13/01/2026

BIZ & FINANCE TUESDAY | JAN 13, 2026

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One Gasmaster to ride on ESG-driven opportunities

Malaysia’s 2025 trade with Cambodia hits record RM4.5 billion PETALI N G JAYA: Trade between Cambodia and Malaysia reached a record RM4.5 billion (US$1.1 billion) last year, reflecting decades of a strong multifaceted partnership aimed at advancing their trade objectives. According to the General Department of Customs and Excise of Cambodia’s provisional trade data for January to December 2025, Cambodia imported RM3.8 billion worth of goods from Malaysia while its exports to Malaysia totalled RM583.86 million. Trade between the nations jumped 24.7% from RM3.5 billion in 2024. The growth trend reflects the evolution of trade since the 1990s, when Malaysia entered the Cambodian market shortly after the civil war, promoting consumer goods. “For over 20 years, both countries have built strong diplomatic and trade relations and also trust. There is more demand for Malaysian goods from the Cambodian market, especially after the border conflict with Thailand,” Phnom Penh based independent Socio-Economic Researcher Dr Chey Tech told Bernama. Former prime minister Tun Dr Mahathir Mohamad’s landmark visit to the country on April 14, 1994, was a pivotal moment that redefined Cambodia-Malaysia diplomatic ties and also transformed the trade paradigm. Malaysian businesses initially started with products such as mosquito coils, tobacco, and beverages have since diversified their trade basket into sectors that spur the modern economy – telecommunications, banking, retail, healthcare, infrastructure and manufacturing. Malaysia remains the seventh top import source country for Cambodia among the 20 countries listed. A range of trade instruments, including the Regional Comprehensive Economic Partnership (RECP) and its membership in the 11-member Asean trade bloc, continues to promote intra Asean trade in Southeast Asia, home to nearly 680 million people. Cambodia’s trade volume with the RCEP member countries reached RM162 billion last year. “Relations between Cambodia and Malaysia have improved much recently and thanks to Prime Minister (Datuk Seri) Anwar Ibrahim, as the Asean chair (last year), who significantly contributed to the good relations. “There are ample opportunities for Malaysian companies to invest in Cambodia, especially in the agriculture, food processing, tourism, electronics and automotive sectors,” said Tech. The Manila-based Asian Development Bank forecast the Cambodian economy to grow at about 5% this year. Lianson Fleet Group disposes of vessel for US$10m PETALI N G JAYA: Lianson Fleet Group Bhd (LFG), an offshore support vessel and marine transport provider, via its indirect wholly owned subsidiary Icon Piai 1 (L) Inc, has disposed of Yinson Hermes , an anchor-handling tug and supply vessel to a purchaser in the United Arab Emirates for US$10 million (RM40.7 million). In a statement yesterday, LFG said that aligned with its broader commitments to deliver long term value, the disposal reflects the group’s ongoing fleet rejuvenation and diversification journey. LFG said that, through selective asset disposals, it aims to unlock value from its existing fleet while strengthening its capital base. The proceeds from the disposal will bolster the group’s liquidity position and enhance its capital war chest, positioning LFG to pursue new growth opportunities across other marine asset classes and its expanding marine transportation and logistics platform.

o Company sets IPO price at 25 sen a share, aims to raise RM19.38m from ACE Market listing

Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

PETALING JAYA: Environmental monitoring and industrial hygiene solutions provider One Gasmaster Holdings Bhd is positioning itself to ride on tighter environmental regulations and rising environmental, social and governance (ESG) compliance requirements as it prepares for its ACE Market debut this month. The group, which launched its initial public offering (IPO) prospectus yesterday, aims to raise about RM19.38 million through the issuance of 77.5 million new shares at 25 sen each. Based on an enlarged share capital of 310 million shares, One Gasmaster will have a market capitalisation of RM77.5 million upon listing on Jan 27. Managing director and group CEO Ivan Tan said demand for the group’s services is increasingly driven by long-term structural shifts, rather than short-term economic cycles, as industrial players face growing pressure to comply with environmental, health and safety standards. “The key drivers are ESG, the government’s push towards net carbon neutrality and stricter regulations,” he said at a press conference. “In Malaysia, the Clean Air Act and sustainability frameworks are becoming more enforced and that is driving demand for our services.” Founded in 1998, One Gasmaster provides environmental monitoring, gas detection, gas piping and industrial hygiene services, alongside maintenance and calibration solutions. Its client base primarily comprises industrial plants across manufacturing, oil and gas and related sectors. Proceeds from the IPO will be channelled towards expanding the group’s capabilities. About 19.41% has been earmarked for its entry into emission control solutions, while 25.22% will go towards setting up new branch offices and calibration laboratories in Johor, Terengganu and Penang. Another 8.66% will be used to establish an additional calibration

From left: One Gasmaster executive director/COO Catherine Lin, non-executive chairman Timothy Tan Heng Han, Ivan Tan, Malacca Securities managing director Lim Chia Wei, head of corporate finance Yap Siew Thee and vice-president of corporate finance Kenneth Ong Tsu Wei at the prospectus launch.

near term. “We see a lot of opportunities locally because government policies and enforce ment on environmental matters are getting stricter,” Tan said, adding that, at the moment, they are concentrating their resources domestically, although they do supply systems to nearby Asean countries through contractors. On margins, Tan acknowledged that there has been volatility in recent financial periods, mainly due to global economic headwinds that affected industrial customers’ capital expenditure. “The global tariff and macro uncertainties affected our clients’ production output, and many delayed their expansion plans. However, in the fourth quarter, we are already seeing activity resume as customers become more comfortable operating amid uncer tainty,” he said. To defend margins as the group scales up operations and hires more engineers, One Gasmaster relies on cost-based pricing and close collaboration with manufacturing partners. “Our pricing structure is cost-based, and we have strong support from our manufacturing partners. We often work together to bid for projects, which helps us mitigate margin pressure,” said Tan. Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.

laboratory at its Damansara headquarters, with the remainder allocated for working capital and listing expenses. Tan said the move into emission control solutions is a logical extension of the group’s existing environmental monitoring business, allowing it to capture more value from its existing client base. “Currently, we do post-emission monitoring. When clients see that their readings are not ideal, remedial action is required, such as upgrading or modifying pollution control systems,” he said. “It’s upstream from the same client base, so it gives us the opportunity to upsell and increase revenue contribution.” The group is also expanding its calibration laboratory capabilities to meet customer demand for faster turnaround times. “Right now, we have one calibration lab at our headquarters, and we are expanding its capabilities by adding five more scopes,” Tan said. “When we open new branches, they will come with calibration lab capabilities as well, which allows us to sell more services to the same clients.” While One Gasmaster has projected a compound annual growth rate of about 12% between 2025 and 2029, Tan said, growth will largely be driven by organic demand rather than overseas expansion. Currently, more than 99% of the group’s revenue is derived from the domestic market, and this focus is expected to remain in the

Proton introduces 100kW variant of e.MAS 7 in S’pore PETALI N G JAYA: Proton Holdings Bhd has begun 2026 by strengthening its export strategy with the introduction of a 100kW variant of the Proton e.MAS 7 at the Singapore Motorshow, expanding its electric vehicle line up less than six months after the brand’s return to the market. This move marks the next phase of Poton’s market development strategy and reflects a carefully planned, evolving product roadmap supporting its export-led EV expansion. units exported last year, export sales are growing exponentially and while the Proton e.MAS 7 was the third most popular model, it’s inclusion in the lineup paved the way to return to markets such as Singapore where EV’s have a significant cost advantage over ICE equivalents.

Developed for overseas markets, the Proton e.MAS 7 100kW variant allows the model to be positioned in the more affordable COE Category A while retaining its core strengths in performance, safety and usability, supporting wider EV adoption in the market. The move also aligns with Proton’s stated aim to reach 330,000 units by 2030, with 30% of volume accounted for by export markets “The strong reception towards the e.MAS brand in Malaysia confirms the strength of the product and gave us the confidence that Proton e.MAS 7 could spearhead Proton’s overseas expansion in 2025. With 6,000 total

“The introduction of the 100kW model for export markets demonstrates Proton’s readiness and adaptability to local regulatory needs and market demands, and going forwards, it will be rolled out to other markets should there be a need for it. “For 2026 we plan to grow export sales by strengthening our presence in current markets, exploring new countries, and introducing the latest Proton ICE and EV model offerings,” said Proton International Corpo ration CEO Edmund Lim Meng Thong.

Having emerged as Malaysia’s best-selling EV in 2025, the e.MAS 7 now anchors Proton’s export-led EV strategy. Following its return to Singapore in 2025, Proton continues to build momentum in the market through the expansion of its e.MAS model line-up. The positive response to the Proton e.MAS 7 160kW variant, with strong market demand and limited units remaining, provides a solid foundation for the intro duction of a lower-powered variant tailored to local demand.