IT infrastructure and cybersecurity solutions specialist Infoline Tec Group Bhd, which is slated to list on the ACE Market of Bursa Malaysia on July 13, aims to raise about RM23.68 million from the initial public offering (IPO) exercise, to enhance its capabilities and strengthen its market position to meet the growing demand for IT solutions. The IPO comprises a public issuance of 74 million new shares, as well as an offer for sale of 22.25 million existing shares by way of a private placement to selected investors. (TheEdge)

Berjaya Food Bhd (BFood) said on Monday that its 50:50 joint venture (JV) with Paris Baguette Singapore plans to open the first Paris Baguette outlet in the Klang Valley by the end of 2022. According to BFood chief executive officer (CEO) Datuk Sydney Lawrance Quays, the JV — which was announced on Monday — targets to open five Paris Baguette outlets in Malaysia in a year. (TheEdge)

Sunzen Biotech Bhd expects to return to profitability this year, thanks to strong demand for its small and medium-sized enterprise (SME) loan financing. Director Ching Chee Pun said the company was optimistic about increasing profits for its traditional Chinese medicine, herbal health foods, and beverages, and bird's nest under its EcoLite brand, all part of its human health care segment. (NST)

The Ferrovial Construction Australia-Gamuda Australia joint venture's (JV) contract win worth A$1.35 billion is "an effective and timely win" for Gamuda Bhd, according to Kenanga Research. The JV has been awarded a design and construct contract by the New South Wales government to deliver the main package of works for the Coffs Harbour Bypass project. (NST)

Kerjaya Prospek Group Bhd has exceeded its annual contract target after subsidiary Kerjaya Prospek (M} Sdn Bhd secured a RM154.68mil job from Bangsar Hill Park Development Sdn Bhd for the development of a proposed residential project. In a statement, the group said its year-to-date contract wins have reached RM1.3bil, which exceeds its target of RM1.2bil. (TheStar)

The UMW Group’s automotive sales grew four percent year-on-year in May 2022 as both UMW Toyota Motor (UMWT) and Perodua registered healthy sales of 26,480 units compared with 25,568 units sold in May 2021 despite the shorter working month due to the Hari Raya holiday. In a statement, the group said UMWT and it's associate company Perodua continue to fulfill their encouraging outstanding order book, which sees UMWT registered 7,579 units, while its associate company Perodua registered 18,901 units in May 2022. (TheStar)

SFP Tech Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia with an opening price of 60 sen, representing a premium of 30 sen or 100% above its initial public offering (IPO) price of 30 sen. The one-stop integrated engineering and automation solutions provider emerged as one of the top actively traded stocks in the local bourse in early trade on Monday (June 20). (TheEdge)

Petronas Chemicals Group Bhd (PetChem) expects to produce maleic anhydride (MAn) in Kuantan, Pahang by the first half of 2025. PetChem recently signed an agreement with its joint venture (JV) company, BASF Petronas Chemicals Sdn Bhd (BPC), to acquire the 113 kilo-tonnes per annum (ktpa) MAn plant in Gebeng, Kuantan. (NST)

Caely Holdings Bhd founder Datin Fong Nyok Yoon has lodged a report against the company's board of directors for the dissemination of false and misleading information on Bursa Malaysia. This follows the false announcement to Bursa on June 14 regarding businessman Datuk Jovian Mandagie's alleged appointment as Caely executive vice-chairman. (NST)

Rubberex Corporation (M) Bhd (RCB) sees Southeast Asia as a strong market for medical test kits and plans to shift its focus to test kit manufacturing to capitalize on the region's growth. The company is bolstering its medical test kit manufacturing and marketing after acquiring Reszon Diagnostics International Sdn Bhd (RDI) for RM180 million in May this year. (NST)

Affin Hwang Capital expects Axis Real Estate Investment Trust (Axis Reit) to maintain its positive earnings trajectory, supported by a solid asset portfolio, largely consisting of logistics and industrial assets. Affin Hwang said Axis Reit's portfolio mix has a heavy emphasis on logistics and industrial assets at 78 percent of its portfolio. (NST)

Cosmetics and personal care product retailer Innature Bhd has been included as a constituent of the FTSE4Good Bursa Malaysia (F4BM) and FTSE4Good Bursa Malaysia Syariah (F4BMS) indexes. The F4BM Index measures the performance of public listed companies (PLCs) that demonstrate strong environment, social and governance (ESG) practices against international benchmarks, whereas the F4BMS Index tracks F4BM constituents that are Syariah-compliant in accordance with the Syariah Advisory Council screening methodology. (TheStar)

Kenanga Research is raising its earnings forecasts on IHH Healthcare Bhd as it expects demand recovery to accelerate following the end of the pandemic in its operating markets. According to the research house, there have been strong returns of domestic patients and an increase in foreign patients in Malaysia and Singapore in April while high bed occupancy rates are expected to continue in Turkey and Europe. (TheStar)

Tropicana Corp Bhd launched Tropicana WindCity, a 596-acre development in Genting Highlands, on June 16 at an event held at the Tropicana Golf & Country Resort. (TheEdge)

TA Securities has ascribed a fair value of 33 sen for ACE Market-bound instant beverage premix manufacturer Orgabio Holdings Bhd. In a note on Monday (June 20), the research house said Orgabio’s competitive advantages include industry experience and expertise in proposing and providing customized formulations for instant beverage premixes to suit the needs of a broad range of customers and as a one-stop centre for customers in the instant beverage premix industry, a track record of long-standing relationships with customers and it has been accredited with various certifications for its manufacturing. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 20 Jun 2022

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