Aneka Jaringan Holdings Bhd and Samaiden Group Bhd signed a joint venture (JV) agreement today to create new revenue streams for both companies via engineering, procurement, and construction and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants in Indonesia. The JV enables Samaiden to access the Indonesian market and allows Aneka Jaringan, which already has a presence in Indonesia via its subsidiary, PT Aneka Jaringan Indonesia (PT Aneka), to add to its value chain in a fast-growing segment. (NST)
Industronics Bhd has secured US$1 billion in funding from China’s state-owned investment holding company, State Development & Investment Corporation Ltd (SDIC), for collaboration on asset management and capital market services. In a statement on Tuesday (Aug 2), Industronics said it entered into a deal with SDIC for collaboration on asset management and capital market services, in line with its plans to acquire 10% of Hong Kong-based renowned stockbroking, asset management and credit firm Bluemount Financial Group Ltd. (TheEdge)
Dagang NeXchange Bhd (DNeX), via its subsidiary Ping Petroleum UK PLC, signed a memorandum of understanding (MoU) with Cerulean Winds Ltd (CWL) to kick start a partnership initiative to deliver a dedicated offshore floating wind turbine for the Avalon Development in the Central North Sea, United Kingdom (UK). Under the agreement, Ping Petroleum and CWL plan to establish a joint venture (JV) company to deploy and operate the floating wind turbine, which will power the Sevan Hummingbird floating production storage and offloading (FPSO) vessel acquired by Ping Petroleum in early July this year. (NST)
Chin Hin Group Bhd was slapped with an unusual market activity (UMA) query by Bursa Malaysia on Tuesday (Aug 2) due to a sharp rise in its share price. The building material distributor’s share price hit a record high on Monday at RM5.11, following 11 consecutive days of trading gains. Monday’s close was 62.74% higher than July 15’s close at RM3.14. (TheEdge)
LPI Capital Bhd’s second-quarter net profit dropped to RM56.77 million, from RM83.92 million a year earlier, as the general insurer incurred higher claims by policyholders, and as the company registered a decline in revenue on lower gross-earned premiums and investment income. (TheEdge)
Tenaga Nasional Bhd (TNB) is exploring the viability of retiring its coal plants, especially the one at Kapar Energy Ventures (KEV) in 2028-2029, a year before the expiration of its power purchase agreement (PPA), in order to hasten the transition process to clean energy as it eyes a “significant share” of the RM80 billion market by 2050. (TheEdge)
Agro group QL Resources Bhd plans to raise prices of its products to mitigate the impact of high input costs, which would help improve the group's margins in the coming quarter, according to TA Securities Research. Total revenue of the group's marine product manufacturing (MPM) segment declined 7% year-on-year (y-o-y) in the financial year ended March 31, 2022 (FY22), due to lower sales volume for all other activities, while margin erosion due to higher input costs and Covid-19 compliance expenses reduced profit before tax by 23% y-o-y. (TheEdge)
Coastal Contracts Bhd could see a rise in earnings this year and the financial year ending June 30, 2023 (FY23) from projects it has secured. The secured projects include the second onshore gas conditioning contract on the Ixachi Field in Mexico with its joint-venture company, according to RHB Research. (TheStar)
Multiple headwinds from muted sales, rising raw materials, and higher operating expenses are expected to persist and would pose a challenge to Panasonic Manufacturing Malaysia Bhd's earnings moving forward. Hong Leong Investment Bank Bhd (HLIB Research) said Panasonic saw its net profit for the fourth quarter (Q4) ended March 31, 2022 (FY22) tumble 65.37 per cent to RM15.78 million from RM45.57 million in the same quarter last year. (NST)
JF Apex Securities Bhd said PMB Technology Bhd gained 21 sen to RM3.15 on Monday to break the 100-day moving average at RM3. In a Technical Stock Pick note on Tuesday (Aug 2), the research house said Monday’s gain broke the downtrend from RM4.38 in February 2022. (TheEdge)
RHB Retail Research said Mestron Holdings Bhd may propel higher after it bounced off the 21-day average line while aiming for the immediate resistance of 35 sen on Monday, supported by improved trading volume. (TheEdge)
Rex Industry Bhd has proposed to undertake a renounceable rights issue of up to 164.42 million new shares at the issue price of 10 sen apiece, coupled with free warrants to raise up to RM16.44 million to expand its beverage business. (TheEdge)
Source: New Straits Times, The Edge Markets, The Star 2 Aug 2022
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