MQ Market Updates

MQ Market Updates - 15 June 2022

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Publish date: Wed, 15 Jun 2022, 05:39 PM

Boustead Heavy Industries Corp Bhd (BHIC) sees better prospects in 2022 as it embraces a reinvention strategy for sustainable performance. Chief executive officer Sharifuddin Md. Zaini Al-Manaf said the increase in seaborne trade and marine leisure vessel traffic would give the company optimism in 2022. (NST)

Time dotCom Bhd says its commander-in-chief Afzal Abdul Rahim has nothing to do with a person who is on remand in connection to some enforcement action in Johor. Time said it was "deeply disturbed" by the "fake" news article that had appeared on, which it described as a little-known tabloid website with a history of attracting attention via "clickbait" articles. (NST)

Top Glove Corporation Bhd has released its sustainability policy recently, which outlines its commitments in the areas of environmental, social and governance (ESG) and traceability. The glovemaker said the policy guided ethical and responsible sourcing and procurement for all Top Glove subsidiaries and joint ventures, as well as the company's supply chain. (NST)

Nine directors from the existing board of the lingerie maker Caely Holdings Bhd (CHB) were removed by shareholders following an extraordinary general meeting (EGM) held today. Shareholders also approved the appointment of four new directors, with one current director, Datin Fong Nyok Yoon, remaining as an independent director. (NST)

AirAsia X Bhd, the long-haul low-cost subsidiary airline of Capital A Bhd, is relooking at its plans to fly to its first Central Asia destination, Kazakhstan. Founder of the carrier and executive chairman of Capital A, Datuk Kamarudin Meranun said AirAsia X would be having a meeting in Kazakhstan's largest city Almaty to resume the discussions with the local authorities. (NST)

Orgabio Holdings Bhd expects to raise nearly RM29.97 million gross proceeds en route to a listing on Bursa Malaysia's ACE Market. Based on the issue price of 31 sen per share and enlarged share capital of 247.9 million shares, the instant beverage premix manufacturer will have a market capitalisation of RM76.8 million upon its listing. (NST)

Berjaya Corp Bhd's wholly-owned Cosway (M) Sdn Bhd will expand its manufacturing plant in Shah Alam, Selangor, which is currently operating at nearly full capacity. According to Dr. Alice Lee, Cosway chief executive officer, it planned to double its existing product lines to six by the end of 2023 and would invest about RM3 million in the plan. (NST)

Metronic Global Bhd's trading rights (Mtronic-OR) will be transacted on Bursa Malaysia until June 20 pursuant to its latest renounceable rights of up to 1.5 billion renounceable Mtronic-OR at an issue price of RM0.06 with free warrants (Mtronic-WB). This was on the basis of six rights shares together with two Mtronic-WB for every one existing Mtronic share held by shareholders on June 10, the company said in a statement. (NST)

Industry observers doubt that Capital A Bhd, formerly known as AirAsia Group Bhd, will be adversely affected by a petition from disgruntled passengers calling for a class action suit against it. While the issue would affect its brand name to an extent, it would not seriously damage the airline's reputation, they added. (NST)

KPower Bhd's (KPB) wholly-owned subsidiary Powernet Industries Sdn Bhd (PISB) has inked a sale and purchase agreement with Magnitude Resources Sdn Bhd (MRSB) to dispose of its industrial land and property in Mukim Bentong, Pahang for RM12.0 million. (NST)

Berjaya Food Bhd, which operates the Starbucks and Kenny Roger's Roasters franchise in Malaysia, is set to announce a joint venture (JV) with international bakery operator Paris Baguette Singapore. The JV signing ceremony is scheduled to be held next Monday (June 20) at Berjaya Times Square Hotel, according to an invite sent out to the media. (TheEdge)

Bintai Kinden Corporation Bhd has bagged a series of subcontract projects from Petro Flanges & Fittings Sdn Bhd (PFF). In a statement on Wednesday (June 15), Bintai Kinden said the contracts were awarded to its sub-subsidiary Bintai Energy Sdn Bhd to supply piping materials to established oil and gas (O&G) related companies in Malaysia. (TheEdge)

Source: New Straits Times, The Edge Markets 15 Jun 2022

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