Newly listed MyAxis eyes capacity growth
In a statement, MyAxis said the company has set its sights on increasing its meat processing capacity to drive growth after its listing, having raised RM5.3 million from the IPO.
Through its wholly owned subsidiary, KK Fresh Frozen Sdn Bhd (KK Fresh), MyAxis has been in the frozen meat distribution business since 2015.
"The listing exercise marks a pivotal moment for MyAxis as we look to strengthen the KK Fresh brand. We are excited about our new meat processing facility that will take our business to the next level.
"The upstream shift complements our existing distribution business, enabling us to expand the range of products that we will be able to offer to our customers," said MyAxis executive chairman Datuk Tan Hwa Sing.
With the enlarged processing facility, Tan said the company will be able to offer value-added services to its existing customers and to open up new markets.
Meanwhile, he said MyAxis intends to establish its own Halal brand of processed meat products to further expand market reach and, most importantly, contribute to strengthening Malaysia's food security.
"The IPO not only helps in raising our corporate profile but also accelerates our growth trajectory as we tap into the capital market," he said.
With the expanded processing and storage capacities, Tan said the company also targets significantly growing its customer base, particularly among food and beverages (F&B) providers, hotel chains and processed food manufacturers.
With a built-up area of 17,567.7 square feet, he said the new processing facility, located strategically near the Malaysia-Thailand border at Bukit Kayu Hitam, is expected to be operational by 2026.
"The strategic location helps in enhancing container security and ensuring product quality for frozen meats imported from Thailand.
"In addition, the new plant is designed to comply with key food safety and quality standards, including Halal, MESTI, GMP, HACCP, and VHM, ensuring full compliance with regulatory and industry best practices," he added.
Following the company's listing on the LEAP Market today, MyAxis has outlined a plan to transfer to the ACE Market within two years.
MyAxis aims to raise RM5.29 million through a private placement of 44.1 million new shares at 12 sen apiece, implying a market capitalisation of RM40.9 million upon listing.
The proceeds will be used to repay bank borrowings (RM3 million), purchase new machinery, support working capital, enhance branding and marketing, and defray listing expenses.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
a day ago
- Borneo Post
King warns Mindef against buying 'flying coffins'
His Majesty Sultan Ibrahim, King of Malaysia, who is also Colonel Commandant of Gerup Gerak Khas speaking at the at 60th Anniversary Parade of Rejimen Gerak Khas (RGK) at Kem Iskandar, here. – Bernama photo MERSING (Aug 16): His Majesty Sultan Ibrahim, King of Malaysia, today issued a stern reminder to the Ministry of Defence not to repeat past mistakes in the procurement of military assets, particularly used aircraft that could endanger the lives of pilots and military personnel. His Majesty said the nation's experience in purchasing second-hand Skyhawk aircraft should serve as a lesson, as the planes could not be fully utilised. 'Do not repeat the past mistake like when we bought second-hand Skyhawks… are we going to put our pilots in 'flying coffins'? Think for yourselves. 'I believe all this happens because the Ministry of Defence is full of agents or ex-generals turned salesmen, and even textile traders trying to sell drones,' said Sultan Ibrahim at the 60th Anniversary Parade of Rejimen Gerak Khas (RGK) at Kem Iskandar, here. Also present were the Regent of Johor Tunku Mahkota Ismail and Tunku Putera Johor Tunku Abu Bakar Sultan Ibrahim. Defence Minister Datuk Seri Mohamed Khaled Nordin, Malaysian Armed Forces Chief General Tan Sri Mohd Nizam Jaffar, and Army Chief General Tan Sri Muhammad Hafizuddeain Jantan were also in attendance. The A-4 Skyhawk, developed by McDonnell-Douglas (now Boeing), was closely associated with the Royal Malaysian Air Force (RMAF), which acquired 80 units from the United States in 1982 at US$1 million each, before retiring the fleet due to a high accident rate. Sultan Ibrahim, who is also Colonel Commandant of Gerup Gerak Khas (GGK), further advised the Defence Minister to cancel the proposed purchase of Black Hawk helicopters that are over 30 years old, out of concern that the same mistake would be repeated. The monarch emphasised that all parties involved in military procurement must ensure evaluations are conducted transparently, based on market prices and the actual needs of the armed forces, and not merely on the recommendations of agents or vested interests. 'Do not waste time buying nonsense that does not fit the needs of the military. If you don't know the price, ask me first. 'Five years ago, I pointed out the purchase of rigid raiding craft for the commandos at RM5 million, when I could have sourced a better boat for under RM2 million. 'Recently, I heard there was a proposal to buy a similar boat but in a larger size, at nearly RM10 million. This makes no sense and must be carefully reviewed,' Sultan Ibrahim said. His Majesty stressed that if all asset purchases are made at inflated 'middleman' prices, then government allocations will never be sufficient. 'Therefore, do not try to fool me. If you do not want to heed my advice, I will not speak up again,' His Majesty said. In addition to highlighting the need for price transparency, Sultan Ibrahim also criticised the delay in the combat diving pool project at RGK Camp, which was supposed to be completed in 2022 but is still not operational. At the same time, His Majesty urged the government to prioritise the acquisition of new equipment to ensure RGK's readiness remains at the highest level, enabling swift response to any threat. The parade was held to commemorate the 60th anniversary of the RGK's establishment and to honour the services and sacrifices of this elite unit's warriors in defending the nation's sovereignty. – Bernama military assets Ministry of Defence Sultan Ibrahim Iskandar
Sinar Daily
2 days ago
- Sinar Daily
MACC nets RM31.4 billion in seizures, RM28 billion in forfeitures in five years
In addition, the MACC's Anti-Money Laundering Division is currently managing 41 immovable properties, including land and buildings, that are still awaiting disposal. 15 Aug 2025 11:54am The Malaysian Anti-Corruption Commission (MACC) has seized assets worth RM31.4 billion from corruption-related activities over the past five years. BERNAMA FILE PIX KUALA LUMPUR - The Malaysian Anti-Corruption Commission (MACC) has seized assets worth RM31.4 billion from corruption-related activities over the past five years. Its chief commissioner Tan Sri Azam Baki said the commission had also successfully forfeited assets valued at nearly RM28 billion during the same period. He said the amount included assets worth about RM183 million seized during raids on smuggling syndicates under Op Metal. MACC chief commissioner Tan Sri Azam Baki. Bernama FILE PIX "Also seized were real estate valued at RM620 million in the investigation into the fibre network development project, as well as cash, luxury cars and bank accounts totalling RM36 million in a case involving the embezzlement of highway construction funds. "MACC also seized luxury assets worth RM32 million from the residence of a 'Tan Sri', including 217 luxury watches and 27 designer handbags,' he said in a statement today. In addition, he said the MACC's Anti-Money Laundering (AML) Division is currently managing 41 immovable properties, including land and buildings, that are still awaiting disposal. Azam described the operations as clear evidence of the MACC's proactive approach in detecting, investigating and taking firm action against those involved in corruption and money laundering. "This figure is not just a statistic, but reflects the extent of the MACC's commitment to recovering assets from criminal proceeds for the country,' he said. He added that such efforts would not only restore revenue to the nation but also strengthen public confidence in the country's enforcement agencies. - BERNAMA More Like This
Daily Express
2 days ago
- Daily Express
Couple charged in RM3.6 million con
Published on: Friday, August 15, 2025 Published on: Fri, Aug 15, 2025 By: Cynthia D Baga Text Size: Ang (left) and his wife leaving the courtroom escorted by MACC personnel. Kota Kinabalu: A business couple was charged in the Sessions Court here on Thursday with abetting a company director in submitting false documents to fraudulently claim more than RM3.6 million from the Department of Industrial Development and Research (DIDR). Ang Ka Fat @ Kenny, 57, and his wife Anita Mohamed, 54, pleaded not guilty to all charges when they appeared separately before Judge Jason Juga. The two face two individual charges each, along with one joint charge. On the first charge, Ang and Anita are accused of abetting Effendy Goriaman, Director of Syarikat Intellect Training & Services (ITS), by deceiving Normah Bitong, an administrative assistant at DIDR. They allegedly submitted a false invoice from ITS dated Nov 11, 2022, supported by 12 delivery orders for MeSTI and Halal certification services under the Sabah SMI Assistance Programme (Baiks) 2022, including renovation works, valued at RM500,000. The services were allegedly never rendered. On the second charge, the duo is accused of submitting another false invoice from ITS dated Oct 10, 2023, accompanied by 45 delivery orders for MeSTI, My Food Tag, and Halal certification services under Baiks 2023, also including renovation works, amounting to RM2.7 million. These services were likewise allegedly never carried out. Both offences were allegedly committed at the DIDR office on Nov 11, 2022, and Nov 2, 2023, respectively. The charges were framed under Section 28(1)(c) of the Malaysian Anti-Corruption Commission (MACC) Act 2009 and are punishable under Section 24(2) of the same Act. The offence carries a jail term of up to 20 years and a fine of not less than five times the amount involved or RM10,000, whichever is higher, upon conviction. As for the joint charge, Ang and Anita are accused of jointly submitting a false invoice from a different company dated Nov 7, 2023, with 13 delivery orders containing false particulars. The claim was for RM414,400 involving the alleged supply of 11 units of 100-litre machine retorts, two units of 150-litre machine retorts, registration and approval from the Department of Occupational Safety and Health (Dosh), hydrostatic tests, and premises registration. These services and supplies were also allegedly never implemented. The documents were allegedly submitted to Normah on Nov 10, 2023, at the same department. This joint charge falls under Section 18 of the MACC Act 2009, punishable under Section 24(2) of the same Act, and read together with Section 34 of the Penal Code. The court fixed Sept 23, 2025, for pre-trial case management. For the first and second charges, bail was set at RM20,000 each with RM3,000 to be deposited, with one local surety per accused. For the joint charge, each was also granted bail of RM20,000 with RM3,000 deposited and one local surety. Judge Jason Juga also imposed additional conditions, namely the couple must report to the MACC office every two months; they must surrender their passports to the court; they are prohibited from contacting or communicating with prosecution witnesses. Failure to comply with these conditions could result in revocation of bail. MACC Prosecuting Officer Dzulkarnain Rousan Hasbi stood in for Deputy Public Prosecutor Rustam Sanim. The couple was represented by counsel Azhier Farhan Arisin. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
