MQ Market Updates - 03 April 2023

MQ Trader

Publish date: Mon, 03 Apr 2023, 05:07 PM

AirAsia X (AAX), a medium-haul low-cost airline, is expecting to benefit from the pullout of regional airlines from the Queensland route, becoming the only airline connecting the Gold Coast, Australia and Asean region. Its chief executive officer Benyamin Ismail said that with this development, AAX should take advantage to increase the frequency and grab a bigger share of the Queensland market. (TheStar)

Berjaya Land Bhd (BLand)’s application for a six-month extension to comply with its approved public shareholding spread requirement of 20% was rejected by Bursa Malaysia Securities Bhd. In a bourse filing on Monday (April 3), the property and hospitality outfit said that its public shareholding spread stood at 13.76% as at end-March this year, a shortfall of 6.24% or 307 million shares. (TheEdge)

MN Holdings Bhd has partnered with China's Shanghai DC-Science Co Ltd to develop the latter's first high performance data centre in Malaysia. The Memorandum of Understanding (MoU) was signed between DC-Science and MN Holdings via its subsidiary company, Mutu Nusantara Sdn Bhd on April 1. (NST)

Property developer LBS Bina Group Bhd has announced that it has entered into a memorandum of understanding with SANY Group Co Ltd, a global leader in the engineering machinery manufacturing industry. China-based SANY Group, ranked by Forbes as the 468th largest company in the world, is the world’s second largest heavy equipment manufacturer and known for their innovative and high-quality products. (TheStar)

Property developer Radium Development Bhd has inked an underwriting agreement with Malacca Securities Sdn Bhd and CIMB Investment Bank Bhd in conjunction with its upcoming initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Bhd. The IPO exercise involves a public issuance of 868 million new shares, representing 25% of its enlarged share capital. (TheEdge)

Bank Islam Malaysia Bhd (Bank Islam) and Yayasan Didik Negara (YDN) recently signed a memorandum of understanding (MoU) to support the ministry of education's (MoE) role in meeting the nation's educational needs. Bank Islam chief executive officer Mohd Muazzam Mohamed said the bank has collaborated with the MoE through YDN in directing contributions and assistance towards the targeted group, including students, teachers, schools, and education institutions, under the ministry to enhance educational access and quality. (NST)

Hong Leong Investment Bank Bhd (HLIB Research) is upbeat about the government's move to regulate the vape industry as it allows British American Tobacco (M) Bhd (BAT Malaysia) to roll out its vape products (Vuse) and generate additional income. However, the research firm said the success of Vuse penetrating the Malaysian market might be hindered by the extensive range of existing vape products and the significant price increase of e-liquid and gel after the excise duty charge that could fuel an illicit market. (NST)

Encorp Bhd has received a take-up rate of 70% for Iris, the second last phase property launch for the Encorp Cahaya Alam township in Shah Alam. Following the good response, the developer is also eyeing to launch its final phase, Akasia 2, in this quarter. With a gross development value of RM59 million, Iris comprises 59 units of two-storey super-link homes. Priced from RM950,000, each unit will have a built-up from 2,575 sq ft with four bedrooms and three bathrooms. Iris is expected to be completed by February 2025. (TheEdge)

Ranhill Utilities Bhd’s unit Ranhill Capital Sdn Bhd (RCSB) has has been notified by the Energy Commission (EC) that its consortium with Sabah Energy Corporation Sdn Bhd (SEC) has won the bid for a 100MW power plant at the West Coast of Sabah. The project involves the design, construction, ownership, operation and maintenance of a 100MW gas-fired combined-cycle gas turbine (CCGT) power plant on a build, own, operate and transfer basis. (TheEdge)

AEON Credit Service (M) Bhd has contributed RM1 million towards the Malaysian AEON Foundation's (MAF) Smart Classroom Project (SCP), which is aimed at providing quality education through the restoration and digitalisation of existing classroom experiences in schools. The SCP, with a total of RM2 million, represents an extension of the MAF's AEON Sayap Bagimu, first launched in September 2021, benefitting 4,150 secondary students nationwide. (NST)

Top Glove Corp Bhd clarified that the impact of the fire at its Lukut factory in Negeri Sembilan is minimal, affecting only about 1% of the group's capacity. In a statement Monday (April 3), the group said the fire occurred at around 5.10pm last Thursday in Block A of Lukut Factory 27. (TheEdge)

ARB Bhd with SQV Group Sdn Bhd (SQV) has officiated the Professional Services Hub, a smart office solution that incorporates the internet of things (IoT) powered by ARB's IoT platform. ARB, in a statement, said by capitalising on IoT-driven office solutions, companies can substantially reduce expenses and share resources, enabling them to concentrate on their primary business objectives. (NST)

Telekom Malaysia Bhd (TM) has kicked off its new home internet, Pakej Perpaduan Jalur Lebar Tetap, dedicated to the underserved communities and bridging the digital divide via hyperconnectivity. TM's offering also gives communities the necessary resources to succeed in the digital age. The partnership between TM and the government signified a shared commitment to fulfilling digital inclusivity throughout the country. (NST)

Source: New Straits Times, The Edge Markets, The Star 03 Apr 2023