29/01/2026

BIZ & FINANCE THURSDAY | JAN 29, 2026

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ISF Group makes strong debut on ACE Market o Opening premium of 52% over IPO price signals investor confidence in group’s growth story

Malaysia’s December trade hits RM286.6b PUTRAJAYA: Malaysia’s total trade for December 2025 amounted to RM286.6 billion with exports and imports recording RM153 billion and RM133.7 billion, respectively, said Department of Statistics, Malaysia (DoSM) in its Export Import Statistics by State December 2025 report. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said that Malaysia’s exports in December 2025 reached RM153 billion, marking a year-on-year increase of RM14.3 billion (+10.4%). The increase in exports was attributed to the higher exports in Johor (+RM9.4 billion), Penang (+RM8.6 billion), Perak (+RM546.5 million) and Selangor (+RM90.8 million). However, exports decreased in Sarawak by RM1.1 billion, Sabah (-RM921.8 million), Terengganu (-RM757.2 million), Malacca (-RM378 million), Pahang (-RM185.9 million), Kedah (- RM104.9 million), Kelantan (-RM103 million), W.P. Labuan (-RM89.9 million), W.P. Kuala Lumpur (- RM68.6 million), Negeri Sembilan (-RM41.6 million) and Perlis (-RM11.8 million). Penang remained as the top exporter with a contribution of 40.1%, followed by Johor (22.5%), Selangor (14.7%), Sarawak (6.0%) and W.P. Kuala Lumpur (3.3%). Elaborating on imports performance, Mohd Uzir stated that imports in December 2025 increased RM14.3 billion (+12%) as compared to the same month in year 2024. The increase in imports was attributed by the higher imports in most states such as Penang (+RM5.8 billion), Johor (+RM3.6 billion), Kedah (+RM2.3 billion), Selangor (+RM2.3 billion), W.P. Kuala Lumpur (+RM1.3 billion), Perak (+RM753.5 million), Negeri Sembilan (+RM265.6 million), Pahang (+RM207 million), Terengganu (+RM58.1 million) and Sabah (+RM50.6 million). However, imports decreased in Malacca by RM1.3 billion, Sarawak (-RM359.5 million), W.P. Labuan (-RM282 million), Perlis (-RM35.7 million) and Kelantan (-RM21.8 million). Selangor dominates Malaysia’s imports with a share of 27%, followed by Penang (24.8%), Johor (21.1%), W.P. Kuala Lumpur (7.7%) and Kedah (7%). Canon wins silver at Putra Brand Awards SHAH ALAM: Canon Marketing Malaysia has once again been recognised at the Putra Brand Awards 2025, receiving the Silver award in the Office and Business Equipment category. President and CEO Masato Yoshiie said,“Being chosen by Malaysians for 15 consecutive years is deeply meaningful to us, as it reflects trust built over time through real experiences. We remain committed to delivering reliable, innovative solutions and consistent service excellence, in line with our promise of “Delighting You Always.” Canon’s 15-year milestone reflects consumer trust earned through its imaging and printing ecosystem, spanning cameras, printers, multifunction devices, and business solutions, supported by a strong customer experience and nationwide service network. Looking ahead, Canon said, it remains focused on strengthening its relationship with Malaysians through purposeful innovation, enhancing customer experience and solutions that continue to evolve with the needs of a digital-first economy. Canon’s strong consumer appeal is anchored in its long-standing leadership in the printing category, where the brand has maintained its No.1 position in inkjet printers for 29 consecutive years and laser printers for nine consecutive years in Malaysia – demonstrating consistent performance, reliability, and trust built over generations. The Putra Brand Awards are recognised as one of Malaysia’s leading consumer research based brand accolades. The 2025 results were determined through an independent survey conducted by Ipsos, reinforcing the award’s credibility as a true reflection of Malaysian consumer sentiment.

drive demand for potable water and sewer piping systems,” he said. The group also sees opportunities arising from the establishment of the National AI Office, which is expected to accelerate the growth of Malaysia’s data centre industry. The domestic data centre market is projected to grow at a compound annual growth rate of 22.4% to reach RM59.6 billion by 2030. On expansion plans, ISF intends to strengthen its operational footprint, particularly in Johor and Peninsular Malaysia. This includes establishing a new head office and storage facility, expanding its existing operations in Johor, and setting up regional offices in the northern and central regions. “We are also investing in new machinery and equipment, as well as expanding our workforce, which remains a key driver of our growth,” Ai said. Addressing margin performance, Ai said, ISF’s net margin improvement was driven by its involvement in higher-specification projects such as data centres and industrial developments, as well as effective cost control and greater use of in-house manpower and equipment. “We are positive about maintaining margins above the 20% level in 2026, supported by our project pipeline and strong execution capabilities,” he said. From the RM61.15 million raised through the IPO, ISF has earmarked RM39.9 million for working capital, RM11.35 million for the establishment and expansion of operational facilities, RM2.05 million for developing existing business activities, RM1.85 million for workforce expansion, RM1.2 million for loan repayments and RM4.8 million for listing expenses.

Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

repair services. Its client base spans residential, industrial, commercial, institutional and healthcare developments, giving the group a diversified revenue stream. Ai noted that while ISF has been capitalising on the rapid growth of data centres in Malaysia, the group is not a pure-play data centre contractor. “Currently, about 20% of our order book relates to data centres, but we are a diversified end-to-end piping solutions provider,” he said. “Our revenue comes from various segments including residential, industrial and commercial projects. If data centre projects slow down, we can pivot quickly to other segments, which have historically been our core strength.” He added that data centre projects typically have shorter turnaround times of 12 to 18 months, resulting in a constantly replenished order book as ISF continues to tender for new jobs. The group expects new data centre projects to come on stream in 2026. ISF currently has ongoing data centre related projects in Klang Valley, Negeri Sembilan and Johor, alongside infrastructure and industrial works. Looking ahead, Ai said, the group expects positive momentum from the upcoming 13th Malaysia Plan (13MP), which is anticipated to prioritise affordable housing and upgrades to infrastructure and public facilities. “These initiatives are expected to support residential construction activity and, in turn,

KUALA LUMPUR: End-to-end piping solutions provider ISF Group Bhd made a strong debut on the ACE Market of Bursa Malaysia Securities Bhd yesterday, with its shares opening at 50 sen, a premium of about 52% over its initial public offering (IPO) price of 33 sen. The counter saw an opening volume of 45.58 million shares, reflecting keen investor interest in the group’s growth prospects amid rising infrastructure spending and sustained demand from data centres and industrial projects. ISF which is listed under the Industrial Products & Services sector is having Alliance Islamic Bank Bhd as its principal adviser, sponsor, sole underwriter and placement agent for the IPO. Managing director Jeff Ai Boon Chen said the listing marks a key milestone for the group and positions ISF to scale up its operations and undertake projects with larger contract values. “The listing of ISF on the ACE Market marks a significant milestone in our corporate journey. It reflects the sustained efforts of our team and the strong foundation built over the years,” he said during a press conference. ISF specialises in the supply, installation, testing and commissioning of piping systems, covering water supply and sewer infrastructure, as well as maintenance and

Advancecon wins RM82m Johor infrastructure job Southern Catalyst project anchors Advancecon’s Johor growth strategy. – ADVANCECON WEBSITE

KUALA LUMPUR: Advancecon Holdings Bhd, a provider of earthworks and civil engineering services in Malaysia, via its wholly owned subsidiary Advancecon Infra Sdn Bhd (AISB) has accepted a Letter of Acceptance from Southern Catalyst Sdn Bhd for the execution of earthworks, main drainage, ancillary works and other associated infrastructure works for Phase 1 (Package 1) of the Southern Catalyst Innovation District in Johor. The contract carries a total value of RM82.09 million and relates to works at the Southern Catalyst Innovation District located in Kulai, Johor. The project is scheduled to commence on Feb 4, with completion expected by May 4,

the Southern Catalyst Innovation District, which reflects continued confidence in Advancecon’s execution capabilities and track record in delivering large-scale earthworks and infrastructure projects. Johor remains a key growth market for the group, supported by ongoing industrial expansion and infrastructure development. We remain focused on disciplined project execution, cost management and maintaining high safety and quality standards as we continue to build a sustainable and visible order book.” Barring any unforeseen circumstances, the contract is expected to contribute positively to the group’s earnings during the contract period.

2027, providing earnings visibility over a 15 month construction period. Positioned within Johor’s expanding industrial and innovation corridor, the Southern Catalyst Innovation District is expected to benefit from rising manufacturing activity, logistics demand and spillover effects from regional economic growth. Advancecon said that the award further strengthens its presence in Johor and reflects the group’s continued role in supporting large scale industrial and infrastructure-led developments. Managing director Phum Boon Eng said, “We are pleased to secure this sizeable contract for