24/10/2025

BIZ & FINANCE FRIDAY | OCT 24, 2025

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Malaysian Paper

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ECERDC propels Kelantan’s development momentum

Cape EMS reaffirms commitment to Perak smart infrastructure collaboration JOHOR BAHRU: Cape EMS Bhd, an electronic manufacturing services (EMS) and engineering solutions provider with a growing footprint in renewable energy and smart infrastructure, yesterday reaffirmed its commitment to the Smart Infrastructure and Renewable Energy Project in Perak following recent market speculation surrounding the share price movement of Perak Transit Bhd (PTRANS). Cape EMS clarified that its collaboration with PTRANS is limited to the jointly announced initiative involving the development of smart bus stop systems and an electric vehicle hub in Ipoh, which aligns with Malaysia’s sustainable mobility and clean energy transition goals. The group, in a statement, emphasised that the decline in PTRANS’s share price has no impact on the financial standing, operations, or project execution capacity of Cape EMS. Furthermore, Cape EMS has no direct or indirect shareholding in PTRANS, nor has it undertaken any share dealings with the company. Cape EMS said their role in the collaboration focuses on the engineering, design, assembly, installation, testing, and commissioning of systems and infrastructure under its scope of work. Cape EMS Group CEO Christina Tee Kim Chin said: “Our collaboration with Perak Transit is a project-based partnership centered on smart infrastructure and renewable energy integration in Perak. “It is not an investment or equity arrangement. “The recent share price volatility in PTRANS does not influence Cape EMS’s operations, finances, or obligations.” Tee added that the project aligns with Cape EMS’s broader ambition to expand into renewable energy, smart infrastructure, and energy storage systems (BESS) as part of the group’s diversification strategy This continued commitment is further supported by policy tailwinds under Budget 2026, which outlines a targeted suite of sustainability-linked incentives.

o Sharp rise in committed investments signals growing investor confidence KOTA BHARU: Kelantan’s development momentum continues to strengthen under the East Coast Economic Region Development Council (ECERDC), with key infrastructure projects progressing alongside a sharp rise in committed investments, signalling growing investor confidence in the state’s long-term economic potential. As of September 2025, ECERDC has successfully realised RM1.12 billion in investments for Kelantan, driven primarily by the manufacturing sector. These investments have created over 200 employment opportunities for local residents. “The state government’s collaboration with ECERDC plays a vital role in driving Kelantan’s long term economic planning and regional development. “Together, we are ensuring that every initiative, from infrastructure enhancement to investment facilitation, is strategically aligned with the state’s growth priorities. “This partnership enables us to accelerate high-impact projects that strengthen key economic sectors, create quality employment, and improve living standards for our people. Through coordinated planning and sustainable development, we are charting a clear path toward a more competitive and resilient Kelantan,” said Kelantan Menteri Besar Datuk Panglima Perang Datuk Mohd Nassuruddin Daud, after chairing the Implementation and Coordination Committee (ICC) ECER Kelantan Meeting. “Kelantan’s development momentum reflects the growing confidence of investors and stakeholders in the state’s long-term potential. The progress of key infrastructure projects such as the Palekbang–Kota Bharu Bridge, which has reached 22%, and major federal connectivity initiatives like the East Coast Rail Link (ECRL)

Mohd Nassuruddin with ECER Implementation Coordination Committee members yesterday.

advancing several projects that directly support Kelantan’s industrial ecosystem and cross-border economy, including Tok Bali Industrial Park (TBIP); expansion of the Tok Bali Jetty and facilities; upgrading public amenities and border-town infrastructure in Rantau Panjang. Complementing these efforts, ECERDC is progressing on the Kelar Water Treatment Plant (Phase 2) to expand water supply capacity for Pasir Mas and surrounding areas. At the same time, the Geting Integrated Tourism Zone in Tumpat is being developed to support Kelantan’s tourism diversification strategy and local entrepreneurship. In the agro-based sector, ECERDC recently completed the Goat Milk Collection Centre (GMCC) in Pasir Puteh, which was handed over to the State Government on Aug 27, 2025. Scheduled to begin operations in January 2026, the GMCC will help smallholder farmers access stable markets, promote value-added dairy production, and strengthen income sustainability.

network will significantly enhance connectivity and strengthen Kelantan’s role within the regional economic corridor,” said ECERDC CEO, Datuk Baidzawi Che Mat. “These catalytic projects will open new investment corridors, spur industrial and tourism growth, and improve the overall quality of life for local communities. ECERDC remains committed to working closely with the State Government and federal agencies to ensure that these developments deliver inclusive and sustainable impact for the people of Kelantan.” Recent developments in Kelantan continue to underscore the importance of enhancing infrastructure connectivity. With major works such as the Kota Bharu–Kuala Krai Highway, Lingkaran Tengah Utama (LTU) Expressway, and the upgrading of feeder roads improving accessibility across the state, ECERDC’s initiatives will complement and accelerate these developments, unlocking new opportunities for investment, industrial expansion, and inclusive growth throughout Kelantan. Building on these efforts, ECERDC is

These include the continuation of the Green Technology Financing Scheme (GTFS 5.0) with RM1 billion in financing, and government guarantees of up to 80% for waste sector projects and 60% for other green sectors such as energy, water, transport, and manufacturing. Velesto and Icon Engineering sign agreement to deliver rig-installed wellhead platforms THMY Holdings makes stellar debut at 80 sen for 158% pemium KUALA LUMPUR: THMY Holdings Bhd, an automated test solutions provider for electrical & electronics (E&E) products, made its debut on the ACE Market of Bursa Malaysia Securities Bhd yesterday with share price opening at 80 sen, representing about 158.1% premium over its initial public offering (IPO) price of 31 sen with an opening volume of 46.3 million shares. Following its IPO exercise, comprising an issuance of 143.9 million new ordinary shares and 88.8 million existing shares, THMY raised about RM44.6 million via the public issue. Of these, RM25.9 million has been allocated for the construction of a new factory inclusive of the partial purchase of a new industrial land, RM5.2 million to repay bank borrowings and RM3.7 million to purchase new machinery and equipment to support the group’s future expansion plans. Additionally, RM3.1 million has been earmarked for working capital, RM1.9 million has been set aside for design & development and research & development expenditure to enhance business strategies and expand the group’s customer base whilst the remaining will be used to defray listing related expenses. Executive director/ CEO Ooi Can Nix said that channelling the proceeds from the IPO, will unlock new opportunities with the construction of their new factory to expand their production capacity and enhance their technological capabilities through strategic investments in machinery, research and innovation. Looking ahead, he added they remain committed towards sustainable growth and are excited to contribute meaningfully to the growth of the industry. Affin Hwang Investment Bank is the principal adviser, sponsor, sole placement agent and sole underwriter for this IPO exercise.

KUALA LUMPUR: Velesto Energy Bhd and Icon Engineering Pty Ltd have signed an agreement to deliver Rig-Installed Wellhead Platforms (RIWHPs) for offshore oil and gas developments in Malaysia. The signing agreement held here on Oct 15, 2025 brings together Velesto’s strong track record in safe and efficient jack up operations with Icon’s global leadership in engineering and installing RIWHPs. By integrating drilling and platform

“Our reduces development costs and risks by eliminating the need for large heavy-lift vessels. “This collaboration enables operators to combine platform installation and well drilling under an integrated scope, simplifying interfaces and project delivery. Jack-up rigs are ideal assets for both drilling and construction. “ The combined resources of Velesto and Icon provide Malaysian operators with a unique and seamless service offering.” approach consistently

“This collaboration simplifies execution, enhances project assurance and builds Malaysia’s capability to deliver fast, fit-for purpose offshore developments, keeping our upstream sector competitive and resilient in the years ahead. “For Velesto, this marks an important milestone and reflects our continued focus in extending the role of our rigs beyond drilling.” Icon managing director David Field said:“Icon has pioneered rig-installed platforms worldwide.

installation within a single offshore campaign, it offers operators a practical and cost-efficient model for developing shallow-water and marginal fields – simplifying implementation, reducing capital requirements, and ensuring predictable delivery. Velesto president Megat Zariman Abdul Rahim said: “By aligning Velesto’s offshore drilling expertise with Icon’s innovative platform solution, we are delivering practical, cost efficient outcomes for operators.