[Column] Latest trends in the Malaysian M&A market in November 2025

✅ Roughly speaking

• 🏦 Finance and asset management acquisitions and restructurings accelerate
• 🌏 Active IPOs and foreign capital inflows in growth sectors (renewable energy, semiconductors, healthcare)
• ⚖️ Risks arising from cross-border contracts are becoming apparent, and the ability to respond is the key to business continuity
• 🔄 Cross-regional capital restructuring continues within Southeast Asia

Introduction

This time, we will pick out some notable cases from the Malaysian and Southeast Asian markets from the major M&A-related news reported in the online newspaper Morning Edge in the third week of November 2025, and explain the practical trends and implications that can be read from them.
We will focus on cross-industry trends and changing risks, and summarize the key points to keep in mind on the front lines going forward.

This week's M&A article picks

Wilmar hit with another fraud verdict, found jointly liable for RM1.1 bil compensation in China (November 21st issue/page 2)

Wilmar International was found guilty of a massive fraud in China and found jointly liable for damages of approximately RM1.1 billion, highlighting the importance of compliance and risk management in global trade.

Affin Bank to acquire Pheim Asset Management for RM50 mil (November 21st issue/page 4)

Affin Bank has signed a conditional agreement to acquire Pheim Asset Management for RM50 million in cash, highlighting a trend of financial institutions acquiring non-core businesses and restructuring their groups.

Hanwha Q CELLS acquires Malaysian solar plant (November 20th issue/page 8)

South Korea's Hanwha Q Cells has acquired a solar power plant in Malaysia, highlighting the ongoing influx of international capital into the renewable energy sector.

Big Caring Group mulls RM2 billion IPO, SkyeChip files for Main Market listing, Wasco Greenergy launches IPO at RM1/share (November 21st issue/pages 5 and 9)

Pharmaceutical chain Big Caring Group is considering an IPO of up to 2 billion ringgits. SkyeChip (a semiconductor design company) and Wasco Greenergy (a renewable energy company) are also pursuing IPOs, and listings in growth sectors and high valuations are becoming more prominent.

Sime Darby Plantation acquires Vietnam asset, Unitrade United announces merger (November 19th issue/Page 11,7)

Sime Darby Plantation has acquired assets in Vietnam to strengthen its regional presence, and in the building materials industry, Unitrade United has announced a business integration. M&A is also taking place in the agriculture and manufacturing sectors.

Malaysian M&A Market Trends for the 3rd Week of November 2025

Diversification and restructuring in finance and asset management

The most notable development this week was the acceleration of strategic shifts in the financial sector towards non-core businesses, including Affin Bank's acquisition of an asset management company.
Facing a low interest rate environment and regulatory changes, the underlying reasons for mergers and acquisitions are thought to be securing stable revenue sources, diversifying assets, and improving management efficiency within the group. This is a trend that can also be seen in Japan and other ASEAN countries.

Active fundraising and IPO activity in growth sectors

Companies in growth sectors such as Big Caring Group, SkyeChip and Wasco Greenergy have filed for large IPOs and listings one after another.
The participation of private equity funds and foreign capital is also noticeable. The inflow of capital into semiconductors and renewable energy is linked to global themes such as diversifying global supply chains and ESG investment, and these sectors are expected to continue expanding in the future.

Cross-border risk management and litigation

Wilmar International's case of facing a multi-billion dollar contract fraud lawsuit in China highlights the importance of contracts, local governance and compliance management in cross-border transactions.
It is essential to strengthen the system, not only by simply concluding contracts, but also by understanding the actual situation and operations of local subsidiaries and partners. Preparation is also required to prevent the risk of litigation spreading globally.

Group restructuring and cross-regional capital movements

Group restructuring and M&A are accelerating even in traditional sectors such as agriculture and building materials, as seen in the acquisition of Vietnamese assets by Sime Darby Plantation and the business integration by Unitrade United.
We are currently in the process of redesigning our organization as a foundation for pursuing business synergies, expanding our market, and making more flexible management decisions.

summary

Through major M&A deals in the third week of November 2025, four trends have become evident in the Malaysian and Southeast Asian markets: diversification of traditional finance, introduction of new capital in growth sectors, response to cross-border risks, and restructuring across regions and industries.
In the future, it seems likely that the ability to respond in a unified manner across legal, financial and local operations will be put to the test.

This time, I have summarized the data on a weekly basis. I would like to continue to summarize the trends on a weekly basis (as much as possible), and preferably on a monthly or quarterly basis.