15/06/2026

BIZ & FINANCE MONDAY | JUNE 15, 2026

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Citi launches market-first tokenised depositary receipts

GWM Malaysia confident of sustaining

double-digit growth KUALA LUMPUR: GWM Malaysia is targeting double-digit growth by the end of 2026, building on its strong performance last year, when sales surged 177% to nearly 5,900 units from 2,128 units in 2024. GWM Malaysia chief operating officer Roslan Abdullah said the company remains optimistic about sustaining its growth momentum, supported by upcoming product launches and growing consumer interest in its vehicle lineup. “We are certainly hoping for that. With our upcoming product launches, we are aiming to achieve double-digit growth, InsyaAllah,“ he told Bernama at the Kuala Lumpur International Mobility Show (KLIMS) 2026 here. As part of its growth strategy, GWM Malaysia on June 11 unveiled two new electrified models at KLIMS 2026 – the ORA 5 HEV compact urban crossover and the HAVAL H7 Hi4 plug-in hybrid electric vehicle (PHEV) sport utility vehicle (SUV) – as the automaker expands its hybrid and plug-in hybrid offerings in Malaysia. Roslan shared that the ORA 5 HEV and HAVAL H7 Hi4 PHEV are currently being previewed at KLIMS 2026, with pricing, availability and final market specifications to be announced once officially confirmed. From June 12 to 21, visitors can experience GWM’s complete mobility ecosystem at KLIMS 2026 at the Malaysia International Trade and Exhibition Centre (MITEC). Beyond product expansion, Roslan said GWM Malaysia serves as a key pillar of the company’s Southeast Asian strategy, with localisation remaining a core focus under its “Go with Local, Grow with Malaysia” approach. He said the initiative reflects GWM’s commitment to strengthening its presence in Malaysia while supporting the development of the local automotive ecosystem. According to him, the firm aims to deepen its localisation efforts while positioning Malaysia as a manufacturing and export hub for selected right-hand-drive models in the region. “Malaysia remains an important market within GWM’s regional development strategy. The export of the locally-assembled WEY G9 Hi4 PHEV to Thailand reflects Malaysia’s growing contribution to GWM’s regional operations. “As we continue expanding our local assembly, network and technology initiatives, we will look into opportunities to further strengthen Malaysia’s role in supporting regional growth,” he said. Roslan said GWM’s competitive edge lies in its strong value proposition and proprietary technologies, with many of the group’s key innovations and components developed in-house. He said the firm’s Hybrid Intelligent 4WD (Hi4) technology exemplifies its commitment to innovation and technological self-reliance. The Hi4 system was developed to deliver the performance benefits of a four-wheel-drive hybrid powertrain while significantly reducing costs compared with conventional four-wheel-drive systems, he noted.

the operational safeguards and client experience investors expect. “As digital assets reshape how financial markets evolve, our priority is ensuring Citi wealth clients can engage with these developments in a secure and familiar way,” said Digital Assets for wealth head Deborah Querub, adding that they are focused on responsibly expanding access to new types of investment opportunities while preserving the structures, protections, and experience our clients expect. With the first issuance of Citi’s Digital Depositary Receipts completed on Saturday with Kaleido, founder and CEO Steve Cerveny said: “Private companies like ours are scaling faster than the structures around us. This model finally brings a level of professionalism and transparency to private market capital formation that we’ve never had access to. Citi’s Digital Depositary Receipts allow us to explore new paths for growth while keeping the agility that makes private companies competitive and that’s an advantage for founders planning long-term.” Citi is considering future extensions of this offering to operate across both digital and traditional financial market infrastructures, as well as multiple blockchain networks.

platform and a Citi portfolio company, and investors within its wealth business, with support from Citi’s secondary private markets business. Partnerships and Innovation, Services head Bis Chatterjee said” “As private markets continue to grow, so has the need for diverse and trusted access points. Our Digital Depositary Receipts product is designed to provide superior client service, safeguard assets and facilitate capital markets activity with the same rigour that underpins traditional financial markets. The interoperability of the product will further enable Citi to support a wider range of issuers and investors as digital asset market infrastructure continues to evolve.” This innovation is designed to ensure issuers receive efficient distribution and transfer without the need for public listing or altering underlying ownership rights. Companies maintain control over voting and a more simplified cap table management structure while broadening investor outreach. For wealth clients, this product expands access to offerings through a familiar investment structure. By integrating tokenised depositary receipts into existing wealth platforms, Citi aims to enhance client optionality while maintaining

o New model offers issuers flexible capital while providing investors with direct access to company equity

KUALA LUMPUR:

businesses, Citi’s model uses tokenised depositary receipts to provide a flexible, institutional grade alternative capable of meeting the scale needed for private markets. While other structures like third-party Special Purpose Vehicles (SPVs) serve a valuable market function, Citi’s model can reduce the potential for complexity and hidden costs given Citi acts as a single, trusted issuer and custodian. Digital Depositary Receipts applies Citi Issuer Services’ depositary receipt product to private market shares, using blockchain infrastructure operated by SIX – one of the world’s first fully regulated digital central securities depositories – to tokenise those shares. As part of its collaboration with SIX, Citi serves as a custodian on the platform, responsible for the settlement and safekeeping of the tokenised depositary receipts. This new solution went live with an inaugural transaction between Kaleido, an institutional tokenisation and digital asset positive operating cash flow during the quarter, with net cash from operating activities of RM5.31 million. Cash and cash equivalents increased to RM23.81 million as at March 31, 2026, compared with RM19.37 million as at Dec 31, 2025. The group’s total equity increased to RM50.08 million as at March 31, 2026, while bank borrowings remained low at RM4.91 million, reflecting Elsa’s asset-light operating model and disciplined balance sheet position. Managing director Daniel Ilham Khong ( pic ) said: “We are pleased to report a profitable quarter ahead of our listing on the ACE Market. More importantly, Elsa enters the public market with a clear strategy to strengthen our position as a technology-integrated OGSE solu tions provider. The energy sector is evolving towards safer, more efficient and more data-driven operations. This creates opportunities for service providers with the ability to combine oilfield experience, digital capabilities, robotics-enabled inspection and project execution expertise.” Khong added: “Our immediate focus remains on disciplined execution and strengthening our technical capabilities. Through our IPO proceeds, we intend to support project delivery capacity, develop

Citi has

launched Receipts

Digital Depositary

on shares, introducing a direct and transparent model that broadens access to private markets for both global issuers and investors. The launch marks the first time a global financial services company is both issuing and acting as a custodian for tokenised depositary receipts representing private companies. As IPO timelines stretch, private companies are seeking alternate routes to access liquidity instead of navigating fragmented secondary markets. These markets often require navigating structures that can, in some cases, be difficult to understand, involve multiple intermediaries and less transparent fees. Citi’s new solution addresses this gap by delivering an efficient, cost-effective and digitally native solution for a historically illiquid segment of capital markets. Building on its industry-leading Depositary Receipts and Custody private KUALA LUMPUR: Elsa Bhd, an integrated oil and gas services and equipment (OGSE) solutions provider, recorded revenue of RM46.55 million, gross profit of RM5.07 million, profit before tax (PBT) of RM2.08 million, and profit after tax (PAT) of RM1.40 million for its financial results for the first quarter ended March 31, 2026 (Q1 2026), ahead of its proposed listing on the ACE Market of Bursa Malaysia Securities Bhd. Elsa’s performance for the quarter was supported by its integrated OGSE platform, which combines oilfield service solutions, digital solutions, robotics and engineering solutions, and talent solutions to serve customers across Malaysia’s energy sector. The group’s Digital Solutions segment contributed RM6.79 million in revenue for the quarter, while Robotics and Engineering Solutions contributed RM3.46 million. These technology-enabled segments form part of Elsa’s broader service offering as oil and gas operators increasingly adopt digital infrastructure, cybersecurity, drone based inspection, autonomous underwater vehicle (AUV) inspection and asset integrity solutions to improve safety, efficiency and operational visibility. Elsa also continued to generate

Elsa registers profitable Q1 2026, strengthens OGSE platform

internal capability, procure additional drones, and expand our ability to serve customers across oilfield, digital, robotics and engine ering solutions.” The group’s gross profit margin stood at 10.89% for the quarter. Its effective tax rate was higher than the statutory tax rate mainly due to tax adjustments during the quarter. Elsa noted that Malaysia’s OGSE AUV

industry continues to be supported by the National OGSE Industry Blueprint 2021 2030, Petronas ’ Capital Project Masterplan 2030, and Petronas Act ivi ty Out look 2026-2028, which are expected to support up stream develop ment and main tenance activities in the domestic oil and gas industry. Investment Destination