MQ Market Updates - 30 March 2023

MQ Trader

Publish date: Thu, 30 Mar 2023, 05:31 PM

Telekom Malaysia Bhd (TM) has completed its new fibre optic network hub or point of presence (PoP) project phase one installations, across the northern region, Sabah and Sarawak. PoP is a place where different devices connect to each other and to the internet. In simple terms, PoP brings fibre closer to users. (TheStar)

MKH Bhd has proposed to list its wholly owned subsidiary MKH Oil Palm (East Kalimantan) Bhd (MKHOP) on the Main Market of Bursa Malaysia. Prior to the proposed initial public offering, MKH said MKHOP proposed to undertake a share split involving the subdivision of every one existing share in MKHOP into six new MKHOP shares amounting to 662.81 million units worth RM110.47mil. (TheStar)

Sime Darby Bhd has reiterated that it has not decided on selling its joint venture (JV) with Australia's Ramsay Health Care Ltd. The conglomerate, in a brief filing to Bursa Malaysia on Wednesday, said it continuously evaluated corporate opportunities to enhance value for its shareholders. (NST)

Reach Energy Bhd has completed its proposed debt settlement amounting to RM206.51 million. The company said the debt settlement entailed the offset of RM206.51 million debt or 76 per cent from a total of RM279.36 million owing to Super Racer Ltd (SRL) via the issuance of 1.03 billion settlement shares to SRL. (NST)

Shares in Bintai Kinden Corp Bhd tumbled almost 42% in early trade Thursday, following news the company had slipped into Practice Note 17 (PN17) status. The mechanical and electrical (M&E) engineering services specialist tumbled 41.67%, or 2.5 sen to 3.5 sen at 10.08am. It has fallen some 65% so far this year. (TheStar)

TNB Power Generation Sdn Bhd (TPGSB), a wholly-owned unit of Tenaga Nasional Bhd (TNB), has raised RM2bil via the issuance of a new sustainability sukuk wakalah, pursuant to its sukuk wakalah programme. In a filing with Bursa Malaysia, the utility stated the new issuance was in four tranches with sizes of RM200mil, RM600mil, RM300mil and RM900mil. (TheStar)

Damansara Holdings Bhd's wholly owned subsidiary Damansara Realty (Johor) Sdn Bhd (DRJ) has failed in its bid for leave to seek a judicial review against the Director General of Inland Revenue’s (DGIR) decision in relation to an additional assessment, with costs of RM5,000 to be paid by DRJ to the Inland Revenue Board (IRB). In a Bursa Malaysia filing on Thursday (March 30), Damansara Holdings said the court further did not grant a stay order upon DRJ’s application to the same. (TheEdge)

Axiata Group Bhd, Malaysia’s biggest wireless company by revenue, is exploring a strategic review of its businesses with total assets of about RM81.6 billion, according to people with knowledge of the matter. The company, backed by Malaysian sovereign wealth fund Khazanah Nasional Bhd, is talking to advisers to come up with a plan to streamline its operations and raise funds to pare debt, the people said. Options include spinning off or selling assets outside of Malaysia, said the people, asking not to be identified as the process is private. (TheEdge)

Cash-strapped Sapura Energy Bhd narrowed net losses to RM3.30 billion for the fourth quarter ended Jan 31, 2023 (4QFY2023), versus a huge RM6.76 billion net loss for the previous year’s corresponding quarter. The improvement in net losses was due to higher revenue and lower provision for foreseeable losses, albeit higher foreign exchange losses due to weakening of the US dollar against the ringgit, the company showed in an exchange filing on Thursday (March 30). (TheEdge)

RHB Research is feeling neutral after Coraza Integrated Technology Bhd (Coraza) proposed a private placement of up to 20 per cent of total number of issued shares, possibly raising up to RM69.5 million in multiple tranches. Coraza also proposed a long-term incentive plan of up to 10 per cent of the total issued share capital over five years. (NST)

MIDF Research has cast a positive outlook on Glomac Bhd (Glomac) for its new sales outlook despite having recorded a core net earnings of RM17.5 million for nine months in financial year 2023 (9MFY23) that is below its expectation. MIDF Research said Glomac's core earnings had only made up 42 per cent and 47 per cent of the firm and consensus' full-year forecast respectively. (NST)

Source: New Straits Times, The Edge Markets, The Star 30 Mar 2023