FCW Holdings

What FCW Holdings does

FCW Holdings Berhad is a Kuala Lumpur-based, Bursa Malaysia-listed investment holding company (Stock Code: 2755) incorporated in 1957 and listed since 17 August 1972. It operates three distinct business segments through subsidiaries, joint ventures, and associates. The wholly-owned Coscolab Sdn Bhd conducts contract manufacturing of Skin Care, Beauty Care, Hair Colour, Hair Care, and Personal Care products for global brands, leveraging personalised formulations, exclusive active ingredients, GMP-compliant production, and ISO 14001:2015 certification (obtained June 2025). Property development is conducted through a 50%-owned joint venture (368 Segambut Sdn Bhd) with IJM Land Berhad for the 16-acre Riana Dutamas mixed development in Segambut, the Stellaris Phase 3 project (RM820 million GDV), and a 55%-owned subsidiary driving the Riana StarPark development in Setapak. The third leg is the associate company Fujikura Federal Cables Sdn Bhd, which manufactures power, telecommunication, and fibre optic cables.

The Group reported FYE 2025 revenue of RM26.22 million (down 8% from RM28.49 million in FYE 2024) and profit before tax of RM18.36 million (down 24% from RM24.09 million), with the decline driven by lower contract manufacturing volumes (Coscolab filling capacity utilisation fell to 28.72%) and completion-handover timing of Riana Dutamas Phase 2 reducing the share of joint venture profits from RM22.8M to RM19.4M. The go-to-market model is B2B across all three segments: contract manufacturing via direct engagement with global cosmetic brands, property units sold through in-house sales galleries and promotional campaigns, and cables distributed through FFC to power and telecom infrastructure customers. Revenue mechanics mix one-off project sales (property), recurring contract manufacturing fees, and wholesale cable transactions. Capital structure is conservative with 11-50 employees at the holding level and a dispersed public shareholder base under the chairmanship of Tan Sri Dato' Tan Hua Choon, with a recently refreshed board adding two independent non-executive directors in late 2024 and mid-2025.

Name

FCW Holdings

Legal name

FCW Holdings Berhad

Website

https://fcw.com.my

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

11–50 employees

Short description

FCW Holdings Berhad is a Kuala Lumpur-listed investment holding company operating three segments: contract manufacturing of personal care products via wholly-owned Coscolab, mixed-use property development through JVs with IJM Land Berhad (Riana Dutamas, Stellaris, Riana StarPark), and cable manufacturing via associate Fujikura Federal Cables.

Ownership category

akta.pro rank

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Investment Holding and Management Services: FCW Holdings Berhad operates as an investment holding company, providing management services to its subsidiaries and associates. This is the core holding structure of the Group.
2. Property Development: The Group conducts property development through its 50%-owned jointly-controlled entity, 368 Segambut Sdn Bhd (with IJM Land Berhad), on a mixed development known as Riana Dutamas. Additional property development is conducted through a 55%-owned subsidiary for the Riana StarPark project in Setapak, Kuala Lumpur.
3. Contract Manufacturing: Coscolab Sdn Bhd, a wholly-owned subsidiary, provides contract manufacturing services for Skin Care, Beauty Care, Hair Colour, Hair Care and Personal Care products for global markets. Revenue is generated through B2B manufacturing contracts.
4. Cables Manufacturing and Marketing: The Group's associate company, Fujikura Federal Cables Sdn Bhd (FFC), engages in the manufacturing and sale of power, telecommunication and fibre optic cables and related equipment.
5. Wholesale of Cosmetics, Toiletries and Household Products: Wholesale distribution of cosmetics, toiletries and household products as part of the contract manufacturing segment.

Distribution channels4 records

Marketing channels5 records

Core offering

FCW Holdings Berhad is an investment holding company that operates three core businesses: (1) contract manufacturing of Skin Care, Beauty Care, Hair Colour, Hair Care, and Personal Care products for global cosmetic brands through wholly-owned subsidiary Coscolab Sdn Bhd under global GMP quality standards; (2) property development of mixed-use urban projects in Kuala Lumpur (Riana Dutamas, Stellaris, and Riana StarPark) through joint ventures; and (3) manufacturing and sale of power, telecommunication and fibre optic cables through associate company Fujikura Federal Cables Sdn Bhd (FFC).

Product overview

FCW Holdings Berhad is a diversified investment holding company with three main business segments: (1) Contract Manufacturing through Coscolab Sdn Bhd, specializing in Skin Care, Beauty Care, Hair Colour, Hair Care and Personal Care products manufactured to global GMP quality standards; (2) Property Development conducted via jointly-controlled entities including Riana Dutamas (16-acre mixed development in Segambut), Stellaris (residential and retail project with RM820 million GDV), and Riana StarPark (Setapak development); and (3) Cables Business through associate company Fujikura Federal Cables Sdn Bhd, manufacturing power, telecommunication and fibre optic cables.

Differentiator

Problem solved

Functional benefit

Products and services

• Coscolab Contract Manufacturing Services
• Riana Dutamas Mixed Development
• Stellaris Property Development (Phase 3) Residential and retail property development located in the Segambut area of Kuala Lumpur, comprising 1,143 residential units and 4 retail units in Phase 3 with a total GDV of approximately RM820 million.
• Riana StarPark Property Development Property development on 3 parcels of land in Setapak, Kuala Lumpur, conducted through a 55%-owned subsidiary of FCW Holdings, with Phase 1 targeted for launch in FYE 2026.
• Fujikura Federal Cables (FFC) - Power, Telecommunication and Fibre Optic Cables Manufacturing and sale of a wide range of power, telecommunication and fibre optic cables, and related equipment, marketed to power generation, transmission, telecommunications, and data infrastructure customers. Operated through associate company FFC, committed to product quality, timely delivery, and competitive pricing.

Quantifiable outcome

• ISO 14001:2015 certification obtained by Coscolab in June 2025 after process commencing June 2024, demonstrating environmental compliance.
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core.

• IJM Land BerhadcoreStrategic or Co-development PartnerFCW Holdings conducts property development activities through a 50%-owned jointly-controlled entity, 368 Segambut Sdn Bhd, together with joint-venture partner IJM Land Berhad. The JV is engaged in the mixed development known as Riana Dutamas, set on a 16-acre freehold land in Segambut, Kuala Lumpur.
• Fujikura Federal Cables Sdn Bhd (FFC)coreTechnology or IntegrationFFC is an associate company of FCW Holdings engaged in the manufacturing and sale of power, telecommunication and fibre optic cables and related equipment. FFC is a leading manufacturer committed to excellence in product quality, timely delivery, competitive pricing and services.
• Coscolab Sdn BhdcoreOthersCoscolab Sdn Bhd is the wholly-owned subsidiary of FCW Holdings responsible for the Contract Manufacturing segment. Coscolab specializes in new concepts for Skin Care, Beauty Care, Hair Colour, Hair Care and Personal Care products for global markets, with access to exclusive active ingredients and GMP quality manufacturing.
• 368 Segambut Sdn BhdcoreStrategic or Co-development Partner50%-owned jointly-controlled entity between FCW Holdings and IJM Land Berhad, engaged in property development activities. The entity is developing Riana Dutamas, a mixed-use development on 16 acres of freehold land in Segambut, Kuala Lumpur.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Intercos S.p.A. Italian global contract manufacturer of cosmetics products (makeup, skincare, hair care, personal care) for prestige and mass-market brands. Closely comparable to Coscolab in B2B contract manufacturing of personal care products for global markets.
• IJM Corporation Berhad: Malaysian-listed conglomerate with property development, construction, and industry divisions. Direct comparable to FCW's property segment given the existing 50/50 JV (368 Segambut Sdn Bhd) partnership on Riana Dutamas.
• Kolmar Korea Holdings Co., Ltd. Korean-listed contract manufacturer of cosmetics, beauty, and health products serving global brands. Directly comparable to Coscolab in ODM/OEM personal care manufacturing for international cosmetics companies.
• Cosmax Inc. Korean-listed global contract manufacturer (OEM/ODM) of cosmetics, skincare, and personal care products serving international brands. Directly comparable to Coscolab in service offering, customer base (global beauty brands), and manufacturing model.

Regional players

• UEM Sunrise Berhad: Malaysian-listed property developer with flagship developments in Iskandar Johor and Mont Kiara, KL. Comparable to FCW's property segment in the Malaysian mixed-use residential/retail market.
• Mah Sing Group Berhad: Malaysian-listed property developer focused on residential and commercial developments in Greater KL and other urban centres. Comparable to FCW's property development segment in the same Malaysian market and similar mid-market residential positioning.
• SP Setia Berhad: One of Malaysia's largest listed property developers with township and mixed-use developments. Comparable to FCW's Riana Dutamas and Stellaris segments in the Malaysian mixed-use residential property market.

Broad incumbents

• Prysmian Group: Global leader in cables for energy and telecommunications, including fibre optic cables. Comparable to FCW's cable segment through associate FFC in the power and telecom cable manufacturing market.
• Sime Darby Property Berhad: Major Malaysian-listed property developer with townships, integrated developments, and commercial assets. Larger-scale comparable to FCW's property development operations in the Malaysian market.

Emerging players

• LS Cable & System Ltd. Korean-listed manufacturer of power cables, telecommunication cables, and fibre optic cables. Comparable to FCW's associate company Fujikura Federal Cables in the cables manufacturing industry.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fcw-holdings-bhd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FCW Holdings