28/01/2026

BIZ & FINANCE WEDNESDAY | JAN 28, 2026

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One Gasmaster focuses on executing growth strategy

HCLTech to acquire Singapore-based wealth consulting firm Finergic PETALING JAYA: HCLTech, a global technology company, has signed a definitive agreement to acquire Finergic Solutions Pte Ltd, a boutique wealth consulting firm headquartered in Singapore, with the transaction expected to close by April 30. Founded in 2019, Finergic focuses on core banking and wealth management trans formation and has a strong, well-established global presence. The addition of Finergic’s niche capabilities, combined with the scale of HCLTech, is expected to unlock stronger synergies and enhance service delivery across the financial services and wealth management industry. HCLTech brings more than 25 years of global experience in serving leading financial institutions. By integrating Finergic’s specialised transformation strategy, consulting and wealth architecture capabilities, HCLTech will accelerate the delivery of next-generation, platform-enabled wealth management solutions anchored by advanced AI-native workflows. These capabilities will complement HCLTech’s existing global experience supporting clients in Temenos products, including more than 40 global banks. “With Finergic’s focused domain expertise, HCLTech is strategically positioned to strengthen its digital services capabilities in wealth management,“ said GCLTech chief growth officer and global head, financial services, Srinivasan Seshadri. He added that this transformative transaction enables them to deliver advanced capabilities, foster innovation and unlock substantial synergies – empowering their clients to realize greater business outcomes across the financial services landscape. “Over the past several years, Finergic has built a strong reputation in delivering core banking and wealth management transformation pro grammes. Our end-to-end solution capabilities, supported by a highly experienced and skilled team, positions us uniquely within the industry. We are delighted to become a part of HCLTech’s amazing growth journey and mark an exciting new chapter for the team at Finergic,” Finergic co-founders Ganesh Swaminathan, Saravanan Kandaswamy and Senthil Kumar Sekar said jointly in a statement. AirAsia rewards, Versa to deliver enhanced benefits to members PETALING JAYA: AirAsia rewards, the loyalty arm of Capital A, has formed a strategic partnership with Versa, a digital wealth management platform, to offer travel and lifestyle benefits within the wider Capital A ecosystem. AirAsia points earned can be redeemed for flights, hotel stays, ride and more via the AirAsia MOVE App. Capital A chief operations officer Subashini Silvadas said, “At AirAsia rewards, we are focused on expanding the utility of AirAsia points and ensuring members get more rewards from their everyday transactions. “Integrating wealth management through this partnership with Versa is a strategic move to deepen customer engagement, and diversify the ways our members can earn and utilise their AirAsia points.” Versa chief marketing officer Keith MacFarlaine said, “Through our partnership with AirAsia rewards, we want to show that financial wellness and joyful living can truly go hand in hand.”

Tan also highlighted growing oppor tunities arising from environmental, social and governance (ESG) regulations, including the anticipated rollout of a carbon tax framework in Malaysia. “Carbon tax is based on carbon emission output, which requires accurate measure ment. That’s where our gas analysis and monitoring solutions come in, measuring emissions so industries can quantify and manage them,” he said. He noted that while policy details have yet to be finalised, initial focus on heavy industries such as steel could create demand for the group’s services, with potential spillover into other sectors over time. “The measurement component is very positive for our business. Reducing emission volume starts with measuring it accurately,” he remarked. On foreign exchange movements, Tan said the strengthening ringgit is expected to benefit the group, as a significant portion of its equipment is imported. “A stronger ringgit lowers our procurement costs, which helps improve margins.” Tan said the company does not currently have a formal dividend policy, as it remains focused on growth and capital expenditure requirements. “Our dividend decisions will depend on company performance and expansion needs. At this stage, our priority is growing the business.” One Gasmaster, founded in 1998, provides environmental monitoring, gas detection and gas piping services, industrial hygiene services, maintenance and calibration services, as well as trading of related instruments and components. The group serves clients across industrial and com mercial sectors.

used to expand the group’s service offerings to include emission control solutions, while 8.66% will fund the establishment of an additional calibration laboratory at its office in Damansara. A further 25.22% will be used to set up new branch offices and calibration laboratories in Johor, Terengganu and Penang, with 26.06% earmarked for working capital and the remaining 20.65% for listing expenses. Tan said the expansion will be rolled out in phases over 24 months, adding that the selected locations are key industrial hubs that will allow the group to improve response times and customer engagement beyond the Klang Valley. “These regions are important industrial centres. Expanding our presence there brings us closer to customers and strengthens our nationwide footprint.” Addressing questions on earnings visibility, Tan said, while the group does not maintain a formal order book, its maintenance and calibration segment, which contributes more than a third of revenue, is supported by recurring, interval-based service contracts. “Maintenance contracts are typically issued based on scheduled intervals. Internally, we track these orders closely and engage with customers ahead of each cycle,” he said. The group’s performance for the first nine months of its financial year was affected by global headwinds and higher expenses, resulting in lower profits year-on-year. However, Tan said business conditions have begun to improve as customers resume project discussions. “Geopolitical uncertainties did affect us, but we are now seeing a shift. Clients have started talking to us again and resuming their plans,” he said, adding that this is expected to support a recovery in the coming quarters.

o Company makes debut on ACE Market, opens at 23.5 sen a share

Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

KUALA LUMPUR: One Gasmaster Holdings Bhd made its debut on the ACE Market of Bursa Malaysia Securities yesterday, raising RM19.38 million to fund service expansion, new branches and calibration facilities as demand for environmental compliance and emissions monitoring gains momentum. The environmental monitoring and gas solutions provider opened at 23.5 sen per share, 1.5 sen or 6% below its initial public offering (IPO) price of 25 sen, with 1.86 million shares traded at the opening bell. The counter closed at 20 sen on volume of 46.16 million shares traded. Managing director and CEO Ivan Tan said the listing marks a significant milestone for the group, strengthening its credibility and positioning it for long-term growth despite near-term market volatility. “Market conditions can be volatile in the short term, but day-to-day fluctuations do not affect the underlying fundamental value of the business,” he told reporters after the listing ceremony. “We remain confident in our funda mentals and long-term prospects, and the management team is focused on executing our growth strategy and building sustainable value for shareholders.” From the IPO proceeds, 19.41% will be

From left: Malacca Securitis Sdn Bhd corporate finance head Yap Siew Thee; One Gasmaster independent non-executive director Mah Ying Ying; executive director/chief operating officer Catherine Lin; non executive chairman Timothy Tan Heng Han; Ivan Tan; independent non-executive directors Lim Chee Loy and Lee Beng Yew; Malacca Securities corporate finance vice-president Kenneth Ong Tsu Wei at the listing ceremony. CapBay and PKIF team up to support Bumiputera contractors PETALING JAYA: Bay Smart Capital Venture Sdn Bhd (CapBay), a local fintech company providing supply chain finance and peer-to peer financing platforms, has signed a memorandum of understanding (MoU) with the Bumiputera Infrastructure and Facility Management Contractors Association (PKIF) to empower Bumiputera contractors through efficient access to financing to drive growth and streamline business operations. Through this collaboration, about 70 active PKIF members involved in critical infrastructure – such as road construction, bridges, electrical works and facility main tenance – will enjoy faster and more flexible digital financing access. manager Aminbasha Basharudin. PKIF president Datuk Seri Dr Arifuddin Mohamed Shah said, “This strategic partnership is a manifestation of our commitment to safeguarding the welfare and progress of our members. With the support of financing access facilities from CapBay, we are confident that PKIF members will become more competitive and capable of contributing more significantly to the country’s economic development.”

“As a fintech entity committed to the growth of SMEs in general, this collaboration represents our proactive step in assisting SMEs involved in the nation’s infrastructure and facility management industries. With a track record of disbursing RM5 billion in funds to over 2,400 SMEs, CapBay is ready to catalyse transformation in this sector through more dynamic capital liquidity,” said CapBay industry specialist general

CapBay and PKIF view the collaboration as a catalyst for a new era in the empowerment of Bumiputera contractors, supporting national aspirations to develop efficient, sustainable, and world-class infrastructure.

This initiative aligns with the aspirations of the Madani Economy and the National Construction Policy 2030 (NCP 2030) in driving the competitiveness of the national construction ecosystem.