or 3.1%, higher at RM1.65 on Monday, giving the company a market capitalisation of RM391.35 million. The stock has remained largely stable over the past year.

IJM Corp Bhd said officers from the Malaysian Anti-Corruption Commission (MACC) and the Inland Revenue Board (IRB) visited its office on Monday (Jan 19) to gather information as part of their review process. In a filing with Bursa Malaysia, the construction group said it is fully cooperating with the authorities and stressed that its business operations are continuing as normal. “IJM remains committed to high standards of corporate governance, transparency and integrity. The company will continue to monitor developments and will make the necessary disclosures should there be any material updates,” it said. When contacted, MACC chief commissioner Tan Sri Azam Baki confirmed that an investigation involving the company is ongoing. The development comes shortly after Sunway Bhd  announced a proposal to acquire IJM in a cash-and-share deal that values the group at slightly more than RM11 billion. IJM’s share price fell sharply on Monday following reports of the authorities’ visit, sliding as much as 16.4% at one point. The stock hit an intraday low of RM2.34 before paring losses to RM2.65 at 5pm, still down 15 sen or 5.36% from Friday’s close. Year to date, the counter remains up 16.74%. Bursa Malaysia triggered an intra-day short-selling (IDSS) suspension after the stock dropped more than 15% from its reference price. According to the exchange, IDSS will resume on Tuesday (Jan 20) at 8.30am. In a separate response, IJM said the IDSS suspension was a standard Bursa mechanism based on price movement, adding that it does not comment on share price fluctuations or market speculation. “Any material developments will be announced via Bursa Malaysia,” the group said. Sunway had announced on Jan 12 its intention to acquire IJM, offering 31.5 sen in cash and 501 Sunway shares for every 1,000 IJM shares held. IJM has since issued a notification to shareholders on the proposed takeover. The implied offer price of RM3.15 per share, based on Sunway’s issue price of RM5.65, is below most analysts’ target prices. Even so, several analysts have recommended shareholders accept the offer, citing value crystallisation and potential long-term upside from the enlarged Sunway group. The proposed acquisition is also taking place alongside Sunway’s plan to list Sunway Healthcare Holdings Bhd on Bursa Malaysia. Sunway plans to distribute 676.04 million Sunway Healthcare shares to its shareholders via a dividend-in-specie, on the basis of one share for every 10 Sunway shares held, with the entitlement date to be announced. After the listing, Sunway’s effective stake in Sunway Healthcare is expected to be diluted from 84% to about 70%.

AirAsia X Bhd (AAX) has reshuffled its top management as part of the ongoing consolidation of the AirAsia Group’s aviation businesses under AAX, with effect from yesterday. In a filing with Bursa Malaysia, the long-haul low-cost carrier said its chief executive officer Benyamin Ismail has been redesignated as general manager. Benyamin, 48, joined AirAsia in March 2010 and has served as CEO of AAX since Sept 1, 2015. The company credited Benyamin with steering AAX through a challenging period, including its successful debt restructuring. Under his leadership, AAX recorded consistent quarterly profitability, which played a key role in the airline’s exit from Practice Note 17 (PN17) status. In a separate filing, AAX also announced the appointment of Tharumalingam Kanagalingam as its new group chief executive officer, effective on the same date. Commonly known as Bo Lingam, Tharumalingam joined AirAsia in 2001 and has been a central figure in the group’s development for more than two decades. He has been instrumental in shaping the AirAsia Aviation Group’s strategic direction and operational framework, particularly in areas related to network planning, operations and group-wide integration. AAX said the leadership changes are intended to strengthen management continuity and support the group’s next phase of growth as it brings all aviation-related businesses under a single listed entity.

Singapore-based fintech firm Atome has expanded the size of its syndicated debt facility to US$345 million, strengthening its funding base to support continued regional expansion, according to a Reuters report. The enlarged facility marks a significant increase from the US$200 million debt financing Atome secured in 2024, reflecting growing lender confidence in the company’s business model and growth trajectory. HSBC remains the structuring bank and has been appointed as mandated lead arranger and bookrunner for the facility, while DBS has joined as a mandated lead arranger and bookrunner. Existing lenders returning to the facility include Sumitomo Mitsui Banking Corporation’s Singapore branch, Baiduri Bank and Cathay United Bank. New participating banks include Fubon Bank and Shanghai Pudong Development Bank. Atome said the proceeds will be used to scale its buy-now-pay-later and instalment payment offerings, expand its broader consumer lending portfolio, and grow adoption of its Pay Later Anywhere card across key Southeast Asian markets, including Singapore, Malaysia and the Philippines. Andy Tan, Atome’s chief commercial officer, said the upsized facility enhances the company’s ability to support a rapidly expanding and increasingly profitable loan book, while maintaining prudent risk management. Atome is part of Singapore-based Advance Intelligence Group, which is backed by global investors such as SoftBank Vision Fund 2 and Warburg Pincus. The company has been steadily expanding its suite of digital consumer credit products across the region, positioning itself as a key player in Southeast Asia’s fast-growing fintech and alternative lending space.

Pestec International Bhd has appointed Datuk Adam Yee Hee Hoon as its new president, effective Thursday, to steer the company’s strategic direction and new business development. Yee, formerly president and CEO of Siemens Malaysia, will oversee Pestec’s operational performance while reporting to group managing director Datuk Mohamed Razeek Hussain, who retains overall responsibility for the company. Deputy group CEO Manindar Singh Chawla will continue managing day-to-day operations and project delivery. The appointment comes after a recent leadership reshuffle at Pestec, following the departures of former group CEO Paul Lim Pay Chuan and ex-deputy chairman Lim Ah Hock, who both resigned in August 2025 after a legal settlement over alleged unpaid advances. Yee, 50, also previously served as deputy managing director of switchboard manufacturer Powerwell Holdings Bhd between 2022 and 2024. Pestec said the leadership changes aim to strengthen governance, collaboration, and strategic continuity across the group. Shares of Pestec closed 0.5 sen or 4.55% lower at 10.5 sen on Thursday, giving the company a market value of RM256.32 million.

The CEO of Prudential Financial’s Japan life insurance unit is set to resign following a major staff misconduct scandal involving approximately 100 employees, the company confirmed on Friday. The misconduct, which includes embezzlement and improper handling of customer funds, is estimated to total around ¥3.1 billion (US$19.6 million or RM79.6 million). The misconduct affected 498 customers and reportedly involved employees receiving funds improperly through investment solicitations or personally borrowing money from clients. The company had initially flagged the issue in 2024 and has been conducting a detailed review since August of that year to investigate multiple cases of financial misconduct by current and former staff. Kan Mabara, the current CEO and president of Prudential Japan Life, will step down from his role effective February 1. He will be succeeded by Hiromitsu Tokumaru, who currently serves as president and CEO of Prudential Gibraltar Financial Life Insurance. The revelations, first reported by the Asahi newspaper, have intensified scrutiny of the company’s internal controls and compliance measures. Prudential Financial, the US-based diversified financial services group, stated that it is taking steps to strengthen governance and restore confidence among its customers in Japan, while continuing to assess the full impact of the misconduct on its operations and reputation. This development marks a significant leadership change at Prudential Japan Life, as the company works to address the fallout from one of the largest internal misconduct cases in its recent history.