09/03/2026

BIZ & FINANCE MONDAY | MAR 9, 2026

15 NST Trading invests RM25m in Leform

o Proceeds from private placement to be utilised for purchase of raw materials KUALA LUMPUR: Leform Bhd, a homegrown steel pipes and flat steel products specialist, signed a share subscription agreement (SSA) with NST Trading Malaysia Sdn Bhd, a wholly-owned subsidiary of Nippon Steel Trading Corporation, for the subscription of new shares under the group’s ongoing private placement exercise. Under the SSA, NST Trading will subscribe for 148.10 million shares in Leform pursuant to the group’s private placement of up to 10% of its existing issued share capital. The subscription price of RM0.16 per share was determined based on a discount to the five-day volume-weighted average market price prior to the price-fixing date, in accordance with the ACE Market Listing Requirements of Bursa Malaysia. Upon completion, the private placement is expected to raise approximately RM25 million. Leform managing director Law Kok Thye said the participation of NST Trading, part of Nippon Steel, represents a strong vote of confidence in Leform’s business fundamentals and long-term growth prospects. “This strategic investment strengthens our capital base and creates potential synergies that may enhance our supply chain resilience and market reach,” he said. NST Trading is involved in the distribution of steel and non-ferrous WARRANTS WATCH Warrants over Malaysian stocks continue to dominate the warrants space with RM260.8mil traded, followed closely by warrants over the Hang Seng Index (HSI) with RM257.9mil traded. These warrants made up over 94% of the total warrants activity last week. The FBM KLCI opened 28 points lower at 1,688.64 on Monday amid the escalating geopolitical tension in Middle East. The local bourse slowly found buying support through the week to close at 1,718.06 on Friday, almost unchanged w-o-w. Meanwhile, warrants over local stocks such as Petronas Chemical (PCHEM) and Hibiscus Petroleum (HIBISCS) were the most popular, driven by the positive price movement. The share price of PCHEM and HIBISCS jumped over 44% and 28% respectively, in line with the surge in global oil prices. Call warrant HIBISCS C83 emerged as the top traded warrants over Malaysia stocks as RM11.7mil changed hands, while its bid price soaring more than 9 folds in a week. PCHEM-C1Q with an exercise price of RM3.00 was the other call warrant which stole the limelight as investors traded over RM8.9mil. Similarly, the Hang Seng Index (HSI)

(From left) Law, Leform chairman Datuk Seri Akhil Bulat, NST Trading Malaysia managing director Satoshi Shinozuka and NST Trading Malaysia general manager Lim Unn Ling.

commencement of its integrated warehouse facility in Serendah, which is expected to further enhance inventory management and logistics efficiency. Looking ahead, Leform remains cautiously optimistic about the steel industry outlook, supported by Malaysia’s ongoing infrastructure development initiatives and regional industrial expansion.

materials ahead of anticipated price increases to enhance gross profit margins. Leform believes the collaboration will complement its existing operations and reinforce its position within Malaysia’s steel supply chain ecosystem. The group continues to focus on expanding its operational capabilities, including the imminent operational

trading group, potentially opening avenues for deeper collaboration across supply chain integration, product distribution, and regional market development. Proceeds from the private placement will be utilised for the purchase of raw materials, enabling the group to stock products in advance of orders, improve delivery efficiency, and procure steel

metals and operates as a wholly owned subsidiary of Nippon Steel, a global trading company headquartered in Tokyo with diversified operations spanning steel, industrial supply and infrastructure, foodstuffs, and textiles. The strategic investment marks a significant milestone for Leform, as it strengthens its partnership with an internationally recognised steel

Apollo posts stronger Q3 with RM89.6m revenue

Issues over SPDR Gold Trust ETF gain traction LAST week, the total warrants turnover surged 37.4% week-on-week (w-o-w) to RM550.8mil traded, which is also the most active week for warrants since end January 2026. Top stock warrants by value traded: Warrant Value Issuer Exercise name (RM’ mil) level

KUALA LUMPUR: Apollo Holdings Bhd delivered a quarterly revenue of RM89.6 million for Q3 ended January 31, 2026 (FY26), representing growth of 19% quarter-on-quarter (QoQ) and 18% year-on-year (YoY). Meanwhile, net profit, excluding disposal gains, increased by 43.9% QoQ and 7.5% YoY to RM10.7 million, driven by stronger top-line performance despite higher operating costs. For the nine months (9M) of FY26, the group achieved revenue of RM229.9 million and a core net profit of RM24.5 million. Managing director Cheah Jia Ming said the group’s 3Q FY26 results reflects steady growth driven primarily by increased volume in the domestic market, following a recent strategic realignment of its distribution strategy. “After a two-quarter transition period, these initiatives have led to improved distribution efficiency, steady channel execution, tighter marketing control and broader market cover. “Our expansion into the modern trade channel continues to gain traction, contributing meaningfully to the group’s revenue during the quarter.

“Our products are now available in several major retail chains, with more in the pipeline. “This increased presence has expanded our reach into new customer segments and supported the rollout of Apollo 2.0. “We expect the modern trade channel to remain a consistent contributor in the coming quarters,“ he said. Apollo manufactures and distributes chocolate confectionery products and layer cakes for both the domestic and export markets. The group has established a strong, recognisable brand name as one of the leading homegrown chocolate confectionery and layer cake products in Malaysia. “With our strategic initiatives showing positive progress and capacity expansion underway, we are confident in our ability to drive top-line growth. “We are maintaining strict cost management in response to ongoing volatility in specific input costs, even as the broader market shows signs of stabilising. “Nevertheless, as operational efficiencies continue to strengthen over time, we anticipate gradual margin improvement in the medium term,” he added.

Expiry date

GLDHK-C10 GLDHK-C7 GLDHK-H5 GLDHK-C9 GLDHK-H4

10.6 6.3 6.2 0.4 0.2

Macquarie Maybank Macquarie Macquarie Macquarie

4,300 1,888 3,300 3,388 2,688

5 Oct 2026 30 Jun 2026 5 Oct 2026 30 Jun 2026 30 Jun 2026

GLDHK warrant with RM10.6mil turnover, followed by call warrant GLDHK-C7 with RM6.3mil traded. GLDHK-C10, which will expire on Oct 5, 2026 alongside put warrant GLDHK-H5, which has about 7 months to expiry; re the longest dated GLDHK warrants among all their peers listed on Bursa Malaysia. To view the full list of structured warrants available on Bursa Malaysia, kindly visit malaysiawarrants.com.my. Provided for Malaysian residents information only. This commentary has not been reviewed by the Securities Commission Malaysia. It is not an offer or recommendation to trade and is not research material. Past performance is not indicative of future performance. You should make your own assessment and seek professional advice. The Warrants will not be offered to any US persons.

also opened in the red on Monday, closing 2.1% or 570 points lower for the day. However, heavy selling persisted for the following two days before staging a slight rebound to end the week at 25,757.30, down by 3.3% w-o-w. Put warrants over the HSI were more popular last week as investors’ bearish sentiments continued to grow. Both HSI-PWNU and HSI-PWRD which will expire on 30 March and 29 June respectively, were the only 2 warrants which saw more than RM30mil traded last week. On the other hand, the most actively traded HSI call warrant was HSI-CWOS, which expires on 29 April. The SPDR Gold Trust exchange traded fund (ETF), shares listed on the Hong Kong exchange (GLDHK; 2840 HK) saw strong trading flow last week. The GLDHK tracked the price movement in gold price, ending the week 0.8% lower. GLDHK-C10 was the most active