SkyWorld Development Bhd is undertaking a public issue of 208 million new shares and 192 million existing shares as it heads for a listing on Bursa Malaysia. SkyWorld today signed an underwriting agreement with Kenanga Investment Bank Bhd for its initial public offering (IPO) on Bursa's main board. (NST)

Offshore energy services and facilities provider Bumi Armada Berhad's share price hit a low of 47 sen, or fell almost 26%, in the first day of trading after announcing that its likely to take a hit to revenue after a top performing floating production system (FPSO), the Armada Kraken FPSO, stopped production due to a technical issue. Bumi Armada's share price was trading at 51 sen with more than 124 million shares changing hands. (NST)

Yinson Holdings Bhd's unit Yinson Production has via its joint venture with PetroVietnam Technical Services Corp (PTSC), PTSC South East Asia, received a five-year extension for the bareboat charter contract for FSO PTSC Bien Dong 01. In a statement, Yinson said the extension via the addendum entered by PTSC and PTSC SEA on June 2, 2023, sets an extension period for the contract from June 4, 2023, to June 3, 2028. (TheStar)

Icon Offshore Bhd has appointed Datuk Abdul Mutalib Alias as the oil and gas service provider’s non-independent non-executive chairman, effective Tuesday (June 6) after Raja Tan Sri Arshad Raja Tun Uda retired from the post on the same day. Icon Offshore said Abdul Mutalib previously served as non-independent, non-executive chairman of Bintulu Port Holdings Bhd. He had also served on the board of Bank Rakyat, and currently sits on the board of Ekuiti Nasional Bhd as an independent and non-executive director. (TheEdge)

Wellcall Holdings Bhd is banking on the resiliency of the industrial rubber hose market to support its earnings growth in the quarters ahead despite weaker economic prospects in its main markets abroad. Wellcall’s investor relations adviser Shaun Chua said the industrial rubber hose business is driven mainly by replacement demand and as such can be quite resilient during an economic slowdown. (TheStar)

Leong Hup International Bhd's earnings forecasts from now until financial year 2025 have been cut by MIDF Research to reflect the latter's cautious outlook. MIDF Research said Leong Huo had been bogged down by persistent margin compression caused by rising feed, labour and electricity costs as well as the ongoing retail price ceiling for chicken and eggs in Malaysia. (NST)

AME Elite Consortium Bhd remains positive about demand for its industrial development based on the sustained high sales and bookings from local and overseas investors. AME Elite group managing director Kelvin Lee Chai said its customers primarily operate in growth sectors and this has supported the group’s performance. (TheStar

Public Investment Bank Bhd (PublicInvest Research) has issued an “outperform” call on MGB Bhd with a target price of RM1.03, supported by higher progress billing projected for its construction business this year and the next. The company, which focuses on the affordable housing market and industrialised building system (IBS) products, is also seen benefiting from lower operating expenditure due to improved IBS efficiency, PublicInvest said in its company initiation report on Tuesday (June 6). (TheEdge)

Hong Leong Investment Bank (HLIB Research) is still optimistic about YTL Power International Bhd's prospects, which are supported by profit sustainability over the next three years. HLIB Research said in a note today that YTL Power's management had guided the Singapore subsidiary's strong performance to be sustainable for the next three years, owing to the market's tight power generation capacity condition as well as the end of take-or-pay liquefied natural gas (LNG) contracts for the entire market in 2022. (NST)

Source: New Straits Times, The Edge Markets, The Star 06 June 2023

Need a Trading Account?

Open a trading account now for FREE with our selected advertiser to enjoy Free Subscription to MQ Trader!
 

Contact Us

Please do not hesitate to contact us if you have any inquiries:

Facebook: https://www.facebook.com/mqtrader 
Instagram: https://www.instagram.com/mqtrader 
i3messanger: https://messenger.i3investor.com/m/chatmq 
YouTube: https://www.youtube.com/channel/UCq-26SGjlQTVQfO7DoEihlg 
Email: admin@mqtrader.com