EG Industries Bhd has signed a Letter of Intent (LOI) to strengthen its relationship with US-based Cambridge Industries Group (CIG). EG Industries will produce advanced high speed optical signal transmitter and receiver for 5G wireless network (Optical Modules) using the photonics and semiconductor technologies for CIG's global customers. (NST)

Nestle Bhd's net profit rose 6.5 per cent to RM487.48 million in the nine months ended Sept 30 2022 from RM457.71 million a year ago. This was due to higher sales and lower Covid-19 expenses which helped to partially mitigate the impact of higher commodity prices, unfavourable exchange rates and the impact of Cukai Makmur (Prosperity Tax), Nestle Malaysia said. Group revenue for the period came in at RM5.02 billion versus RM4.27 billion last year. (NST)

A joint venture between Kerjaya Prospek Group Bhd and Samsung C&T Corp has accepted a contract award from Texas Instruments Electronics Malaysia Sdn Bhd for TIEM2 bump, probe and AT factory construction works at Taman Perindustrian Batu Berendam, Free Trade Zone in Melaka for RM1.45bil. Kerjaya Prospek owns a 30% share of Samsung-KP via wholly-owned subsidiary Kerjaya Prospek Sdn Bhd while the majority 70% is held by Samsung C&T via its own unit, Samsung C&T (KL) Sdn Bhd. (TheStar)

An indirect unit of Parkson Holdings Bhd’s 54.97%-owned Hong Kong-listed subsidiary Parkson Retail Group Ltd has won a tender for a 20-year tenancy in Mianyang, a city within the Sichuan province of China. In a bourse filing, Parkson said Mianyang Fulin Parkson Plaza Co Ltd received a successful bidding notice on Tuesday (Oct 25) confirming that it had won the bid in the tender for tenancy of part of LG1, and levels one to four of buildings on the east side of Chuan Ye Da Dao, Mianyang Science and Technology City New District. (TheEdge)

BT Investment Capital Ltd is considering proceeding with a lawsuit against ILB Group Bhd and its board of directors to block the acquisition of commercial land, although the transaction has been called off. BT Inverstment, in a statement today, confirmed that ILB had terminated the proposed acquisition of nine parcels of commercial land with shop lots from Impian Nuri Sdn Bhd via the issuance of 37.78 million new shares. The new shares are equivalent to 19.37 per cent of ILB's existing share base. (NST)

Jiankun International Bhd will jointly develop with NTL International Holdings (M) Sdn Bhd a RM215.1mil gross development value (GDV) project in Taman Anggerik, Bandar Teknologi Kajang in Semenyih, Selangor. It said in a statement, its wholly-owned subsidiary Nagamas Bizworks Sdn Bhd had entered into the agreement, which is in line with initiatives to collaborate with landowners to expand the group's property development business. (TheStar)

Sunview Group Bhd has secured a RM93.8mil contract from Advancecon Holdings Bhd for the development of a 26 megawatt photovoltaic (PV) plant in Kuala Langat, Selangor. The end-to-end solar PV system construction player said its wholly-owned subsidiary, Fabulous Sunview Sdn Bhd, had secured the contract from LSS TPG Sdn Bhd, a wholly-owned unit of Advancecon Holdings Bhd. (TheStar)

Puncak Niaga Holdings Bhd’s wholly-owned subsidiary TRIplc Medical Sdn Bhd (TMSB) has inked a RM44.14mil deal to supply additional medical equipment for Hospital UiTM Puncak Alam Campus, Selangor. In a filing with Bursa Malaysia yesterday, Puncak Niaga said TMSB has been appointed by Universiti Teknologi Mara (UiTM) Shah Alam as the contractor to manage, undertake and complete the supply of additional medical equipment as required by the hospital for 40 months from July 1, 2022 to Oct 31, 2025. (TheStar)

Sersol Bhd has been appointed an agent for the Malaysia Premium Visa Programme (PVIP) by the Immigration Department. The group said in a filing with Bursa Malaysia that the appointment would enable it to process up to 300 applications over three years from Oct 21, 2022. (TheStar)

Sime Darby Plantation Bhd’s GenomeSelect (GS) seeds offer a promising future for the group, even though they are still in its nascent stages. They hold the key to future organic growth given land scarcity, no deforestation commitment and rising cost pressures, according to CGS-CIMB Research. (TheStar)

Newly-listed Betamek Bhd says it is well-positioned to benefit from the upswing in the automotive industry, as the automotive supply chain continues to improve. Betamek, which provides one-stop electronic manufacturing services solutions to automotive makers, is optimistic that the demand for its vehicle audio visual products and vehicle accessories will continue to grow given its major customer Perusahaan Otomobil Kedua Sdn Bhd (Perodua) continues to see rising demand for its vehicles. (NST)

Leform Bhd, en route for a listing on Bursa Malaysia's ACE Market on Nov 22, expects to raise RM71.5 million from its initial public offering (IPO). Executive director and group adviser Robert Phang Yew Cheong said the company, principally involved in the manufacturing of and trading in steel products, will use RM30 million of the IPO proceeds to construct a new headquarters, warehouse storage facilities and workers’ accommodation. (TheStar)

Yew Lee Pacific Group Bhd saw active buying interest on Wednesday following the announcement of its proposed bonus issue of warrants that offered one warrant for every two existing ordinary shares held. At 9.18am, the share price of the company was up 1.5 sen or 5.26% to 30 sen on the back of 9.73 million units traded, making it the second most heavily traded counter on Bursa Malaysia at the time of writing. (TheStar)

Genting Malaysia Bhd (GenM) issued a warning regarding fake news on unauthorised social media and web links related to online gaming, according to its website. GenM issued the warning following online gaming fake news purportedly linked to The Star Media Group. (TheEdge)

Kenanga Research expects OM Holdings Ltd's net profit to jump 53 per cent year-on-year (YoY) for financial year 2022 (FY22) supported by better average selling price (ASP) mix and corporation efficiency. This will be on the back of a 10 per cent contraction in revenue due to cessation of OM Qinzhou (OMQ) in China and Bootu Creek Mine. (NST)

RHB Retail Research said InNature Bhd’s bullish momentum is gaining traction after it broke past the 56.5 sen resistance. In a trading stocks note on Wednesday (Oct 26), the research house said that the stock has climbed above the 21-day simple moving average line, indicating that the correction has ended and it is poised to resume the upside movement. (TheEdge)

RHB Retail Research said Formosa Prosonic Industries Bhd is resuming an upwards trajectory after breaking past the RM3.06 resistance on strong volume. In a trading stocks note on Wednesday (Oct 26), the research house said that for the past one month, the stock has been undergoing a correction, trending below the 21-day simple moving average line. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 26 Oct 2022

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