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Sinar Daily
5 days ago
- Business
- Sinar Daily
The 1Fit fisco: How a popular fitness app left hundreds of Malaysians in the lurch
SHAH ALAM – Hundreds of Malaysian users have been left in limbo after the popular fitness app 1Fit abruptly shut down its operations this month. Despite promoting and renewing memberships up until the very last days, the app's management blamed financial difficulties and announced a liquidation process, leaving users confused, frustrated and calling for government intervention. 1Fit CEO and founder Murat Alikhanov. Photo: 1Fit's official Instagram page. From Fitness Favourite to Sudden Farewell Known for its affordable access to a variety of workouts, from bouldering and pilates to gym and swimming sessions, 1Fit quickly gained popularity among Malaysian fitness enthusiasts. But on June 14, the company shocked its user base by announcing via Instagram that it was ceasing operations in Malaysia. The announcement came alongside a video message from 1Fit Chief Executive Officer (CEO) and founder Murat Alikhanov, who cited unsustainable costs as the key reason for the shutdown. 'This is not how we wanted the story to end. We are heartbroken, for our team, for our partners and for our users who loved the product. To everyone who supported us, thank you. To our Malaysian community, we are deeply sorry that we could not take this further,' Alikhanov said. He claimed 1Fit had invested USD4.2 million (RM17.8 million) into building its Malaysian platform, but despite their efforts, it had become unsustainable. He provided refund instructions via a WhatsApp link, assuring users that refund requests would be processed in queue order and subject to available funds under a formal liquidation process. Users Left Without Access or Answers However, users who paid in advance for memberships ranging between RM1,500 to RM3,500 have been left without services or clarity. Many were unable to use their full subscriptions, including Maine, a user who had paid RM2,500 for a 15-month plan but had only used it for 2.5 months since joining in April. Her friend, who had been on the app for nearly a year, also suffered losses and had submitted a refund request, awaiting further updates. As of the date of the closure, many users reported a lack of official communication and radio silence across 1Fit's support and social platforms. A statement shared by affected users revealed that over 600 individuals have since joined a WhatsApp support group in hopes of coordinating efforts and sharing information. Many voiced concerns that the only available refund process, a Google Form requiring users to agree that refunds are subject to queue order and available funds, felt untrustworthy and vague. 'To date, many affected users have reported a lack of official communication from 1Fit regarding reimbursements. The company's social media platforms and customer support channels have gone silent, leading to growing concerns over transparency and accountability,' the group shared. Was It a Scam? Users Question 1Fit's Ethics Critics and users have taken to Instagram to vent their frustrations. 'What happens to those who recently paid over RM2,500 for a full-year membership? Why shut down so abruptly without any prior warning? After raising the membership price, the company suddenly closes. Was 1Fit a scam all along?' @aafiqazlan questioned. User @idorashazlina tagged the police and demanded an investigation. 'You were just urging everyone to renew their membership and now, barely a week later, you pull this stunt? Something does not add up,' she said. Another user, @yee_minnn, accused the company of knowingly misleading consumers. '1Fit continued to actively promote and encourage renewals of their membership plans, despite allegedly being aware that they were on the brink of shutting down. This is a clear breach of ethical conduct,' he said. International Complications and Calls for Government Action Adding to users' concerns is the fact that 1Fit also previously shut down in Mexico, allegedly without refunding users there. To make matters more complicated, Alikhanov is reportedly based in Kazakhstan, creating cross-border legal barriers that hinder Malaysian users from pursuing direct legal action or claiming refunds. Affected users are now urging the Malaysian government to intervene, calling on the Domestic Trade and Cost of Living Ministry (KPDN), the Communications and Digital Ministry and the Youth and Sports Ministry to step in. 'The 1Fit episode represents more than a failed startup, but a wake-up call for how well Malaysia protects its citizens from businesses such as this. "We urge the ministries to break the silence and stand up for Malaysian consumers now,' the statement added. What Now for Users? As of now, there is no new official statement from 1Fit and refund status remains unclear. Users have been advised to document their payments, join user support groups and report the issue to consumer protection agencies like KPDN or National Consumer Complaints Centre (NCCC).
New Straits Times
30-05-2025
- Business
- New Straits Times
HLIB drops DNeX coverage, flags softer outlook for energy segment
KUALA LUMPUR: Hong Leong Investment Bank Bhd (HLIB Research) has ceased coverage of Dagang NeXchange Bhd (DNeX) due to internal resource reallocation. The firm said as such, its previous forecasts, recommendations and target price should no longer be relied upon as a reference going forward. On outlook, HLIB Research said DNeX's energy segment is expected to record a sequential earnings decline in the second quarter of 2025 (2Q25), due to easing crude oil prices, driven by US Liberation Day tariffs and OPEC's aggressive output expansion. It added that the group's subsidiary, SilTerra Malaysia Sdn Bhd, returned to positive Ebitda this quarter, driven by improved wafer shipments and blended average selling prices in the emerging technology segment. This was underpinned by efforts in staff rationalisation and the growing contribution from emerging technology, particularly silicon photonics, which typically yields higher margins. "Nonetheless, we believe SilTerra will remain in red in the near-term as its utilisation rate is unlikely to go above 80 per cent, given the cloudy semiconductor outlook due to the rising trade tensions," it noted. For the first quarter ended March 31, 2025 (1Q25), DNeX registered a core net profit of RM17.8 million, which HLIB Research deemed broadly in line with its FY25 forecasts, accounting for 22 per cent of the full-year estimate. However, the group posted a net loss of RM79.04 million for the quarter, compared with a net profit of RM14.46 million a year earlier, mainly due to higher interest expenses. Quarterly revenue declined by 4.19 per cent to RM296.83 million, from RM309.82 million in 1Q24. The decrease was primarily attributed to weaker contributions from the energy and information technology segments, which offset gains in the technology segment.
The Sun
08-05-2025
- Business
- The Sun
Fibromat makes lacklustre debut on ACE Market
KUALA LUMPUR: Fibromat (M) Bhd made a lacklustre debut on Bursa Malaysia's ACE Market today, following its transfer from the LEAP Market. The geotechnical services firm opened at 46 sen, 16% below its initial public offering (IPO) price of 55 sen per share. Its shares closed at 49.5 sen, 10% below the IPO price. Fibromat specialises in the design, manufacturing, installation and trading of geosynthetics and erosion control products. Executive director Wallace Ng Chun Hou said the company may need to strengthen its performance further to build investor confidence. 'We grew from a small company into a more integrated geotechnical solutions provider, and today, many of our customers, including developers and government agencies, believe in us. But from a capital market perspective, we acknowledge there is still room for improvement. We need to continue delivering strong performance to build investor confidence over time,' he said at a press conference in conjunction with the listing. Fibromat is the latest ACE Market listing to underperform, with all eight debuts since March closing below their IPO prices on the first day. Wallace suggested that the weak market performance may be due to limited public awareness and understanding of the value of its specialised work. 'When the public sees greenery along highways, they do not know the engineering behind it. We are proud of our contributions, but we also recognise the need to raise awareness – and we believe this will help better reflect our value in the capital market,' he said. Meanwhile, Fibromat's managing director and chief executive officer, Ng Kian Boon, said the IPO raised RM17.8 million. 'With the RM17.8 million raised from the initial public offering, we plan to use about RM7.6 million to purchase two jute-based erosion control blanket stitching machines and four dust collectors with ducting. All the new machines will be installed at our factory located in Rasa, Selangor, to expand our production of erosion control blankets,' he said. He added that the company plans to enhance its in-house capabilities by setting up a prefabricated vertical drain (PVD) installation team and acquiring five hydraulic excavators. PVDs are geosynthetics installed in soft ground to improve soil stability. Fibromat's notable projects include the West Coast Expressway, the Sarawak Second Trunk Road, and Phase 1A of the Sabah Pan Borneo Highway. The company is actively bidding for contracts under Phase 1B of the Sabah Pan Borneo Highway and the Sarawak-Sabah Link Road. – Bernama
The Star
08-05-2025
- Business
- The Star
Fibromat makes lacklustre debut on ACE Market
KUALA LUMPUR: Fibromat (M) Bhd made a lacklustre debut on Bursa Malaysia's ACE Market today, following its transfer from the LEAP Market. The geotechnical services firm opened at 46 sen, 16 per cent below its initial public offering (IPO) price of 55 sen per share. Fibromat specialises in the design, manufacturing, installation, and trading of geosynthetics and erosion control products. Executive director Wallace Ng Chun Hou said the company may need to strengthen its performance further to build investor confidence. "We grew from a small company into a more integrated geotechnical solutions provider, and today, many of our customers, including developers and government agencies, believe in us. "But from a capital market perspective, we acknowledge there is still room for improvement. We need to continue delivering strong performance to build investor confidence over time," he said at a press conference in conjunction with the listing. Fibromat is the latest ACE Market listing to underperform, with all eight debuts since March closing below their IPO prices on the first day. Wallace also suggested that the weak market performance may be due to limited public awareness and understanding of the value of its specialised work. "When the public sees greenery along highways, they do not know the engineering behind it. We are proud of our contributions, but we also recognise the need to raise awareness - and we believe this will help better reflect our value in the capital market,' he said. Meanwhile, Fibromat's Managing Director and Chief Executive Officer, Ng Kian Boon, said the IPO raised RM17.8 million in proceeds. "With the RM17.8 million raised from the initial public offering, we plan to use about RM7.6 million to purchase two jute-based erosion control blanket stitching machines and four dust collectors with ducting. "All the new machines will be installed at our factory located in Rasa, Selangor, to expand our production of erosion control blankets,' he said. He added that the company also plans to enhance its in-house capabilities by setting up a prefabricated vertical drain (PVD) installation team and acquiring five hydraulic excavators. PVDs are geosynthetics installed in soft ground to improve soil stability. Fibromat's notable projects include the West Coast Expressway, the Sarawak Second Trunk Road, and Phase 1A of the Sabah Pan Borneo Highway. The company is also actively bidding for contracts under Phase 1B of the Sabah Pan Borneo Highway and the Sarawak-Sabah Link Road. - Bernama
New Straits Times
08-05-2025
- Business
- New Straits Times
Fibromat's LEAP to ACE falls flat as shares open 16pct below IPO price
KUALA LUMPUR: ACE Market debutant Fibromat (M) Bhd joined the list of initial public offering (IPO) laggards, opening 16.36 per cent below its issue price. The geotechnical services firm, formerly listed on the LEAP Market, began trading at 46 sen—nine sen below its IPO price of 55 sen. As at 9.15am, the stock was trading at 46.5 sen after touching a low of 41 sen earlier, with 11.36 million shares exchanged. Fibromat was the third most actively traded stocks in the morning session, falling short of the typical IPO debut frenzy. The company marks the twentieth IPO on Bursa Malaysia this year, joining a wave of listings grappling with volatility sparked by tariff-related global headwinds. West River Bhd, which listed earlier this week, also saw a muted debut on Monday. At 55 sen a share, Fibromat's IPO brought in RM17.8 million in proceeds. The proceeds will be used to purchase new machinery, including stitching machines and dust collectors, and to strengthen its in-house capabilities. The company plans to form its own prefabricated vertical drain installation team and acquire five hydraulic excavators to boost operational capacity at its factory in Selangor. Fibromat's core business includes the design, manufacturing, installation and trading of geosynthetics and erosion control products. Its portfolio includes projects such as the West Coast Expressway, Sarawak Second Trunk Road and Phase 1A of the Sabah Pan Borneo Highway. It is also actively bidding for jobs under Sabah Pan Borneo Highway Phase 1B and the Sarawak-Sabah Link Road.
