MQ Market Updates

MQ Market Updates - 6 October 2022

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Publish date: Thu, 06 Oct 2022, 06:07 PM

G Capital Bhd's (GCap) 70 per cent-owned subsidiary, Solarcity Malaysia Sdn Bhd, has signed solar power purchase agreement (PPA) with Aryzta Food Solutions Malaysia Sdn Bhd. The supply of solar photovoltaic energy will be done at the premises located in Taman Perindustrian Pulau Indah in Selangor. Aryzta is a subsidiary of Aryzta AG, a listed company of Swiss Exchange. (NST)

Caely Holdings Bhd today lodged a police report to investigate the alleged misappropriation of funds amounting to RM30.55 million involving a wholly-owned subsidiary, Caely (M) Sdn Bhd (CMSB), during the tenure of the previous board members. The case was filed at the High Court of Ipoh about the alleged misappropriation of funds, mainly by Fong Nyok Yoon and Datuk Chuah Chin Lai. (NST)

Citaglobal Bhd shareholders approved the company's acquisition of Citaglobal Engineering Services Sdn Bhd (CESSB) for RM140 million. Executive chairman and president Tan Sri Datuk Sri Mohamad Norza Zakaria said the company would undertake this via the issuance of 736.84 million new shares at an issue price of 19 sen each. (NST)

Former Petroliam Nasional Bhd (Petronas) vice-president for exploration Emeliana Dallan Rice-Oxley has been appointed to the board of directors of Hibiscus Petroleum Bhd. In a bourse filing on Tuesday (Oct 4), Hibiscus said the 59-year old was appointed with effect from Oct 5. (TheEdge)

Cosmos Technology International Bhd made a strong debut on Bursa Malaysia’s ACE Market at 50 sen today, a premium of 15 sen over its initial public offering (IPO) price of 35 sen. At the opening bell, the counter saw 7.98 million shares changing hands. (TheStar)

Malaysian Resources Corp Bhd (MRCB) is buying Quill Resources Holding Sdn Bhd (QRH)’s 39% stake in Sentral REIT’s manager Sentral REIT Management Sdn Bhd (SRM), according to Sentral REIT’s Bursa Malaysia filing on Thursday (Oct 6). (TheEdge)

My EG Services Bhd and Mimos Technology Solutions Sdn Bhd (MTSSB) have agreed to explore a collaboration on developing and operating the national layer 1 public blockchain using Zetrix and Mimos blockchain technology as the components of the Malaysia Blockchain Infrastructure (MBI). The MBI is a key element of the National Blockchain Roadmap that was launched by the Ministry of Science, Technology and Innovation (Mosti) on Aug 9, 2022. (TheStar)

Affin Bank Bhd expects the 2023 Budget to remain expansionary and hopes that the government will continue to take key measures that will stimulate and catalyse economic growth as well as initiatives that will reduce people's burden. President and group chief executive officer Datuk Wan Razly Abdullah said for next year's budget, the government's development expenditure (DE) was expected to remain significant to stimulate local economic growth. (NST)

Ranhill Utilities Bhd's growth projects, namely the Djuanda Source-to-Tap project in Indonesia and Ranhill SAJ Sdn Bhd's (RSAJ) solar farm, remain in the negotiation stage. Maybank Investment Bank Bhd (Maybank IB) noted that the company's management is still working on securing approvals for the projects. (NST)

edotco Group Sdn Bhd, the wireless tower business of telecommunications group Axiata Group Bhd, is considering raising as much as US$700mil (RM3.24bil) in loans, according to people familiar with the matter. The Kuala Lumpur-based company is asking banks to submit proposals for the financing, the people said, asking not to be identified because the matter is private. Funds from the loans could be used for capital expenditures and overseas expansion, one of the people said. (TheStar)

TPG Capital and Johor Corp have halted talks about taking KPJ Healthcare Bhd private, according to people with knowledge of the matter. The private equity firm and the investment arm of the Johor state government have been unable to agree on the terms of the potential purchase of Malaysia’s largest private-hospital operator, including its valuation, said the people. Market volatility also weighed on the potential buyout, the people said, asking not to be identified as the process is private. (TheEdge)

Ancom Nylex's net profit is expected to grow further by 22 per cent, 45 per cent, and 18 per cent for the financial year 2023 (FY23)-FY24, respectively. Hong Leong Investment Bank Bhd (HLIB Research) said Ancom's active ingredients (AI) are used in growing food and is the sole agrichemical AI producer in Southeast Asia and one of the largest in the Asia Pacific. (NST)

Kenanga Research said that following a steep fall from RM2.43 in the beginning of September to as low as RM1.92 a few days ago, Dialog Group Bhd shares (which closed at RM2.00 yesterday) may stage a technical rebound ahead. In a daily technical highlights note on Thursday (Oct 6), the research house said that on the chart, the shares will probably form a double-bottom reversal pattern and shift higher as the share price has crossed back above the lower Bollinger Band while the stochastic indicator is in the midst of climbing out from the oversold zone. (TheEdge)

RHB Retail Research said Alliance Bank Malaysia Bhd is poised to rebound higher as it attempted to reclaim above the 21-day average line and also the breakout level of RM3.63 yesterday. In a trading stocks note today, the research house said that if the stock  manages to break above the resistance level, the renewed buying interest may drive the stock towards the recent high of RM3.78, or Sept 13’s high, before propelling further towards the RM4.00 mark. (TheEdge)

RHB Retail Research said PMB Technology Bhd is set to reclaim the historical high as it staged a breakout above the RM4.05 level yesterday despite the sharp profit taking yesterday. In a trading stocks note today, the research house said that strong buying interest above that level – and also above the 21-day average line – is expected to propel the stock higher in the later sessions to hit the RM4.23 recent high. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 6 Oct 2022

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