01/08/2026

/thesuntelegram FOLLOW / Malaysian Paper

ON TELEGRAM m RAM

BIZ & FINANCE SATURDAY | AUG 1, 2026

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Proton-Geely tie-up makes M’sian auto sector stronger

ITMax wins RM120m KL smart street lighting contract PETALING JAYA: ITMax System Bhd, an artificial intelligence-powered inte grated digital infrastructure service provider, secured a RM120 million contract from Kuala Lumpur City Hall (DBKL) for the supply, installation and maintenance of smart street light systems. The contract carries a tenure of six years, starting today and ending on July 31, 2032. ITMax managing director and CEO William Tan Wei Lun said the group is honoured to be awarded the smart street lighting contract by DBKL, reflecting its continued confidence in ITMax System’s capabilities and its proven track record. Recently, ITMax System subsidiary Southmax Sdn Bhd bagged a RM79.9 million variation order (VO) from Iskandar Puteri City Council (MBIP). Under the VO, ITMax will undertake the deployment of additional smart traffic light controllers across the Iskandar Puteri area, expanding the existing smart traffic system under MBIP. The VO will run until 2038, with an option to extend until 2046. Hong Leong Investment Bank Bhd (HLIB Research) in a recent report said the firm is upbeat on ITMax System’s outlook and expects the group to deliver stronger earnings in the upcoming quarters. Apart from the CCTV and smart parking segments, the bank-backed research firm said, digital twins are a new scalable business for ITMax System through wider coverage area and modular upselling of additional functions such as Samurai AI. ITMax System is also finalising pricing with DBKL for the digital twin, which is expected to start with 3 sq km versus DBKL’s total land area of 243 sq km. “All in, we maintain Buy with an unchanged discounted cash-flow derived target price of RM6.00,“ HLIB Research said.

o Johari cites technology transfer, intellectual property development, increased local content and enhanced vendor ecosystem TANJONG MALIM: The strategic cooperation between Proton Holdings Bhd and Geely Holding Group continues to strengthen the position of the national car manufacturer in the automotive industry through technology transfer, intellectual property (IP) develop ment, increased local content and a strengthened local vendor ecosystem. Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani said the collaboration demonstrated that quality foreign investment can enhance the competitiveness of local companies when both parties share technology and expertise, rather than merely turning Malaysia into a market for selling products. He said the approach can be seen through the collaboration between Proton and Geely, under which both companies have jointly developed technology and IP, thereby strengthening Proton’s ability to compete in the increasingly competitive automotive industry. “When Geely comes to our country, it doesn’t just want to sell cars, but it wants to coexist with the ecosystem we have and build this ecosystem together with our entre preneurs. Our manufacturing component players can also benefit together by creating job opportunities, generating profits and ensuring the government benefits as well,” he told reporters after officiating the line-off ceremony for the Proton e.MAS 7 PHEV booking installation at the Proton EV Assembly Plant here yesterday.

Johari (back row, fourth from left) at the line-off ceremony for the Proton e.MAS 7 PHEV booking installation at the Proton EV Assembly Plant Proton in Tanjong Malim. Also present is Investment, Trade and Industry Deputy Minister Sim Tze Tzin (back row, fifth from left). – BERNAMAPIC

employs almost 10,000 workers – to be exact, around 9,700 with all this automation. “Production has also exceeded 150,000 units per year, so this is actually one of the examples that I always emphasise to car manufacturers,” Johari said. In addition, Proton contributed about RM806 million to the government’s revenue through corporate tax payments, excise duties, import duties and sales tax. Proton’s success proves that foreign investment, which emphasises technology transfer, talent development and streng thening the local supply chain, can create a significant multiplier effect on the national economy, Johari said. – Bernama

Johari said the collaboration also helped Proton increase local content levels to between 72% and 82%t for certain models, thereby opening up more opportunities for SMEs and local automotive component manufacturers to join the company’s supply chain. He said Proton today is very different from what it was 30 or 40 years ago because the company now has the capability to develop its own IP as a result of a strategic collaboration with Geely, which holds 50.1% and 49.9% stakes, respectively, in the company. “So it has managed to build an industry that we once wanted to shut down, but now it

Malacca Securities is underwriter for GB Bond’s ACE Market IPO PETALING JAYA: GB Bond Holdings Bhd, a manufacturer of industrial adhesives, emulsion polymers and sealants, has signed an underwriting agreement with Malacca Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia. Malacca Securities has been appointed principal adviser, sponsor, underwriter, and placement agent for GB Bond’s listing. A further 30.9 million shares are allocated to selected investors. Malacca Securities will underwrite the 24.7 million shares to be made available to the Malaysian public and eligible persons.

GB Bond managing director Datuk Gooi Ching Koay said that as business continues to scale, the group has strengthened its com petitive advantage through a highly ex perienced product formulation team equipped with valuable technical expertise and industry knowledge. “Our technical capabilities, coupled with deep market understanding, form a strong foundation for sustainable growth and reaffirm our position as a trusted solutions provider within the industry. “We look forward to embarking on the next chapter of our business journey as we progress towards our proposed listing on the ACE Market. “This reflects the culmination of our preparation, capabilities, and collective efforts, as we transition from planning to execution with a clear focus on building a stronger foundation for sustainable growth. “With the underwriting structure now firmly in place, we remain committed to advancing the IPO process in an orderly and disciplined manner as we move towards the upcoming prospectus launch and the subsequent listing milestones,“ he said.

GB Bond’s IPO comprises a public issue of 64.3 million shares, representing about 15.6% of its enlarged issued share capital, and an offer for sale of 42.8 million shares, which is about 10.4% of the enlarged share capital. Upon completion of the IPO, GB will have an enlarged issued share capital of 412.3 million shares. From the 64.3 million shares, 20.6 million shares will be made available for application by the Malaysian public, while 4.12 million shares will be reserved for eligible directors, employees, and persons who have contributed to the group’s success. Further, 39.5 million shares will be offered via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti). In addition, the group is allocating 42.8 million offer-for-sale shares, whereby 11.9 million shares are approved by Miti for Bumiputera investors.

From left: GB Bond Holdings executive director Lee Kim Wei, Gooi, Malacca Securities managing director Lim Chia Wei and co-head, corporate finance, Malacca Securities Jason Chan at the signing ceremony.

Proceeds raised from the public issue are expected to be deployed to support GB Bond’s next phase of growth, including the expansion of its manufacturing capacity, establishment of a

stronger presence in Vietnam, enhancement of product development capabilities, working capital requirements, marketing initiatives, and listing expenses.