16/07/2026

BIZ & FINANCE THURSDAY | JULY 16, 2026

/thesuntelegram FOLLOW / Malaysian Paper

ON TELEGRAM m RAM

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Enest Group debuts on ACE Market

TSR Capital secures RM130 million earthworks contract PETALING JAYA: TSR Capital Bhd’s wholly-owned subsidiary, TSR Bina Sdn Bhd, has secured a RM130 million contract for the Construction and Completion of Earthworks and Other Associated Works (Package 2B) for the proposed widening of the Kuala Lumpur–Karak Highway. The Kuala Lumpur–Karak Highway is one of Malaysia’s most strategic transportation corridors, serving as the primary gateway between the Klang Valley and the East Coast. The highway widening project is expected to improve traffic flow, increase road capacity, enhance road safety and support long-term economic growth by strengthening connectivity between major commercial and industrial centres. Under the contract, TSR will undertake extensive earthworks and associated civil engineering works as part of the highway upgrading programme. The project is expected to contribute positively to the group’s revenue and earnings throughout the construction period while further strengthening its construction order book. Executive director Lim Dian Ping said: “We are honoured to be entrusted with this important infrastructure project, whichreflects TSR’s technical capabilities and proven experience in delivering large-scale earthworks and civil engineering works. “We remain committed to executing the project safely, efficiently and to the highest quality standards while contributing to the successful development of one of Malaysia’s key transportation infrastructure projects.” “Large-scale infrastructure projects require strong execution capabilities, experienced project management and disciplined operational planning. “Supported by our experienced workforce, specialised technical expertise and extensive fleet of heavy construction equipment, we are well-positioned to deliver this project efficiently while maintaining the highest standards of safety, quality and environmental compliance.” Lim said that the project significantly enhances the group’s outstandingorder book and provides stronger earnings visibility in the coming years. “As we continue to build on our momentum, we remain focused on pursuing quality projects that complement our expertise while maintaining disciplined project execution, effective cost management and prudent risk management. “Our objective is to deliver sustainable growth and long-term value for our shareholders and stakeholders.” TSR Capital said it remains optimistic about the outlook of Malaysia’s construction sector, supported by continued government infrastructure investments and increasing private sector participation.

building operational foundation and further strengthening our position within the edible bird’s nest industry.” Meanwhile, M & A Equity Holdings Bhd managing director Datuk Bill Tan remarked: “Enest’s successful debut on the ACE Market reflects the Group’s established operational track record and its exposure to the growing edible bird’s nest industry. “With its presence across multiple segments of the value chain, supported by processing expertise and export reach, the group is well-positioned to pursue further growth following its transfer listing.” The listing provides Enest with a stronger platform to enhance its market standing, improve financial flexibility and support its ongoing operating requirements, particularly in sourcing key raw materials for its core business. Moving forward, the Group aims to build on its existing capabilities and customer reach while continuing to strengthen its position across the edible bird’s nest value chain. M & A Securities Sdn Bhd is the adviser, sponsor, underwriter, and placement agent for this IPO. on our

o Company is an established player inedible bird’s nest industry

representing approximately 2.6% of the enlarged issued share capital. The proceeds from the public issue are earmarked for RM5 million for the repayment of bank borrowings; RM6.41 million for working capital; and RM3.70 million for the defrayment of listing expenses. Enest Group Bhd managing director Tan Teh Jie said: “Today’s listing marks an important milestone for Enest as we take our next step forward as an ACE Market listed company. “Over the years, we have built our presence across key segments of the edible bird’s nest value chain through our processing capabilities, sourcing network and export experience, particularly into China. “We remain committed to

The group is principally involved in the processing and sale of raw clean edible bird’s nest and trading of bird’s nest serving customers such as distributors, importers, bird’s nest processing companies and retailers, with China being its largest market. Beyond its core operations to process bird’s nest, Enest also sells bottled bird’s nest and health beverages, and operates a health and personal care retail business under the trade name “Kang Li”. Through its IPO, Enest raised RM15.11 million in gross proceeds from the issuance of 116.25 million new shares, representing 20.0% of its enlarged issued share capital of 581.25 million shares. The IPO also included an offer for sale of 15.05 million existing shares,

KUALA LUMPUR: Enest Group Bhd, a high-purity edible bird’s nest processor and trader, yesterday marked its debut on the ACE Market of Bursa Malaysia Securities Bhd following its transfer listing from the LEAP Market, marking a significant milestone in its corporate journey as a publicly listed company on the ACE Market. Tracing its business roots to 2015, Enest has grown into an established player in the edible bird’s nest industry.

(From left) M & A Securities Sdn Bhd corporate finance head Gary Ting; Enest Group independent non-executive chairman Datuk Ng Seing Liong; promoter and substantial shareholder Tan Heng Guan; Tan Teh Jie; executive director Tan Teh Sheng and Bill Tan.

Malaysia drives global sukuk issuance growth in H1: S&P

KUALA LUMPUR: Malaysia drove global sukuk issuance growth in the first half of 2026 (1H 2026), with strong local currency issuance offsetting weaker Gulf Cooperation Council (GCC) countries issuance, according to S&P Global Ratings. The ratings agency said in a report that global sukuk issuance reached US$129 billion (RM526 billion) in the first half of 2026, up from US$112.3 billion in the same period last year. It maintained its full-year forecast for issuance to rise modestly to between US$270 billion and US$280 billion. It said issuance would continue to be driven mainly by local currency markets, particularly Malaysia, where strong growth in the first half of the year offset a nine per cent decline in GCC issuance due to the Middle East conflict. S&P said sukuk issuance growth had been underpinned by local

currency markets, notably in Malaysia, Qatar, Saudi Arabia and Türkiye, and expected these markets to remain the main growth drivers amid ongoing geopolitical tensions and a more restrictive interest rate environment, which would continue to weigh on foreign currency-denominated issuance. It said the decline in foreign currency sukuk issuance could have been more pronounced without a US$7.3 billion increase in Malaysia’s foreign currency issuances, led by the International Islamic Liquidity Management Corporation (IILM). “This increase, led by the IILM, was driven by strong demand for short term, Shariah-compliant liquid instruments amid global volatility and partially offset a cumulative US$11.3 billion decline in GCC issuance volumes. “The decline in GCC issuance was largely due to a significant economic

significant downside risk. Overall, we expect sukuk issuance to expand modestly in 2026, supported by robust local currency activity in Malaysia, and maintain our full-year 2026 forecast of US$270 billion to US$280 billion of issuance,” it said. The ratings agency said the potential revision of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Sharia Standard 62, relating to the transition from “sponsor-backed” to “asset-backed” sukuk structures, was not expected to affect sukuk issuance volumes in 2026. Looking beyond near-term volatility, S&P maintained a positive medium-term outlook for the sukuk market, supported by the expansion of sustainable finance, regulatory frameworks, tokenisation and other financial technology innovations that could enhance market efficiency. – Bernama

slowdown in the first half of 2026, stemming from reduced hydrocarbon output and weaker non-oil economic activity. “Meanwhile, the onset of the Middle East conflict prompted several GCC issuers to turn to the conventional private placement market due to its ample liquidity, simplicity and speed of execution.” S&P said while the Iran-US memorandum of understanding had provided the market with a reason for optimism, renewed hostilities and the potential for localised clashes posed risks to energy exports and foreign investor confidence, and could prompt global central banks to adopt policies that dampen issuance volumes. “While we anticipate foreign exchange issuance volumes will continue to increase, we expect them to remain below 2025 levels as long as geopolitical risks persist. “Further regional conflict poses a