KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
OMS Group, a Malaysian telecom infrastructure and subsea cable services company, is considering revisiting its initial public offering (IPO) plans within the next few years, according to its deputy CEO, Richard Sun. While no specific timeline or venue has been set, Sun mentioned that Malaysia remains a potential option for the listing.
The company's IPO plans were initially shelved last year after KKR, a global investment firm, invested $400 million (RM1.65 billion) in OMS as part of its expansion into digital infrastructure in Southeast Asia. The capital infusion helped OMS focus on its growth strategy, including securing $292.5 million in loans in June to expand its fleet and infrastructure.
OMS is also expanding its interconnect managed services (IMS), which include cable landing stations and subsea cable routes across Malaysia, Singapore, Indonesia, and Thailand. The company aims to expand into Vietnam and the Philippines and is positioning itself as a one-stop shop for connectivity in Southeast Asia. OMS expects the IMS business to significantly contribute to its revenue over the next five years.
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