Bursa Malaysia Bhd has teamed up with UMW Holdings Bhd's unit UMW Corporation Sdn Bhd and Malayan Banking Bhd to deploy a centralised sustainability platform to help banks develop green financing products and services. This will incentivise and encourage decarbonisation of the corporate sector and their supply chain, which will not only assist big corporations, but also SMEs and MSMEs. (NST)
While Cahya Mata Sarawak Bhd’s phosphate operations remain lacklustre, its cement and construction material operations will likely see an encouraging recovery on the back of an anticipated growth in Sarawak’s economy. The company, whose business interests are in cement manufacturing, construction, road maintenance, building materials and property development, is also expected to see some earnings contribution from its 75%-owned Oiltools International Sdn Bhd. (TheStar)
Sunway Bhd has set its dividend reinvestment plan issue price at RM1.38 per share in regard to its single-tier second interim dividend announced on Feb 23. The entitlement date has been fixed for April 5, while the expected date for the allotment and issuance of the new shares, as well as payment of the cash dividend to shareholders, is May 5. Sunway announced a second interim dividend of 3.5 sen per share for the financial year ended Dec 31, 2022. (TheEdge)
Mah Sing Group Bhd’s M Vertica in Cheras has achieved 90% take-up to date, according to the group in a press release on Tuesday (March 21). The final tower, Tower E, is now open for sale. With a gross development value (GDV) of RM441.9 million, the 56-storey Tower E will comprise 646 units with built-ups ranging from 850 to 1,000 sq ft, and layouts of three to four bedrooms and two bathrooms. The units in Tower E are priced from RM561,800. (TheEdge)
Nexia SSY PLT has resigned from its role as Sarawak Consolidated Industries Bhd (SCIB)’s external auditor because of “difficulties in allocating sufficient resources requested by the company” based on the fees charged. In a filing with Bursa Malaysia on Wednesday (March 22), SCIB said, “Upon deliberation by the audit committee and board of directors of the company held today, the board has resolved to accept the resignation with regret and shall take the necessary steps to appoint new external auditors to fill up the casual vacancy”. (TheEdge)
Kenanga Research remains cautious about KESM Industries Bhd's immediate-term outlook as it still faces the potential risk of sub-optimal loading volume during the transition period. The research house said KESM's new test platforms for its automotive customers are currently undergoing qualification. The research firm said that KESM will handle new chips for electric vehicles (EVs) upon commissioning, raising its overall utilisation rate from 50 per cent to 70 per cent by 2024. However, KESM still needs help with higher electricity costs on increased tariffs from 2023 and weakening loading volume for its non-automotive burn-in and test business. (NST)
The potential development of three hydropower plants in Kelantan is expected to increase Malakoff Corp Bhd's net renewable portfolio to about 100 megawatts (MW), said RHB Research. To recap, Malakoff signed a heads of agreement (HOAs) with Rising Promenade (RPSB), RP Hydro (Kelantan) (RPHK), and Rising O&M Engineering Services (ROMES) to develop, own, operate, and maintain three renewable hydroelectric energy (RE) plants in Kuala Krai, Kelantan. (NST)
CGS-CIMB Research is positive on 7-Eleven Malaysia Holdings Bhd's (SEM) plan to open 100 new convenience store (CVS) stores in FY23, especially in suburban areas, focusing on its 7-café format. "We believe this would bode well for its gross profit (GP) margin given the higher sales contribution from higher-margin, fresh food and beverage items. "Also, we gather that SEM has garnered 600,000 users for its My7E loyalty mobile app since Aug 2022. "This could help drive sales as it ramps up its marketing campaigns in FY23. SEM also plans to open 35 new Caring pharmacy stores in FY23," the research firm said in a note today. (NST)
Source: New Straits Times, The Edge Markets, The Star 22 Mar 2023
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