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Pekat’s unit bags RM31.3m contract from TNB for switchgear works

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PEKAT Group Bhd’s 60%-owned indirect subsidiary, EPE Switchgear (M) Sdn Bhd, has secured a RM31.32 million contract from Tenaga Nasional Bhd (TNB) to provide maintenance and repair services for switchgear equipment across the utility’s distribution network.

In a filing with Bursa Malaysia, Pekat said the letter of award was received on August 1, 2025.

The two-year contract, with an option for a one-year extension, involves servicing and supplying spare parts for both Air Insulated Switchgear (AIS) and Gas Insulated Switchgear (GIS) under the EPE brand, in line with TNB’s specifications.

Pekat said the contract is expected to contribute positively to its earnings and net assets from the financial year ending December 31, 2025, onwards. — TMR

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Bumi ArmadaBusinessMISCNews

MISC, Bumi Armada scrap merger talks; MoU to lapse mid-August

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(Pic credit: miscgroup.com)

MISC Bhd and Bumi Armada Bhd have decided to walk away from merger discussions that could have created one of the world’s largest floating production, storage and offloading (FPSO) operators, ending months of market speculation over a potential industry-defining deal.

In separate filings to Bursa Malaysia, both companies said they had mutually agreed not to proceed with the proposed merger.

The non-binding memorandum of understanding (MOU) signed on Nov 14, 2024, will lapse on Aug 14, 2025, in accordance with its terms.

MISC said after thorough evaluation, the proposed merger would not fully meet its strategic objectives.

The Petronas-linked shipping giant added that it will continue pursuing other growth plans.

Bumi Armada, meanwhile, stated that it will remain focused on strategic growth opportunities, backed by a strong financial footing.

The decision comes just days after both companies had indicated that due diligence was still ongoing and said they would update the market upon any material development.

The proposed merger was expected to combine MISC’s offshore business with Bumi Armada in a share-based transaction that would see the merged entity remain listed on Bursa Malaysia.

It would have brought together MISC’s five FPSOs, including the Marechal Duque de Caxias delivered to Petrobras in Brazil, and Bumi Armada’s fleet of seven FPSOs such as Armada Kraken and Armada Olombendo, significantly increasing scale and geographical reach.

MISC also operates five floating storage units (FSOs) and the Gumusut-Kakap semi-submersible production platform.

Bumi Armada’s FPSO presence spans across Asia, West Africa and the North Sea.

While the strategic rationale behind the merger was never fully detailed, market speculation intensified in July 2024 following local reports that MISC was in talks to acquire a significant stake in Bumi Armada. — TMR

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MarketsNewsS&F Capital

S&F Capital plans RM12.2m private placement to fund factory acquisition

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S&F Capital Bhd has proposed a private placement of up to 181.62 million new shares, or 30% of its issued share capital, to raise approximately RM12.22 million.

The placement shares are priced at 6.73 sen each and are subject to shareholder approval at an upcoming EGM.

The proceeds will primarily go towards settling the remaining purchase price and expenses related to the acquisition of a factory in Pekan HICOM, Shah Alam.

A total of RM12 million has been earmarked for this, while RM223,000 will be used to cover placement-related expenses.

The proposed placement will involve the issuance of shares to major shareholder Rengit Capital Sdn Bhd, which has committed to subscribe for up to 86.6 million shares, as well as to third-party investors.

S&F Capital, which returned to profitability in FY2023 after several years of losses, posted a net profit of RM1.32 million in FY2024.

The group said the proposed placement would give it greater financial flexibility without relying on borrowings, while supporting its ongoing growth plans in construction and property development.

Barring any unforeseen delays, the exercise is expected to be completed by the fourth quarter of 2025. — TMR

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JiankunJKI DevelopmentMarketsNews

Jiankun to raise funds, acquire remaining stake in JKI Development via share issuance

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JIANKUN International Bhd has proposed a private placement of up to 30% of its issued shares to raise RM22.7 million, alongside a share-based acquisition of the remaining 70% stake in JKI Development Sdn Bhd for RM42 million.

The company also plans to issue 39.7 million new shares to settle RM8.7 million in liabilities and amend its constitution to allow for future issuance of irredeemable convertible preference shares (ICPS).

Jiankun said the exercises aim to strengthen its earnings base, improve its balance sheet, and provide funding for construction and working capital.

Completion is targeted by the fourth quarter of 2025. — TMR

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BusinessHibiscusNews

Hibiscus sets 2030 growth, energy transition targets

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(TMRpic)

HIBISCUS Petroleum Bhd has set out a bold new vision to drive its next phase of growth, unveiling a 2030 Mission that targets net production of 70,000 barrels of oil equivalent per day (boe/day) and net 2P reserves of 150 million boe (MMboe) by the end of the decade.

The strategy was endorsed by the company’s board following its annual Strategic Planning Conference held on August 1.

Dubbed “Hibiscus 3.0,” the next phase in the company’s growth will focus not only on expanding its core upstream business but also on pursuing energy transition opportunities to provide greater income stability and long-term dividend visibility.

Its MD Datuk Dr Kenneth Pereira (picture) said Hibiscus is actively pursuing energy transition projects, including power generation, to support more stable long-term earnings.

He noted that the company has taken its first step into renewables with a solar project in Brunei that is currently awaiting regulatory approval.

In addition, Hibiscus is exploring further opportunities in this space and is in discussions with potential strategic partners.

The company aims to tap into an expected 5GW gap in domestic power generation capacity by 2030, in line with the targets outlined under the 13th Malaysia Plan.

It believes this shift will complement its cash-generating upstream operations, providing resilience in a changing energy landscape.

On the upstream front, Hibiscus intends to leverage internal cash flows from its Malaysian and Bruneian hubs to fund future developments.

Over the past year, the company has achieved several key milestones in support of this goal, including securing a 20-year extension of the PM3 CAA Production Sharing Contract (PSC) to 2047.

In July 2024, Hibiscus was also awarded a 65% operated interest in the PKNB PSC by Petronas, which includes four discovered gas fields and has a licence period running until 2048.

A month later, it farmed into the PM327 exploration PSC with a 30% stake — one of the largest offshore blocks in Peninsular Malaysia with tenure until 2051.

In October 2024, Hibiscus acquired the producing Block B Maharajalela Jamalulalam gas asset in Brunei from TotalEnergies.

As at Jan 1, 2025, the company had net 2P reserves of 84.9 MMboe and net 2C resources of 132.9 MMboe, with current production averaging around 27,000 boe/day.

It expects to meet its 2026 Mission of reaching 35,000 boe/day, with growth supported by the commencement of production at the Teal West field and improved asset performance across its portfolio, including in Brunei.

Approval of the PKNB field development plan and a final investment decision in 2026 are also expected to enable Hibiscus to convert its 2C resources into 2P reserves, helping it reach the 100 MMboe target set for 2026.

Pereira stressed that the board and founding management team — who collectively own 13.07% of Hibiscus shares — are aligned with shareholders in enhancing the group’s value.

He said the group’s long-term strategy is to deliver sustainable returns while playing a responsible role in supporting regional energy needs. — TMR

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The post Hibiscus sets 2030 growth, energy transition targets appeared first on The Malaysian Reserve.

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AjiyaBusinessNews

Ajiya sells two Seremban industrial land parcels for RM52m

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AJIYA Bhd is divesting two adjoining parcels of freehold industrial land in Seremban, Negeri Sembilan, for a total of RM51.94 million in a move to monetise its non-core assets and strengthen its financial position.

The properties are owned by its wholly-owned subsidiaries, Ajiya Safety Glass Sdn Bhd (ASG) and Asia Roofing Industries Sdn Bhd (ARI).

ASG entered into a sale and purchase agreement (SPA) on June 24, 2025 to dispose of a 36,967 sq metre plot for RM29.76 million to Kumkang Kind (M) Sdn Bhd.

Meanwhile, ARI inked its SPA on August 4, 2025 to sell a 27,102 sq metre plot to H.H Hardware Sdn Bhd for RM22.18 million.

Both parcels are located in Setul, Seremban, and are currently registered under Sime Darby Property (Nilai) Sdn Bhd, with the titles yet to be transferred to the vendors.

As such, the transactions will proceed via direct or double transfer mechanisms, depending on the developer’s consent.

Ajiya expects to record estimated gross pro forma gains of RM2.86 million and RM2.51 million from the respective disposals, after accounting for net book values and reversal of deferred tax liabilities.

Proceeds from the disposals will be used to support Ajiya’s working capital requirements, fund business expansion initiatives, and channelled into other business activities anticipated to deliver better returns.

The company expects to fully utilise the funds within 24 months of completion.

The group said that the sale is in line with its strategy to unlock value from non-core assets, enhance liquidity, and optimise its asset portfolio to support long-term shareholder value creation.

It added that the disposals are not expected to materially affect its earnings, net assets, or gearing for the financial year ending 31 December 2025.

Barring any unforeseen delays, Ajiya expects the transactions to be completed by the fourth quarter of 2025. — TMR

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BursaMarketsNews

Bursa Malaysia pulls back on profit-taking

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(TMRpic)

KUALA LUMPUR — Bursa Malaysia pulled back on Monday as investors took profit on selected heavyweights, capitalising on Friday’s sharp rally to lock in short-term gains.

However, the recent announcement on the 13th Malaysia Plan (13MP) and the United States’ (US) tariff reduction could bolster market optimism in the near term.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 6.37 points or 0.42 per cent to close at 1,526.98 from last Friday’s close of 1,533.35.

The benchmark index, which opened 3.07 points lower at 1,530.28, moved between 1,522.96 and 1,530.28 throughout the trading session.

The broader market was negative, with decliners outpacing gainers 584 to 390, while 479 counters were unchanged, 1,037 untraded and 11 suspended.

Turnover declined to 2.63 billion units worth RM1.94 billion from 3.16 billion units worth RM2.23 billion last Friday. 

UOB Kay Hian Wealth Advisors Sdn Bhd’s head of investment research Mohd Sedek Jantan said the FBM KLCI is still in a consolidation phase following strong upward momentum, as investors are still adjusting to evolving global macroeconomic signals.

“Utilities and banking counters came under pressure, contributing to the index’s modest pullback. We interpret this rotation as reflective of selective repositioning rather than broad-based risk aversion,” he told Bernama.

Looking ahead, Mohd Sedek maintains a constructive outlook, underpinned by optimism surrounding the recently unveiled 13MP, which lays the groundwork for long-term structural reforms.

“Additionally, the reduction in US trade tariffs has eased near-term geopolitical uncertainty and supported a more stable macro backdrop for Malaysian equities.

“We also expect the market to increasingly price in the prospect of a Federal Reserve interest rate cut at the upcoming Federal Open Market Committee meeting,” he added.

Among the heavyweights, Maybank lost six sen to RM9.54, Public Bank fell five sen to RM4.24, Tenaga Nasional slid 14 sen to RM13.16, CIMB dipped four sen to RM6.75, while IHH Healthcare went up two sen to RM6.70.

Of the most active counters, Trive Property inched up half-a-sen to 1.5 sen, while Inari Amertron shed 14 sen to RM1.99, Magma went down three sen to 38.5 sen, Zetrix AI shaved 2.5 sen to 87 sen, and Tanco erased two sen to 82 sen.

Top gainers included Nestle, which advanced RM1.18 to RM88.98, Fraser & Neave gained 38 sen to RM29, Petronas Gas rose 24 sen to RM18.12, and Ralco Corp soared 14.5 sen to RM1.11. 

As for the top losers, Malaysian Pacific Industries slumped 46 sen to RM19.88, Hong Leong Bank slipped 24 sen to RM18.90, and Petronas Dagangan trimmed 20 sen to RM21.42.

Across the broader market, the FBM Emas Index sank 52.51 points to 11,472.82, the FBMT 100 Index decreased 52.03 points to 11,233.60, and the FBM Emas Shariah Index slipped 47.55 points to 11,493.21.

The FBM 70 Index tumbled 99.61 points to 16,614.26 while the FBM ACE Index edged up 5.00 points to 4,629.37.

By sector, the Financial Services Index shrank 115.64 points to 17,364.56, the Industrial Products and Services Index was 1.12 points lower at 158.02, the Plantation Index shed 0.52 of-a-point to 7,370.45, and the Energy Index erased 9.81 points to 739.79.

The Main Market volume declined to 1.51 billion units valued at RM1.73 billion from 1.97 billion units valued at RM1.98 billion last Friday.

Warrants turnover fell to 824.19 million units worth RM117.88 million from 895.32 million units worth RM143.46 million previously.

However, the ACE Market volume improved to 290.27 million units worth RM97.82 million from 289.60 million units worth RM108.93 million on Friday.

Consumer products and services counters accounted for 192.04 million shares traded on the Main Market; industrial products and services (195.89 million), construction (154.55 million), technology (245.39 million), SPAC (nil), financial services (51.55 million), property (201.98 million), plantation (22.81 million), REITs (32.68 million), closed-end fund (2,700), energy (198.14 million), healthcare (119.63 million), telecommunications and media (32.24 million), transportation and logistics (32.54 million), utilities (34.92 million), and business trusts (144,300). — BERNAMA

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BusinessMeridian WorldNewsTex Cycle

Tex Cycle completes RM43m acquisition of Meridian World

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TEX Cycle Technology (M) Bhd, a leading waste management and recycling solutions provider, has completed its RM42.8 million acquisition of Meridian World Sdn Bhd, a specialist in scheduled waste management and chemical recovery solutions.

The acquisition includes a retention sum of RM6.7 million, following Meridian World’s fulfilment of its profit guarantee with an audited consolidated profiy after tax (PAT) of at least RM5.3 million for the financial year ended Dec 31, 2024.

The guarantee period covers FY2024 and FY2025.

“The completion of this deal is more than a financial transaction as it represents the fusion of two established industry players in Malaysia’s environmental services sector to offer an expanded suite of product and service offerings… Together, we’re charting a more resilient, diversified, and innovative path in line with our long-term growth aspirations,” Tex Cycle Group CEO Gary Dass Anthony Francis said.

Meanwhile, Meridian World MD Teoh Kok Cheow said joining forces with Tex Cycle opens up a new chapter of growth and opportunity

“This collaboration enables us to expand our capabilities, reach new markets, and collectively drive greater impact across Malaysia’s waste management and circular economy landscape.”

The acquisition aligns with Tex Cycle’s strategy to scale through synergistic acquisitions.

With Meridian World now under its umbrella, the Group is poised to enhance operations across scheduled waste recovery, environmental testing, chemical recycling, and renewable energy. — TMR

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The post Tex Cycle completes RM43m acquisition of Meridian World appeared first on The Malaysian Reserve.

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Bukit Merah Laketown ResortLife & ArtsNewsThinkCup

ThinkCup adds scenic, sustainable twist to Bukit Merah Laketown Resort

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ThinkCup offers a peaceful pit stop for travellers heading north or south, or simply a place to unwind over coffee with a view (Pic courtesy of Bukit Merah Laketown Resort)

by AKMAR ANNUAR

PERCHED 43m above sea level atop Ripple Hills, ThinkCup is the latest addition to Bukit Merah Laketown Resort (BMLR), blending panoramic lake views with a quiet commitment to sustainability.

Framed by lush greenery and the still waters of Bukit Merah Lake in Kerian, Perak, the new café opened over the weekend as part of the resort’s ongoing efforts to elevate visitor experiences while deepening its environmental roots.

The launch follows BMLR’s recent recognition with the Malaysia Tourism Quality Assurance (MyTQA) Gold Award in the man-made tourism category, awarded by the Ministry of Tourism, Arts and Culture (MOTAC).

But ThinkCup is more than a café — it’s a pause from the pace of everyday life. It offers a peaceful pit stop for travellers heading north or south, or simply a place to unwind over coffee with a view.

Although Bukit Merah Lake’s water levels are currently lower due to the dry season, the resort assured visitors that its theme park remains fully operational.

MK Land Holdings Bhd deputy COO Nazri Tumin noted that the dry season has not disrupted any activities at the resort, adding that water levels remain sufficient for all operations.

“We warmly welcome visitors to enjoy the theme park or simply take a break and have a cup of coffee at ThinkCup,” he added.

This writer could easily imagine standing beneath the cascading canopy at ThinkCup’s hilltop perch, where the lake breeze carries the scent of fresh herbs and pandan from the open-air counter.

At that moment, surrounded by tranquil waters and gentle green slopes, it’s easy to see what kind of pause this place offers — one that doesn’t insist, but quietly invites you to stay a little longer.

The café also serves as an eco-conscious statement. Over 50 species of herbs and plants have been cultivated around the area to supply fresh ingredients for future use, part of a long-term vision that blends local biodiversity with sustainable tourism.

A digital ordering systems replaces manual ones, aiming to reduce third-party dependency while offering a more transparent process for both staff and patrons.

Nazri said the MyTQA Gold Award reflects the company’s continued commitment to high service standards.

The launch of ThinkCup, he added, represents a further step in enhancing guest experiences while supporting environmental preservation and contributing positively to the surrounding community.

With seating that overlooks natural landscapes and a menu highlighting local flavours — including Pandan Gula Melaka Cake, Butterfly Pea Apple Mojito and Bukit Merah Cheesecake — the café aims to be where leisure and environmental awareness can co-exist.

“This initiative also reflects our dedication to promoting sustainable tourism. With the support and recognition from MOTAC through this award, we are motivated to continue enhancing efforts that combine modern lifestyle with sustainability for the benefit of our guests, community and environment,” said Nazri.

ThinkCup operates daily except Tuesdays, from 3pm to 9pm.

Welcoming both theme park guests and casual visitors, ThinkCup is a growing trend in domestic tourism — where aesthetics appeal meets low-impact, purpose-driven design.

It’s the kind of place you might stumble upon by chance, but end up lingering at — not because you have to, but because it feels like the pause you didn’t know you needed.

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Arshad Mohamed IsmailBusinessMARCNews

MARC Group CEO Arshad Mohamed Ismail appointed CEO of MARC Ratings

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MALAYSIAN Rating Corporation Bhd (MARC) has announced key leadership changes across its group, with Group CEO Arshad Mohamed Ismail (picture) appointed as the new CEO of MARC Ratings Bhd, effective August 1, 2025.

Arshad succeeds Rajan Paramesran, who completed his service on July 31 after a 17-year tenure at the credit rating subsidiary.

“We extend our sincere thanks to Rajan for his outstanding service and unwavering dedication to MARC Ratings over the years,” said Arshad.

“He has played an instrumental role in shaping the company’s analytical excellence and market standing.”

Additionally, Taufiq Kamal, deputy chief rating officer, has been appointed to the Rating Committee, where he will support chief rating officer Hafiza Abdul Rashid in enhancing analytical processes, governance, and operational efficiency. — TMR

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