MQ Market Updates

MQ Market Updates - 17 January 2023

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Publish date: Tue, 17 Jan 2023, 05:19 PM

Revenue Group Bhd's suspended executive director Brian Ng Shih Chiow and his younger brother Dino Ng Shih Fang continue their fightback against the company's management who have accused the siblings over "certain complaints". Brian and Dino, in a joint statement today, responded to the management's allegations via a letter on Dec 29 last year over non-delivery of certain products and refusal to transfer the ownership of the company's vehicle, among others. (NST)

Construction services provider, Kumpulan Kitacon Bhd made its debut on the Main Market of Bursa Malaysia at 99 sen, representing a 45.6 per cent premium over its initial public offering (IPO) price of 68 sen. Kitacon said its public issue was well received and was oversubscribed by 11.46 times. The company raised a total of RM57.1 million proceeds through an offering of 76.08 million new ordinary shares at 68 sen apiece. (NST)

Dagang Nexchange Bhd’s (DNeX) subsidiary, Ping Petroleum Sdn Bhd (PPSB), has signed two production sharing contracts (PSCs) with Petroliam Nasional Bhd (PETRONAS) for discovered oil and gas resources in Malaysia. In a statement, the group said the first PSC is for the development and production of oil and gas resources in the Meranti cluster located 80km offshore Kuala Terengganu. (TheStar)

Pensonic Holdings Bhd has attributed the net loss it posted in its second quarter ended Nov 30, 2022 (2Q22) to higher operating expenses and lower sales. However, it has forecast a better financial performance for the quarters ahead. The electrical appliances company reported a net loss of RM834,000 in 2Q22 versus a net profit of RM3.19mil in the same quarter a year ago. Revenue for the quarter shrunk by about 30% year-on-year (y-o-y) to RM58.46mil, it said in a filing with Bursa Malaysia. (TheStar)

Believe. Become. Behold. These three corporate taglines are in sync with LBS Bina Group Bhd's belief that "If you want to go fast, go alone. If you want to go far, go together." The LBS management believes that teamwork is one of the vital aspects to determine a company's achievement. LBS held a town hall meeting, an annual event held at its headquarters to share the company's objectives and direction for 2023. (NST)

Kenanga Research has trimmed Engtex Group Bhd's financial year 2023 (FY23) net profit by three per cent as the company is expected to face some margin compression in the first half of 2023 (1H23) driven by the steep hike in electricity cost. The electricity tariff surcharge increased to 20 sen per kilowatt hour (kWh) from 3.7 sen per kWh previously.  (NST)

Source: New Straits Times, The Star 17 Jan 2023

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