KUALA LUMPUR (June 11): Light aircraft manufacturer Aeronas Aerocraft Sdn Bhd said it has filed a complaint with the Securities Commission Malaysia (SC) and Bursa Malaysia regarding alleged irregularities involving public-listed company Cape EMS Bhd (KL:CEB), according to a press statement issued on Wednesday.
Aeronas said the complaint, filed on June 5, outlined three alleged irregularities: misleading public statements, failure to disclose the business venture to shareholders, and an equity transfer instruction related to a memorandum of understanding (MOU) signed on March 9, 2025.
According to Aeronas, Cape EMS' wholly owned subsidiary, Cape Manufacturing (M) Sdn Bhd (CMM), was to receive a 30% stake in Aeronas in exchange for a RM20 million cash commitment, payable in two tranches under the MOU. Aeronas alleged that while CMM paid RM9.983 million, it was instructed by a senior executive of Cape EMS to transfer the 30% equity stake to an individual instead.
The company also highlighted Cape EMS' failure to announce the venture to shareholders despite paying RM14.6 million to Aeronas between March and December 2025. Aeronas noted that the amount exceeded half of Cape EMS' cash reserves of RM24.34 million as at end-December 2025.
In addition, Aeronas cited what it described as inconsistent statements by Cape EMS. It noted that the company had characterised the MOU as non-binding and exploratory, but days later disclosed that CMM had made RM14.6 million in payments under the agreement. Aeronas argued that these payments constituted an admission of binding contractual obligations.
“Aeronas finds that the inconsistent statements made by Cape EMS in relation to CMM’s obligations under the MOU are misleading and intended to confuse and/or deceive public investors,” the company said in the statement, referring to several articles published by The Edge.
“We therefore urge Bursa Malaysia and the Securities Commission Malaysia to investigate this matter seriously,” it added.
A Cape EMS spokesperson, who declined to be named, confirmed that Aeronas had filed the complaint on June 5, and said the company had submitted an official response to the regulator's queries.
Cape EMS' spokesperson also told The Edge that it "is in the process of obtaining a court injunction to restrain Aeronas from making any further public announcements relating to the ongoing dispute while the matter is before the court."
The complaint follows a RM279 million lawsuit filed by Aeronas against CMM in the Johor Bahru High Court over alleged breaches of a collaboration agreement involving aircraft manufacturing and related activities.
On May 8, Cape EMS said in a Bursa filing that it disputes the claims in their entirety. On the same day, the electronics manufacturing services provider said CMM had filed a counterclaim in the Kuala Lumpur High Court against Aeronas and four others — PetraX5 Sdn Bhd, Raja Shazreen Petra Raja Azman Shah, Raja Iman Petra Raja Azman Shah and Kamarulzaman Abdul Karim.
Shares of Cape EMS closed unchanged at 27 sen on Thursday, giving the company a market capitalisation of RM267.8 million.