Kenanga Investment Bank Bhd Expands Digital‑Asset Footprint and Supports Strategic M&A Advisory
Kenanga Investment Bank Bhd (KIB) has announced a significant investment in Halogen Capital Sdn Bhd, Malaysia’s first licensed digital‑asset fund manager. Through its wholly‑owned subsidiary, Kenanga Private Equity Sdn Bhd, the bank acquired a 14.9 % institutional stake in the venture, following the completion of a RM13.3 million (US$3.2 million) funding round.
The transaction, which also attracted the participation of global venture‑capital firm 500 Global and other investors, does not disclose the exact amount paid by Kenanga, but the investment is positioned as a strategic move to broaden the group’s digital‑asset ecosystem. The funding will be earmarked for Halogen Capital’s real‑world asset (RWA) tokenisation strategy, covering onshore unit‑trust funds, bonds, sukuk, private credit and real estate. By enabling tokenisation of these traditionally illiquid asset classes, Kenanga seeks to unlock new investment opportunities for both institutional and high‑net‑worth clients.
In a joint statement, Kenanga’s managing director Datuk Chay Wai Leong remarked that the investment is “a key step in building the group’s digital‑asset ecosystem,” adding that it complements the bank’s existing portfolio of digital‑first businesses such as KDX, Helicap and Merchantrade. The move underscores Kenanga’s conviction that the future of finance will increasingly rely on tokenised solutions that blend traditional asset classes with blockchain technology.
Broader Strategic Context
The acquisition comes at a time when Kenanga is actively diversifying its services beyond conventional wealth management and corporate banking. The bank’s involvement in Halogen Capital signals a deliberate shift toward fintech and digital‑asset innovation, a sector that has seen accelerated regulatory support in Malaysia. By leveraging its expertise in investment banking and capital markets, Kenanga aims to provide clients with streamlined access to emerging asset classes that were previously confined to institutional investors.
Kenanga’s strategy also aligns with its ongoing role as an independent adviser in high‑profile transactions. Earlier in the month, the bank acted as an independent adviser to Apex Healthcare Bhd in a privatization bid, describing the offer price of RM2.64 per share as “fair” and “reasonable.” The advisory experience reinforces Kenanga’s capability to navigate complex corporate finance deals while maintaining a focus on shareholder value.
Market Reception and Implications
The announcement has been met with positive commentary from industry analysts who note that Kenanga’s stake in Halogen Capital could accelerate the adoption of tokenised real‑world assets in Malaysia. The move is expected to position Kenanga as a pioneer in the digital‑asset space, potentially attracting a new cohort of clients interested in diversified investment strategies that blend traditional and blockchain‑enabled assets.
With a market capitalisation of 614 million MYR and a 52‑week trading range that peaked at 1.10 MYR, Kenanga remains a significant player in the Malaysian financial sector. The company’s commitment to innovation, coupled with its robust advisory track record, suggests that it will continue to play a central role in shaping the future of finance in the region.
