MQ Market Updates - 07 April 2023

MQ Trader

Publish date: Fri, 07 Apr 2023, 05:04 PM

Property developer OCR Group Bhd has planned a private placement of up to 40% of its share base to raise an estimated RM26.97 million to fund its development projects. According to OCR Group’s local bourse filing with Bursa Malaysia on Thursday (April 6), the exercise comprises the issuance of up to 396 million shares — based on its share base of 990 million shares — to independent third parties to be identified at an issue price to be determined later. (TheEdge)

Yong Tai Bhd (YTB) is expected to benefit from the strengthening relationship between Malaysia and China, as the influx of business tourists will contribute to the rising demand for hotel accommodations. Chinese companies increasingly invest in Malaysian infrastructure, manufacturing, and technology sectors, there is also an increasing number of business travellers visiting Malaysia. (NST)

Telecommunication services provider Maxis Bhd has partnered with Ideal Property Group, a property developer in Penang, to bring fibre connectivity to homes and businesses. With this partnership, Maxis is leveraging its own fibre build to deliver a superior Internet experience and attractive fibre propositions to mixed developments in Penang island and Butterworth. (NST)

Harn Len Corp Bhd is acquiring 100 per cent equity interest in Almal Resources Sdn Bhd (ARSB) from Datuk Mohamed Nizam Mohamed Jakel for RM54.72 million. In a statement today, Harn Len said the purchase consideration would be satisfied via the issuance and allotment of 31.27 million new shares of the company and a cash consideration of RM32.83 million. (TheStar)

Dayang Enterprise Holdings Bhd's strong performance is expected to continue in 2023, backed by improved job orders from regional oil majors amidst elevated oil prices. Hong Leong Investment Bank Bhd (HLIB Research) believes these factors will support the company's performance. The firm also said that improved job contract values and projected blended vessel utilisation and daily charter rates (DCR) for both Dayang and Perdana Petroleum Bhd in the financial year 2023 (FY23) would support this. (NST)

DRB-Hicom Bhd has clarified that the RM32 billion expected investment in the development of the Automotive High-Tech Valley (AHTV) in Tanjong Malim, Perak will not be solely from the project's main promoters, DRB-Hicom and Zhejiang Geely Holding Group Co Ltd. Instead, it is a collective investment that includes other foreign and local investors, the group said in a statement on Friday (April 7). (TheEdge)

Ranhill Utilities Bhd's dividend per share (DPS) for the financial year 2022 (FY22) came in higher than expected, said Maybank Investment Bank Bhd (Maybank IB) Research. Ranhill has declared a second interim cash DPS of 2.0 sen for FY22. The bank-backed research house said this brings the full-year DPS to 2.5 sen, higher than its 2.0 sen expectation, representing a 33 per cent payout. (NST)

ARB Bhd's unit, ARB IoT Group Ltd, has officially listed on the NASDAQ capital market with an initial public offering (IPO) of 1.25 million ordinary shares. Each share is priced at US$4.00 and has been approved for listing on NASDAQ, and started trading on April 5 with the ticker symbol of 'ARBB'. (NST)

Press Metal Aluminium Holdings Bhd has secured an immediate export sale of aluminium ingots worth RM110 million from Hong Kong’s Daching Enterprises Ltd, and the companies have also sealed a five-year export deal of the same product for RM670 million. In a statement on Friday (April 7), the Malaysia External Trade Development Corporation (Matrade) said that the deal was inked during a meeting on Tuesday, held in conjunction with the trade and investment mission to China led by International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. (TheEdge)

CIMB Group Holdings Bhd’s investment bank, CIMB Investment Bank Bhd, inked a deal earlier on Friday (April 7) to acquire KAF Equities Sdn Bhd from KAF Investment Bank Bhd (KAF IB), sources said. KAF Equities, formerly known as KAF-Seagroatt & Campbell Sdn Bhd, is one of the oldest stockbroking firms in the country. (TheEdge)

Citaglobal Bhd and Genetec Technology Bhd have formed a joint venture (JV) company to manufacture battery energy storage systems (BESS) and explore opportunities for the business in Malaysia and the Asean region. In a filing with the exchange, Citaglobal said the 50:50 JV company, Citaglobal Genetec BESS Sdn Bhd (CG BESS), will develop, design and build integrated manufacturing facilities for BESS. (TheEdge)

Malaysia Airports Holdings Bhd has been instructed by the Court of Appeal to pay an additional RM8.71 million in its dispute with the contractor it appointed for the Penang International Airport upgrade works. This brings the total sum awarded to the contractor, Syarikat Pembinaan Anggerik Sdn Bhd (SPASB), to RM18.64 million, MAHB said in its filing. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 07 Apr 2023