Edelteq Holdings Bhd made its debut on the ACE Market of Bursa Malaysia at 75 sen, a 212.5% premium over its issue price of 24 sen. At 10.17am, the counter had risen 48 sen or 200% to 72 sen a share on the back of 65.06 million shares exchanging hands. The company, which is an engineering support provider for integrated circuit assembly and test process in the semiconductor industry, expects to raise RM24mil from its initial public offering (IPO) as it seeks to expand its production capabilities. (TheStar)

Sime Darby Property Bhd (SDP) has registered bookings for 379 property units worth RM386mil in gross development value (GDV) during its April 1-May 31 “Raya Bersama” campaign this year. In a statement, the property developer said 60% of the units with GDV totalling RM233mil were new launches and the remaining 40% were existing products with a GDV of RM153mil. “The properties are mainly located in SDP’s sought-after townships in the City of Elmina, Bandar Bukit Raja and Serenia City. (TheStar)

HSS Engineers Bhd (HEB) has accepted a letter of award worth RM8,9mil from China State Construction Engineering (M) Sdn Bhd for the provision of professional engineering design and consultation services. In a filing with Bursa Malaysia, HEB said the contract is in respect of the proposed data centre at Cyberjaya for Infinaxis Data Centre Sdn Bhd. “The services are expected to contribute positively to the revenue, earnings and net assets of HEB group for financial years ending Dec 31, 2023 to Dec 31, 2025,” it said. (TheStar)

KPJ Healthcare Bhd has appointed Datuk Mohamad Farid Salim as its chief operating officer, effective from June 3, 2023.KPJ Healthcare in a statement on Wednesday (June 7) said that in his new role as the COO, Mohamad Farid will assume responsibility for overseeing all operational aspects of KPJ Healthcare, placing a strong emphasis on supply chain management and customer service. (TheEdge)

Geotechnical instrumentation service provider Glostrext Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia Securities Bhd. In a statement on Wednesday (June 7), Glostrext said the initial public offering (IPO) involves a public issue of 105.83 million new shares, representing 26% of its enlarged share capital, and an offer for sale of 16.28 million existing shares by way of private placement to selected investors.  (TheEdge)

Dagang NeXchange Bhd (DNeX)’s subsidiary Innovation Associates Consulting Sdn Bhd (IAC) has launched a new cloud-based financial and accounting application for enterprise resource planning (ERP) called the Government Agencies Digital System (EGADS). EGADS — an accrual-based accounting system — allows for accountability and transparency on the management of public resources, while enabling better financial management by viewing government assets and liabilities, the company said in a press statement on Wednesday (June 7). (TheEdge)

Ge-Shen Corp Bhd on Tuesday (June 6) announced several boardroom changes, including the redesignation of Louis Lau Pong Kiet from joint chief executive officer (joint CEO) to CEO. The plastic injection moulding and metal stamping group named Lee Hai Peng and Keh Chuan Seng as new executive directors. Lee and Keh also sit on the boards of K.Seng Seng Corp Bhd and Tex Cycle Technology (M) Bhd as executive director and executive chairman, respectively. (TheEdge)

Tan Sri Lim Hock San, executive chairman of LBS Bina Group Berhad (LBS), has been awarded the honourable title 'Ir,' joining the esteemed ranks of Malaysian professional engineers. An 'Ir' must be registered with the Board of Engineers Malaysia (BEM) and licenced to practise engineering in Malaysia after satisfying all of the prerequisites. (NST)

Citaglobal Bhd aims to comply with Bursa Malaysia’s requirement for public listed companies to appoint at least one woman board member by June 1, 2023. In May, Citaglobal nominated a woman director to its board. However, the candidate turned down the directorship after much consideration on May 31, as she foresaw a potential conflict of interest that could arise from her appointment.  The company accepted her reasons, and will thus appoint another woman director by the end of June 2023. “Citaglobal is committed to complying with Bursa’s board diversity requirement and fully embraces the benefits that come with this diversity, such as improved decision making, enhanced ability to attract talent, increased resilience and stronger stakeholder relationships,” Citaglobal said in a filing with Bursa Malaysia. (TheStar)

Farm Fresh Bhd’s completion of its 65% stake acquisition in ice cream chain The Inside Scoop Sdn Bhd (TISSB) for RM84mil holds greater upside potential, says TA Research. The research house has upgraded the stock to a “buy” call with a revised target price of RM1.74, following recent weakness in Farm Fresh’s share price. TA Research has also raised the group’s earning forecast by 6.1% for financial year 2024 (FY24), 5.5% in FY25 and 6.7% in FY26, respectively, to account for the earnings impact from the acquisition. (TheStar)

Analysts were quick to act on news of Bumi Armada Bhd's shut-in of top performing floating production storage and offloading (FPSO), Armada Kraken, by downgrading the stock and cutting its target price on a worse case scenario of between three and six months of idle time given the absence of a potential restart of production date. The group's share price took a beating, as selling pressure saw the stock hit a low of 47 sen before settling almost 24 per cent lower at 48.5 sen at close trade yesterday. More than 266 million shares changed hands. (NST)

Hong Leong Investment Bank (HLIB) Research is positive on UEM Sunrise Bhd's acquisition of freehold land measuring 3.7 hectares in Kelana Jaya for RM155mil. “We are positive on the acquisition given that it has a fair acquisition price with cost-to-gross development value (GDV) ratio of 14.1%, the strategic location of the land and the quick turnaround with launch targeted in 2025,” HLIB Research said. (TheStar)

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

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