MQ Market Updates

MQ Market Updates - 7 June 2022

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Publish date: Tue, 07 Jun 2022, 05:56 PM

Dialog Group Bhd wholly-owned Singapore incorporated subsidiary, Dialog Systems (Asia) Pte Ltd (DSAPL), is acquiring the entire stake in Pan Orient Energy Corp (POEC) for US$38.7 million (RM170 million) cash. POEC is an Alberta, Canada incorporated corporation with its shares listed on the TSX Venture Exchange. (NST)

Bintai Kinden Corporation Bhd's unit, Bintai Energy Sdn Bhd, has been appointed as the authorised distributor of Wolff Pipelines Ltd's piping products. Bintai Energy has received an exclusive appointment letter from Wolff for stock and supply of stainless and carbon steel pipes, flanges, and fittings following the American and European standards for Malaysia's oil and gas (O&G) market. (NST)

Affin Hwang Capital has raised its earnings forecast for Kelington Group Bhd by seven to eight per cent in financial years 2023 (FY23) and FY24 factoring in the group's higher order book replenishment. Kelington's margins are poised to improve against FY22, which is currently weighed down by the large proportion of construction work in the current order book. It is expected to be fully recognised by Q1 2023. (NST)

Fraser & Neave Holdings Bhd's (F&N) proposed privatisation of Cocoaland Holdings Bhd is expected to be value-accretive for the group due to product diversification and expansion in customer base. MIDF Research said with the privatisation of Cocoaland, F&N would be able to expand its business into other packaged-food segments and grow its overseas markets. (NST)

Yew Lee Pacific Group Bhd was listed on Bursa Malaysia's ACE Market today with an opening price of 28.5 sen compared with the initial public offering (IPO) price of 28 sen. Chief operating officer and executive director Ang Poh Yee said Yew Lee had raised RM37.27 million from the IPO where a large chunk of it would be used to upgrade its machinery. (NST)

Tenaga Nasional Bhd’s (TNB) foreign shareholding fell to its lowest in nine months at 11.94% in April 2022 from 12.07% a month earlier (March 2022), according to the latest updates on the Malaysian government-controlled utility’s website. At 11.94%, TNB’s April 2022 foreign shareholding was at its lowest in nine months since August 2021 when the figure stood at 12.03%, TNB’s data showed. (TheEdge)

Sarawak Consolidated Industries Bhd (SCIB) has bagged an engineering, procurement, construction and commissioning (EPCC) contract worth RM30.75 million. In a bourse filing on Tuesday (June 7), the firm said its unit SCIB Properties Sdn Bhd had received a contract from Ennova Sdn Bhd to provide project engineering services for Kuala Lumpur City Hall's (DBKL) integrated smart lamp pole replacement within the Klang Valley, involving 200 units of poles (monopoles). The contract duration is from June 2022 to May 2023. (TheEdge)

Reservoir Link Energy Bhd has secured letters of award (LoAs) to develop two solar rooftops. In a bourse filing on Tuesday (June 7), the company said it had received an LoA from Osram Opto Semiconductors (Malaysia) Sdn Bhd to develop solar rooftops in Kulim. (TheEdge)

Shares in Rohas Tecnic rose more than 9% on Tuesday (June 7) after JF Apex Securities said Rohas gained three sen to 31.5 sen last Friday to break the 200-day moving average. At 11.43am, Rohas added 9.52% or three sen to 34.5 sen, the highest level since Nov 1, 2021. The stock saw three million shares traded. (TheEdge)

CIMB Group Holdings Bhd's subsidiaries CIMB Bank Bhd and CIMB Islamic Bank Bhd have committed RM100 million in financing through Bank Negara Malaysia's (BNM) low carbon transition facility (LCTF) to encourage and empower businesses, including small and medium enterprises (SME), to adopt low carbon and sustainable practices for business resilience. (TheEdge)

RHB Retail Research said Unisem (M) Bhd is set to rebound higher with renewed bullish momentum, after surpassing the RM2.90 resistance level on strong volume. In a trading stocks note on Tuesday (June 7), the research house said if buying interest persists, the bulls may drive the stock towards the RM3.05 resistance, followed by the RM3.23 resistance level. (TheEdge)

RHB Retail Research said Petron Malaysia Refining & Marketing Bhd is poised to move higher after bouncing off its support level to hit the RM7.43 immediate resistance last Friday, supported by strong trading volume. (TheEdge)

Boustead Plantations Bhd (BPB) has sealed a RM45 million green financing agreement with China Construction Bank (M) Bhd (CCBM) to facilitate its sustainable replanting exercise as part of its commitment towards environmental, social and governance (ESG) efforts. (TheEdge)

Source: New Straits Times, The Edge Markets 7 Jun 2022

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