03/02/2026

BIZ & FINANCE TUESDAY | FEB 3, 2026

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Daythree CEO named chair of GBS Malaysia o Leadership change at Pikom

Carlo Rino proposes transfer to Main Market in growth push KUALA LUMPUR: Carlo Rino Group Bhd and its subsidiaries, a contemporary fast-fashion retailer specialising in trendy and fashionable women’s handbags, footwear, and accessories is proposing to transfer its listing status from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd, marking a significant milestone in the group’s growth journey. In a statement, Carlo Rino said the proposed transfer reflected their solid financial performance and healthy financial position. For the financial year ended June 30, 2025 (FY25), the group recorded a profit after tax (PAT) of RM15.7 million, while achieving an aggregated PAT of RM58.8 million over the past three financial years. As at June 30, 2025, Carlo Rino maintained a strong balance sheet with RM98.2 million in cash and short-term funds, a high current ratio of 9.4 times, low gearing ratio of 0.04 times, and positive operating cash flow over the past three financial years. Carlo Rino Group managing director Datuk Seri Chiang Fong Yee said, “We are elated to have progressed from our humble beginnings from the LEAP Market to the ACE Market, and now to the proposed transfer to the Main Market of Bursa Malaysia Securities Bhd. As Carlo Rino continues to expand and strengthen its market position, the transition to the Main Market represents a natural progression in its growth journey.” He further added, “The proposed transfer represents a significant milestone for the group. It reflects the strategy we have built over time and reinforcing our position as a company of substance. We believe this move will further strengthen our credibility and reputation with a broader base of investors, including institutional investors, while reinforcing the confidence of all our stakeholders as we take our place on the Main Market.” Subject to regulatory approvals, the proposed transfer is expected to be completed by the second half of 2026. TA Securities Holdings Bhd has been appointed as the principal adviser for the proposed transfer. Agape ATP receives Nasdaq notice on bid price compliance KUALA LUMPUR: Agape ATP Corporation (ATPC) reported that it received a notification letter from the Listing Qualifications staff of The Nasdaq Stock Market LLC (Nasdaq) on Jan 27, indicating that the company is not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of US$1 per share for continued listing on the Nasdaq Capital Market. The notification was based on the closing bid price of the company’s common stock for the period from Dec 10, 2025 to Jan 26, 2026. The notice does not result in the immediate delisting of the company’s common stock, which will continue to trade on the Nasdaq Capital Market under the symbol “ATPC.” The company has been provided an initial compliance period of 180 calendar days, or until July 27, to regain compliance with the minimum bid price requirement. If the company does not regain compliance during this period, it may be eligible for an additional 180 calendar day compliance period, subject to meeting applicable continued listing requirements and providing written notice of its intention to cure the deficiency, which may include effecting a reverse stock split if necessary. The company is evaluating options to regain compliance with Nasdaq’s continued listing requirements. There is no assurance that the company will be able to regain compliance within the applicable time periods.

Davadass brings more than two decades of experience in building and operating technology enabled business services across multiple industries and markets. As CEO of Daythree, a Malaysian headquartered digital-first business process services (BPS) provider, he has been closely involved in the shift from traditional service delivery models towards intelligence-led, data-driven operations that deliver higher-value outcomes for clients and consumers. GBS Malaysia has consistently highlighted the need to focus on talent regeneration, digital capabilities and data governance as core

KUALA LUMPUR: Daythree CEO Raymond Davadass ( pix ) has been appointed chair of GBS Malaysia, a chapter of Pikom – the National Tech Association of Malaysia, reflecting the industry’s ongoing shift from cost-led transactional services towards higher-value, digital, and intelligence driven services. The appointment comes as Malaysia enters a more advanced phase of the GBS Malaysia Strategy 2022–2027, with the sector shifting towards a stronger focus on digital capability, productivity, and intelligence-led service delivery. Since the strategy was launched, the sector has expanded rapidly, with 749 GBS entities now operating in Malaysia, a 66.8% increase, while total investments have grown 13.5 times from RM0.73 billion in 2021 to RM9.87 billion in 2024. GBS Malaysia also recorded more than 36,000 new jobs created since 2021, highlighting the sector’s growing role in the national digital economy. Malaysia is also one of only a handful of countries that consistently ranks among the world’s top three global locations for offshore and global business services, according to Kearney’s 2023 Global Services Location Index, reflecting its strengths in multilingual talent, digital infrastructure, and service delivery capability. Davadass said Malaysia is now at a critical inflection point in the evolution of its services sector. “Malaysia has built a strong foundation as a global services location, but the next phase is about moving up the value chain. That means deeper digital skills, stronger data foundations, and operating models that can support more complex, insight-driven work. GBS Malaysia has a critical role to play in aligning industry, talent and policy so this shift happens at speed and at scale.” GBS Malaysia plays a central role in coordinating this transformation across industry, government and academia. Its work focuses on strengthening digital talent pipelines, advancing automation and data-driven delivery models – ensuring Malaysia remains competitive against fast-moving global and regional peers that are investing heavily in technology-enabled services. chapter comes as country moves up digital value chain KUALA LUMPUR: CTOS Digital Bhd is heading into FY26 in a stronger position to regain momentum, following a softer year shaped largely by deliberate investment decisions. RHB Investment Bank Bhd (RHB Research) said that although CTOS Digital’s FY25 ended largely in line with expectations, short-term earnings pressure has masked a more positive medium-term outlook, as new products are rolled out and tighter cost control starts to take effect. “For FY25, core Patami came in at RM89 million, a 17.2% decline year-on-year (YoY), but still matching our full-year forecast and slightly ahead of consensus. “Revenue grew a respectable 7%, though this was offset by margin compression. Gross profit margin slipped to 68% from 72% a year earlier, reflecting a higher contribution from lower-margin international operations, as well as elevated costs linked to earlier product investments and headcount expansion. “Associate contributions rose 18.5% and helped cushion the impact. CTOS Digital has declared a fourth interim dividend of 0.86 sen, bringing the yield to about 4%,“ the bank backed research firm said in a note.

enablers of this transition. Industry benchmarking shows that countries that invest aggressively in digital skills, education and modern service platforms are climbing global rankings quickly, making it essential for Malaysia to continue evolving its value proposition beyond cost and scale. The council under his leadership is expected to continue to work closely with government agencies, education partners, and service providers to operationalise the priorities set out in the GBS Malaysia Strategy 2022-2027. This includes strengthening industry academia collaboration, supporting the adoption of automation and analytics across service operations, and reinforcing Malaysia’s position as a trusted location for high-value digital services. The appointment reflects the sector’s focus on getting the next phase right on the ground. As competition intensifies across the region, GBS Malaysia will need leadership that understands how digital capability, talent and operating models come together in real service environments, not just on paper. Encouragingly, CTOS Digital’s operating momentum picked up in the fourth quarter. Key accounts rebounded strongly, with revenue rising 13% YoY to RM29.3 million, supported by resilient recurring income and better uptake of alternative scoring and analytics solutions. The international segment stood out, posting growth of more than 40% YoY, driven by eight new client wins and project implementations in the Philippines. Commercial revenue also recovered on the back of seasonal bulk orders, while the direct to-consumer business continued to expand at pace, growing 29% YoY on a user base that now exceeds five million, with subscription services gaining traction. Despite the stronger top line in Q4, core Patami still fell 15.3% YoY due to higher administrative costs. That said, earnings improved 8.3% quarter on quarter, helped by better associate contributions, suggesting that the worst of the margin pressure may be easing. RHB Research said CTOS Digital’s outlook for FY26 is more encouraging. The company is preparing a pipeline of product launches and enhancements across both commercial and key

‘CTOS Digital on stronger footing, outlook encouraging’

account segments, including offerings in fraud detection, income verification and credit validation. “Continued customer acquisition should support revenue growth, while ongoing cost optimisation, greater automation and productivity gains from wider AI adoption are expected to aid margin recovery. “Although the disposal of Experian will likely reduce associate contributions by around RM4.5 million based on FY25 numbers, we expect this to be offset by improvements elsewhere,“ it said. The bank-backed research firm said at current levels, CTOS Digital trades below its historical average valuation. “We maintain our Buy recommendation and DCF-based target price of RM1.11 per share, implying 27% upside, inclusive of a 4% ESG discount. “Key risks remain, notably regulatory changes, slower adoption of new products, litigation exposure and potential data security breaches. Even so, as execution improves and earnings momentum rebuilds, CTOS Digital looks positioned for a recovery into FY26,“ RHB Research said.