04/06/2026

BIZ & FINANCE THURSDAY | JUNE 4, 2026

15 Bus Cap gets on board ACE Market

o IPO proceeds to fund a new factory and semi automated production lines, boosting annual output by 15%

KUALA LUMPUR: Bus Cap Bhd, a Malaysian bus builder with a 58-year operating history, made its debut yesterday on the ACE Market of Bursa Malaysia Securities Bhd with the listing marking a structural evolution for the company as it scales its manufacturing capabilities to serve rising domestic and cross-border transport demand. Bus Cap’s shares opened at 26 sen, representing a 13% premium over its initial public offering (IPO) price of 23 sen per share. Based on its enlarged issued share capital of 383.38 million shares and IPO price of 23 sen per share, Bus Cap holds a market capitalisation of approximately RM88.18 million upon listing. The share closed at 31.5 sen, 8.5 sen or 37% over the IPO price, on volume of 124.4 million units. The IPO generated immense market interest, with the Malaysian public portion oversubscribed by 72.24 times. The public tranche attracted 9,992 applications for 1.40 billion shares, comprising 5,142 Bumiputera applications for 648.69 million shares and 4,850 non Bumiputera applications for 755.34 million shares. Local institutions, retailers extend net buying on Bursa KUALA LUMPUR: Local institutions and retailers extended their net buying streaks on Bursa Malaysia last week, with institutions recording a sixth consecutive week of net inflows and retailers posting a third straight week, amounting to RM2.12 billion and RM410.6 million, respectively. MBSB Investment Bank Bhd weekly fund flow report for the week ended May 29, said that foreign institutions extended their three-week consecutive streak of net selling, recording RM2.53 billion in net outflows. Foreign institutions were net sellers on four out of four trading days during the week, with the largest outflow recorded on Friday (RM1.63 billion), followed by Thursday (RM397.3 million), Tuesday (RM371.9 million), and Monday (RM128.8 million). The only three sectors that recorded net inflows from foreign institutions were technology (RM64 million), industrial products and services (RM40.7 million), and transportation and logistics (RM19.5 million). Meanwhile, the top three sectors that recorded net outflows from foreign institutions were consumer products and services (RM881.9 million), financial services (RM662.3 million), and utilities (RM541.6 million). The average daily trading volume (ADTV) saw a broad-based increase: retailers by -1%, local institutions by +20%, while foreign institutions saw an increase of +171.1%. Across eight Asian markets, foreigners ended a two-week consecutive streak of net selling, with net foreign inflows totalling US$666.3 million. “The only market that saw net foreign inflows was Taiwan, with outflows led by South Korea, followed by Indonesia, Malaysia, India, Vietnam, the Philippines, and Thailand.” it said. – Bernama

The public issue raised RM24.69 million in gross proceeds to fund Bus Cap’s next phase of operational growth. Bus Cap has allocated RM9.1 million to construct a new factory adjacent to its existing premises in Silibin, Ipoh, and RM5.03 million to purchase new semi-automated machines. The remaining funds will be deployed for working capital (RM6.16 million) and estimated listing expenses (RM4.4 million). The new factory will feature a semi automated bus body fabrication line designed to advance the manufacturing of standardised modular parts. The semi-automation will improve production efficiency, reduce reliance on manual labour, and shorten delivery lead times – ultimately increasing Bus Cap’s annual production capacity by about 15%, from 168 to 194 buses. Executive director Bernard Ng Chong Yan said that the listing marks a proud milestone for the company. “Our journey began in Ipoh in 1968, and we are honoured to bring this 58-year Malaysian bus-building story to the public market. The exceptional response to our IPO

From left: TA Securities Holdings Bhd corporate finance vice president Cheong Wen-Jie, executive director (dealing) Shaari Mat Hussin, Ng, independent non-executive chairman Datuk Chan Soon Tat, non-independent managing director Ng Chai Sing, Independent non-executive director Chen Xiang Foong; and independent non-executive directors Rose Zilawati Mohamed Arifin and Aliza Ashari.

group serves commercial transport operators, travel companies, vehicle dealers, and government agencies in Malaysia, while maintaining a market presence in Singapore. TA Securities Holdings Bhd served as principal adviser, sponsor, underwriter, and placement agent for the IPO.

meet the strict fleet modernisation requirements of operators across Malaysia and Singapore.” Operating through its wholly owned unit Sin Hock Leong Coach Works Sdn Bhd, Bus Cap provides end-to-end design, manufacturing, and assembly of bus bodies. The

reflects investors’ confidence in our fundamentals. More importantly, this listing gives us the capital to scale our business strategically. “By investing in our new factory and semi-automated bus body fabrication lines, we are building a more efficient production base to

MISC wins second Northern Lights LCO Ɗ shipping contract PETALING JAYA: MISC Group, in partnership with Kawasaki Kisen Kaisha Ltd (K LINE), has secured a second long-term Time Charter Party (TCP) from Northern Lights JV DA on May 29 for an additional newbuild Liquefied Carbon Dioxide (LCO ĸ ) carrier supporting the Co-owned through the existing MISC and K LINE joint venture structure, the purpose built 12,000 cubic metre vessel will support Northern Lights’ growing CCS network through the safe and efficient transportation of captured and liquefied CO ĸ from industrial hubs across Europe to permanent offshore storage facilities in Norway. President and group CEO strengthen their position in an emerging market by developing the capabilities, expertise and strategic partnerships needed to support the evolving carbon management value chain. It also advances MISC’s delivering progress strategy, particularly their Profitable New Energy pillar, where they are strengthening the the infrastructure and capabilities required to support the growth of CCS and advance the broader energy transition. The two vessels will

complement Northern Lights’ existing fleet and directly enable the project’s planned capacity expansion, allowing it to serve a broader base of commercial customers across Europe. Both carriers are expected to feature dual fuel LNG propulsion, reinforcing MISC’s commitment to safety, operational reliability, and environmental performance while aligning with the highest regulatory and decarbonisation standards. The IILM’s short-term sukuk is distributed through a diversified and growing network of 16 primary dealers globally. IILM is committed to providing regular issuances of high-quality short-term sukuk across multiple tenors to support the liquidity management requirements of Islamic financial institutions worldwide. It will continue to conduct scheduled auctions and reissuances to meet growing market demand for Shariah compliant liquidity solutions. – Bernama Fitch Ratings.

expansion of Europe’s first open-access carbon capture and storage (CCS) transport and storage infrastructure. The latest award follows the first TCP secured on Jan 29 and further reinforces MISC’s strategic participation in the emerging LCO ĸ shipping segment as demand for scalable carbon transportation infrastructure continues to grow across Europe. International Islamic Liquidity Management Corporation (IILM) has completed a US$1.495 billion (RM5.9 billion) issuance and reissuance of short-term sukuk, marking the largest single auction since its inception. The auction attracted robust global demand, with total bids reaching US$2.925 billion, representing an oversubscription rate of 1.96 times. The transaction comprised tenors of two weeks, one month, three months, six months and nine months. “It was priced competitively

foundation for them to build the expertise and capabilities to deliver transition-enabling maritime solutions while supporting their customers’ ambitions for a lower carbon future, he said. Together with their partners, he added they remain committed to strengthening the strong and sustained demand for IILM sukuk and reaffirm the confidence that investors, member countries and primary dealers continue to place in the IILM’s unique value proposition,” he said. Yesterday’s transaction marked the IILM’s 11th sukuk auction year-to-date, bringing total issuances in 2026 to US$13.266 billion across 53 sukuk series of varying maturities. All issuances were conducted under the IILM’s US$8.5 billion Short-Term Sukuk Issuance Programme, rated A-1 by S&P Global Ratings and F1 by

Zahid Osman said, “Securing this second vessel award reinforces our confidence in the long-term potential of the LCO ĸ shipping segment and marks another step forward in expanding MISC’s portfolio of future focused maritime solutions.” This project, he added, will

IILM’s largest sukuk auction attracts US$2.93b in bids KUALA LUMPUR: The

at 4.15% for US$247 million (for a two-week tenor), 3.9% for US$296 million (one month), 4% for US$538 million (three months), 4% for US$293 million (six months) and 4.1% for US$121 million (nine months),” it said in a statement yesterday. CEO Mohamad Safri Shahul Hamid said the transaction marked another important milestone for the IILM, with cumulative issuances in 2026 surpassing US$13 billion and its outstanding sukuk portfolio reaching a record US$7.1 billion. “These achievements reflect