IJM Corporation Bhd is raising RM360 million from a sukuk issuance to refinance the funds used for the construction of the 27-storey Menara Prudential at Tun Razak Exchange here. The sukuk was fully subscribed by CIMB Group Holdings Bhd, said IJM in a statement today. IJM said it had entered into a subscription agreement with CIMB Investment Bank Bhd and CIMB Islamic Bank Bhd via its wholly-owned Fairview Valley Sdn Bhd for its proposed inaugural RM360 million nominal value sukuk Murabahah. (NST)

Artroniq Bhd has entered into a conditional sale and purchase agreement to acquire a 60 per cent stake in precision engineering company Fujim Digital Sdn Bhd (FDSB) for RM12 million. Artroniq's managing director and chief executive officer Chin Yew Thong said the company is looking forward to the completion of the acquisition of FDSB, which will put it into the precision engineering business. (NST)

AirAsia X (AAX) has announced its latest services to Melbourne (Tullamarine) and Perth in Australia, as well as Auckland in New Zealand, which will all take flight from November 1, 2022. The airline said these three key routes boost the airline's robust growth plans with 13-routes set to be operating this year, including Sydney, New Delhi, Seoul, Tokyo, Sapporo, Osaka and Honolulu, as well as London, Dubai and Istanbul. (NST)

Malayan Banking Bhd (Maybank) has received an 'AA' rating from MSCI ESG Ratings for the second consecutive year. In a statement today, Maybank said the leadership rating of 'AA' places it among the top 36 per cent of 189 diversified banks rated globally based on the MSCI ACWI Index (All Country World Index), of which only 4.0 per cent achieved the highest rating of AAA. (NST)

Convenience store operator 7-Eleven Malaysia Holdings Bhd is weighing exiting its pharmacy chain, according to people with knowledge of the matter. The Kuala Lumpur-listed company is working with an adviser on the potential divestment of Caring Pharmacy Group Bhd, which is attracting interest from some Japanese parties, the people said. The company could seek a valuation for the retailer of about US$400 million (about RM1.78 billion) in a deal, said one of the people, who asked not to be identified as the process is private. (TheEdge)

Ecoscience International Bhd made its debut on the ACE Market of Bursa Malaysia today, opening at 29 sen with a volume of 1.38 million shares. The Johor-based company raised a total of RM24.7 million from the initial public offering (IPO), based on an issue price of 30 per share. (NST)

Bina Darulaman Bhd (BDB) has appointed Mohd Iskandar Dzulkarnain Ramli as president and chief executive officer with effect from Monday (July 18). It said upon his appointment as chief operating officer in 2018, his primary role was to lead all the subsidiaries on operational matters, focusing on strategy and leading the turnaround of the company. (TheEdge)

Integrated Logistics Bhd, which has changed its name to ILB Group Bhd, said on Monday (July 18), the company’s shares will be traded and quoted under the new name with effect from 9am on Tuesday (July 19). "The stock short name (ILB) and stock number (5614) remain unchanged," Integrated Logistics said in statement on Bursa Malaysia's website. (TheEdge)

Shares in British American Tobacco (Malaysia) Bhd (BAT) hit the lowest since November 2020 amid anticipation of tabling of the proposed law to ban smoking and possession of tobacco products for people born after 2005 in the country. Parliament resumed its session on Monday (July 18) after Health Minister Khairy Jamaluddin said last week that the Bill would go before Parliament for debate in the current session. (TheEdge)

Affin Hwang Capital has trimmed Digi.Com's earnings forecasts for 2022-2024 by two per cent to 12 per cent due to the group's weak earnings for the first half of the year. The firm also slashed the forecasts due to higher operating costs, including one-off expenses in relation to the proposed merger, upgrading of the billing system and inflation-related cost pressure. (NST)

Mercury Securities Sdn Bhd has initiated coverage of Cnergenz Bhd, with a “buy” recommendation at 47 sen, with a target price of 66 sen based on earnings per share of 3.8 sen forecast for the financial year ending Dec 31, 2023 (FY23) and peers' average price-earnings of 17.3 times. (TheEdge)

RHB Retail Research said Harn Len Corporation Bhd is eyeing for a positive rebound above the RM1.38 resistance as it attempted to move above that level on strong trading volume last Friday. In a trading stocks note on Monday (July 18), the research house said if the stock closes above that level, the stock may climb further towards the next resistance of RM1.44, which was the high of July 6, before heading towards the RM1.50 recent high. (TheEdge)

RHB Retail Research said Toyo Ventures Holdings Bhd is poised for a technical breakout as it climbed to hit the resistance level of 70 sen last Friday, coupled with strong trading volume. In a trading stocks note on Monday (July 18), the research house said if a breakout happens, a “higher high” bullish pattern may emerge to propel the stock towards the next resistance of 80 sen (or the high of May 24), followed by 84.5 sen, or the high of May 23. (TheEdge)

Source: New Straits Times, The Edge Markets, 18 Jul 2022

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