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“Mayu Global acquires the remaining 20% stake in Sunrise Manner for RM500,000, making it a wholly owned property subsidiary amid ongoing financial restructuring.”
Kuala Lumpur, 9th April 2026, 4.42pm – Mayu Global Group Bhd has completed the acquisition of the remaining 20% stake in Sunrise Manner Sdn Bhd (SMSB), making the property development company a wholly owned subsidiary of the group.
In a filing with Bursa Malaysia on Wednesday, the steel products manufacturer said it acquired 500,000 ordinary shares from SMSB director Tang Thiam Hock at RM1 per share, bringing the total purchase consideration to RM500,000.
No material financial impact expected
Mayu Global said the transaction is not expected to result in any changes to its issued share capital or the shareholdings of its major shareholders.
The group also noted that the acquisition is unlikely to have any significant impact on its earnings per share (EPS), net assets per share (NAPS), or gearing levels for the financial year ending June 30, 2026 (FY2026).
Previous AMLA compound involving SMSB
Earlier this year, SMSB was linked to a RM24 million compound issued by the Royal Malaysian Police under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
Mayu Global clarified that the compound was related to Tang in his personal capacity as a shareholder and did not involve any criminal charges against the listed group itself.
The settlement amount was structured in two payments, with RM10 million paid on Jan 26, while the remaining RM14 million was due by March 31.
In February, Mayu Global announced it would undertake the settlement to facilitate the release of assets seized from SMSB.
The group added that the RM24 million compound would be recognised in its financial statements in accordance with applicable accounting standards.
Financial performance impacted by lower property billings
For the first half of FY2026 ended Dec 31, 2025, Mayu Global reported a net loss of RM1.49 million, compared to a net profit of RM2.01 million recorded in the corresponding period a year earlier.
Revenue declined by about 36% to RM25.74 million, down from RM40.42 million previously. The decrease was mainly attributed to lower progress billings from its property development division as well as weaker sales performance in its manufacturing and trading segments.
Share price movement
Despite the weaker financial performance, Mayu Global shares rose 9.5% to close at 11.5 sen on Wednesday, giving the company a market capitalisation of approximately RM56 million.
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