MQ Market Updates

MQ Market Updates - 31 March 2023

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Publish date: Fri, 31 Mar 2023, 05:23 PM

Edelteq Holdings Bhd has inked an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd as the engineering support provider company prepares for its upcoming initial public offering (IPO). Edelteq will be listed on the ACE Market of Bursa Malaysia by May 2023. Edelteq's IPO will comprise a public issuance of 100.00 million new shares, representing 18.78 per cent of the company's enlarged share capital and along with a public issuance of an offer sale of 43.20 million existing shares. (NST)

Health supplement company Bioalpha Holdings Bhd has received approval from China’s local authority to develop a 21-acre Malaysian Agricultural Hub in Hainan. In a statement on Friday (March 31), the group said the initial phase of the hub will focus on the upstream and downstream activities such as formulation, manufacturing and even commercialisation of functional food products using Malaysian indigenous and tropical herbs. (TheEdge)

MyEG Services Bhd's share price rose as much as 7.5% in early trade following a deal with the General Administration of Customs of China (GACC) to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin on MyEG's blockchain platform, Zetrix. The scope of the agreement covers international exports going into China, and MyEG will, via Zetrix, provide the digital service to connect to China's blockchain platform. (TheEdge)

Creador is offloading its entire 4.92% stake in MR DIY Group (M) Bhd for RM664.3 million or RM1.43 per share, paving the way for an exit from the company that the private equity fund listed in October 2020. Currently, Creador holds 464.55 million shares in MR DIY via Hyptis Ltd, Andira Cordata Sdn Bhd and Amanita Regalis Sdn Bhd. (TheEdge)

Samaiden Group Bhd, which transferred its stock listing onto the Main Market of Bursa Malaysia, entered the lunch break at an intra-morning high of 99 sen a share, a three sen or 3.13% increase over the reference price. In a statement, the renewable energy specialist, which was listed on the ACE Market on Oct 15, 2020, said it completed the transfer of its entire issued share capital and outstanding warrants to the Main Market with effect from 9am today (March 31, 2023). (TheStar)

Former Maybank Investment Banking Group (Maybank IBG) chief executive officer Datuk Hamidah Moris (better known as Ami Moris) has been appointed to the board of Cypark Resources Bhd as an independent and non-executive director, effective Thursday (March 30). This confirms a report by The Edge earlier on Thursday, which citing sources, reported that Ami would be joining the renewable and solid waste management company's board. (TheEdge)

The trading stock of MyNews Holdings Bhd slumped five sen or 8.7% at the opening bell following the release of its latest quarterly result yesterday. As at 9.40am, the convenience retail chain operator's stock had slid further to 50 sen a share, representing a 13% decline from the reference price of 57.5 sen a share, on the back of 1.98 million shares exchanging hands. Kenanga Research said MyNews' 1QFY23 results disappointed as it unexpectedly slipped back into the red. (TheStar)

MNRB Holdings Bhd (MNRB) has appointed Ahmad Noor Azhari Abdul Manaf as the new president and chief executive officer of Malaysian Reinsurance Bhd (Malaysian Re) effective April 1, 2023. Noor Azhari assumes the role succeeding Zainudin Ishak whose contract expires on April 1, 2023. Noor Azhari brings with him almost three decades of experience in the industry of which seven years had been with Malaysian Re. (NST)

A fire broke out at Top Glove Bhd’s Lukut factory in Negeri Sembilan on Thursday (March 30), MIDF Research said in a note, which affected 60% of the factory’s production capacity. MIDF Research said the fire caused severe damage to production equipment and inventory, adding that the factory has a production capacity of 3.2 billion pieces of nitrile gloves or 4% versus total capacity of 80 billion. (TheEdge)

Datasonic Group Bhd said that most of the nine contracts that it had secured from the government totalling RM1.1 billion were “initially won through open tender”. On Thursday (March 30), Home Minister Datuk Seri Saifuddin Nasution Ismail said in a parliamentary written reply that seven of the nine contracts were secured through direct negotiation between 2016 and 2022. (TheEdge)

Hong Leong Investment Bank Bhd (HLIB Research) initiated coverage of SAM Engineering and Equipment Bhd (SEE) given its exposure to ultra-fast-growing aerospace and semiconductor industries, which the research firm deems to be long-term complementary businesses. The bank-backed research firm noted that SEE is a contract manufacturer and a key player in precision machining and equipment integration for the aerospace and equipment industries. (NST)

RHB Research believes MGB Bhd has bright prospects for more precast ventures in Saudi Arabia following the recent memorandum of understanding (MoU) with SANY Alameriah For Construction Co Ltd (SA). The bank-backed research firm said MGB might widen its revenue base from precast products currently recognised internally. The MoU, inked in January, with SA highlighting its interest in appointing MGB to install precast concrete products for up to 10,000 units of properties in Saudi Arabia's (KSA) Sakani housing programme, which is expected to be completed within five years. (NST)

Analysts have maintained their gloomy outlook on Sapura Energy Bhd, prompting further downgrades and cuts in earnings forecasts after the oil and gas company’s dismal fourth quarter results came under street’s consensus. They expect Sapura Energy to be in the red for at least two financial years, given the uphill task of turning around the Practice Note 17 (PN17) company. (TheEdge)

RHB Investment Bank Research has maintained its “buy” rating on MGB Bhd at 68 sen with a higher target price of 89 sen (from 64 sen) and said MGB’s recent MOU with SANY Alameriah For Construction Co Ltd (SA) will land a possible precast venture. In a note on Friday (March 31), the research house said if it materialises, MGB may widen its revenue base from precast products, currently recognised internally. (TheEdge)

Practice Note 17 (PN17) firm Iqzan Holdings Bhd has revised parts of the regularisation plan it announced on March 13, besides coming out with an additional share consolidation proposal. The plan announced earlier included capital reduction, debt capitalisation, rights issue with warrants and private placement. In a bourse filing on Thursday (March 30), Iqzan said the proposed share consolidation entails the consolidation of every five Iqzan shares into one consolidated share. (TheEdge)


Source: New Straits Times, The Edge Markets, The Star 31 Mar 2023

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