Prolexus Bhd has appointed Datuk Au Yee Boon as the new executive director and Datuk Low Chin Koon as an independent director. The company, in a statement, welcomed both Au and Low to the board and is confident that their profound experience and leadership qualities will be instrumental in ensuring the company's continued leadership within the apparel business segment. (NST)

Syarikat Takaful Malaysia Keluarga Bhd plans to continue its market leadership in bancatakaful, treasury, employee benefits, and general takaful. Group chief executive officer Nor Azman Zainal said that the company would establish a stronger presence in the retail market, strengthen its brand position, intensify marketing initiatives, enhance the digital ecosystem, and embrace the sustainability agenda. (NST)

Ecoscience International Bhd (EIB) today signed an underwriting agreement with Hong Leong Investment Bank Bhd (HLIB) for its initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia. EIB managing director Wong Choi Ong said the signing of the underwriting agreement with HLIB is a leap forward in the company's journey to becoming a listed entity. (NST)

Sapura Energy Bhd shares fell in early trade today after announcing that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50 per cent of its share capital. At 10.25, shares in the oil and gas outfit eased 1.0 sen to 7.5 sen, with 91.72 million shares changing hands. The group yesterday announced that it was formulating a regularisation plan to address its PN17 status in tandem with a proposed scheme of arrangement and would make monthly announcements on the progress.

Country Heights Holdings Bhd founder Tan Sri Lee Kim Yew believes that there are "rough forces" in the market attempting to bring his company down by disposing shares through nominees, according to sources close to him. They said Country Heights was unfazed about the sharp selling of its shares by "some parties" and would instead focus on building all of the businesses announced to show profits in the book. (NST)

Upstream oil and gas (O&G) service providers such as drillers and maintenance related should benefit from a ramp-up in activities and increased domestic capital expenditure (capex) allocations, coupled with better service rates ahead. RHB Research said that amidst the strong set of results in the first quarter (Q1) of 2022, Petroliam Nasional Bhd (Petronas) has indicated activities will pick up in the coming quarters, with capex potentially returning to pre-pandemic levels of more than RM40 billion. (NST)

FGV Holdings Bhd's first quarter (Q1) 2022 net profit of RM427.6 million beat expectations, accounting for 51.4-52.5 per cent of Hong Leong Investment Bank Bhd's (HLIB Research) and consensus estimates. This was mainly due to the higher-than-expected palm product prices and lower-than-expected land lease agreement (LLA) charges. (NST)

Malaysian property and casualty (p&c) insurance returned to a solid 3% growth in 2021, after declining by 0.6% in 2020, according to Allianz Global Insurance Report 2022. In a statement on Wednesday (June 1), Allianz Group said the life segment continued to enjoy robust growth at 8%, benefiting from the increased risk awareness in the wake of the Covid-19 crisis. (TheEdge)

Wallbox, a provider of electric vehicle (EV) charging and energy management solutions, is partnering Sime Darby Bhd to accelerate EV adoption in Malaysia. According to a statement on Wednesday (June 1), Mecomb Malaysia, a subsidiary of Sime Darby Bhd, will distribute a range of Wallbox products that will be one of the preferred AC (alternating current) charging solutions for Sime Darby Motors under the agreement. (TheEdge)

YX Precious Metals Bhd's (XYPM) initial public offering (IPO) cheap valuation at 28 sen a share and aggressive expansion plans are deemed attractive, Mercury Securities Sdn Bhd said. The firm said the company has more than 12,000 stock keeping units (SKUs), hence, it is better positioned to meet varying customer demands. (TheEdge)

Dutch Lady Milk Industries Bhd has cautioned that more price hikes could be on the horizon for consumers as cost inflation leaps. Noting that the dairy product manufacturer is facing industry-wide headwinds — the global supply chain disruption, “unprecedented” global inflation and raw material price volatility — its managing director Ramjeet Kaur Virik said these issues are posing a challenge for the group as it aims to keep its products affordable for consumers. (TheEdge)

TA Global Bhd has received the construction approval for the Sri Damansara Sentral MRT link bridge, marking tremendous progress in strengthening the accessibility of Damansara Avenue, the developer’s 48-acre master plan in Bandar Sri Damansara. (TheEdge)

Genting Bhd got off to a firm start on the local bourse in June after it announced the completion of clinical trials of an Alzheimer’s drug by its 20.3%-owned company, TauRx Pharmaceuticals Ltd. The stock opened 12 sen or 2.53% higher at RM4.87 at the opening bell and surged to a high of RM5.34 before ending the morning session at RM5.30, up 55 sen or 11.58%. Some 69.82 million shares changed hands. (TheEdge)

Sime Darby Property Bhd’s East 57 project in KL East has been fully taken up since its virtual launch last weekend. In a press statement on Wednesday (June 1), Sime Darby Property group managing director Datuk Azmir Merican said East 57 attracted strong demands even before the launch, due to the limited supply of well-designed landed units in the KL East and Melawati area. (TheEdge)

Hong Leong Bank Bhd (HLB) said Monday (May 30) that its net profit for the third quarter ended March 31, 2022 (3QFY22) rose 1.73% to RM784.8 million from RM771.47 million a year ago due to lower allowance for impairment losses on loans, advances and financing as well as higher share of profit from an associated company. Its revenue for 3QFY22, however, fell 2.8% to RM1.35 billion from RM1.39 billion, its filing to Bursa Malaysia showed. (TheEdge)

Shares in Serba Dinamik Holdings Bhd rose 15% in the mid-morning on Wednesday (June 1) after national oil firm Petroliam Nasional Bhd (Petronas) renewed the licence for Serba Dinamik Sdn Bhd’s (a unit of Serba Dinamik) to continue offering supply and services to the national oil and gas company and its contractors, effective May 30, 2022, for a one-year term. (TheEdge)

AMMB Holdings Bhd’s (AmBank) earnings came in above expectations as the banking group reported lower-than-expected loan loss provisioning, according to CGS-CIMB. In a research note on Wednesday (June 1), the research house retained its “add” rating of the group, premised on its current attractive valuation, which is among the lowest in the sector. (TheEdge)

RHB Retail Research said ViTrox Corporation Bhd is set for a counter-trend rebound as it pushed above the RM7.74 resistance on Tuesday with a “White Marubozu” bullish candlestick. In a trading stocks note on Wednesday (June 1), the research house said if buying interest persists, the bulls may drive the stock towards the RM8 resistance, followed by RM8.45. (TheEdge)

RHB Retail Research said Bumi Armada Bhd is poised for an upward rebound as it moved upwards to hit the immediate resistance of 44.5 sen on Tuesday. In a trading stocks note on Wednesday (June 1), the research house said a bullish bias may emerge if it breaches that level, as the stock may then form a “higher high” bullish pattern. (TheEdge)

George Kent (Malaysia) Bhd posted a net profit of RM31.26 million for the financial year ended March 31, 2022 (FY22), on the back of RM355.22 million in revenue. In the previous financial year, the group had changed its financial year-end from Jan 31 to March 31. (TheEdge)

Datasonic Group Bhd for the fourth quarter ended March 31, 2022 (4QFY22) swung back to a net profit of RM13.37 million versus a net loss of RM5.63 million a year ago, boosted by higher revenue. Revenue for the quarter more than doubled to RM54.34 million from RM25.82 million, the group’s bourse filing on Tuesday (May 31) showed. (TheEdge)

Ekovest Bhd reported a net loss of RM7.96 million for its third quarter ended March 31, 2022 (3QFY22), versus a net profit of RM27.54 million a year earlier, amid lesser contribution from its construction segment. Quarterly revenue dropped 44.74% to RM168.28 million from RM304.51 million previously, according to the group’s filing. (TheEdge)

Hit by a higher average cost of products, BLD Plantation Bhd’s net profit fell 57.56% to RM7.14 million for the fourth quarter ended March 31, 2022, from RM16.83 million a year ago. Earnings per share shrank to 7.64 sen from 18 sen, the group’s bourse filing showed. (TheEdge)

Caely Bhd has appointed Datuk Koh Mui Tee as an independent and non-executive director, after the board position was vacated by Beh Hong Shien. The Perak-based lingerie maker said Beh resigned as an independent and non-executive director effective May 31 to focus on legal practice. (TheEdge)

Rubberex Corp (M) Bhd said it is buying test kit manufacturer Reszon Diagnostics International Sdn Bhd for up to RM180 million. The purchase from Law Eng Lim and Revongen Corporation Sdn Bhd will be satisfied via a combination of cash and new shares of Rubberex, and will be subjected to an annual profit guarantee of RM50 million for 2022 and 2023. (TheEdge)

Source: New Straits Times, The Edge Markets 1 Jun 2022

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