MQ Market Updates

MQ Market Updates - 04 July 2023

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Publish date: Tue, 04 Jul 2023, 05:17 PM

G Capital Bhd's share price hit a high of 54 sen in early trade today, after the company announced its RM688 million power deal with Tenaga Nasional Bhd (TNB) yesterday. G Capital's share price was up four sen or 8.79 per cent, trading at 50 sen, at 3.06pm. (NST)

Sarawak Consolidated Industries Bhd (SCIB), under new management, has secured an RM8.2 million engineering, procurement, construction and commissioning (EPCC) contract from Mindagang Resources Sdn. Bhd. Mindagang is developing 35 single storey and 12 two-storey terrace houses in Jajahan Bachok, Kelantan. (NST)

SkyWorld Development Bhd, en route to a listing on the Main Market of Bursa Malaysia Securities, today announced that it posted a net profit of RM58.21 million on revenue of RM225.95 million for the fourth quarter of financial year 2023 (4Q23). The company attributed its revenue from the progressive revenue recognition from six on-going projects and sales of completed inventories mainly from SkyMeridien Residences. (NST)

Construction specialist Haily Group Bhd (HGB) has secured a RM53.80 million construction contract from Tasek Maju Realty Sdn Bhd (TMR) to build 170 residential units for the Taman Mutiara Maju township in Johor Bahru. This contract, the fourth major job clinched by the company this year, brings the total contract value of its ongoing projects to RM713.56 million. (NST)

Construction and property development company TSR Capital Bhd has sold its 49 per cent interest in a joint venture (JV) company with a RM676.8 million contract to build a shopping mall for Merdeka 118 at a "no loss, no gain" basis. The contract was awarded to the JV company in 2018. (NST)

Malaysia Airports Holding Bhd (MAHB) in its monthly passenger snapshot said that Kuala Lumpur International Airport (KLIA) and five other international airports saw 3 milion passengers pass through its doors in May 2023. Of the six,  four of the international airports namely, KLIA, Penang International Airport, Kota Kinabalu International Airport and Langkawi International Airport registered new highs respectively since March 2020, partly driven by increased movements to Indonesia, South Korea, and China. (NST)

Kelington Group Bhd's wholly-owned Kelington Engineering (Singapore) Pte Ltd has been awarded ultra high purity (UHP) contracts worth RM102 million to design and build a chemical delivery system. The contracts also include the installation of process utility main line and hookups in Singapore. (NST)

Sapura Energy Bhd has decided to not pursue its appeal against the Sessions Court's decision to allow Economy Minister Mohd Rafizi Ramli's discovery application to obtain documents concerning its former CEO Tan Sri Shahril Shamsudin's remuneration package. Following that, High Court judge Datuk Nik Hasmat Nik Mohamad recorded a consent order on Tuesday (July 4). (TheEdge)

WCT Holdings Bhd is to acquire the remaining 49% stake in its joint venture with TSR Capital Bhd’s wholly owned unit TSR Bina Sdn Bhd (TSRB) for RM1.47 million. WCT, via its wholly owned subsidiary WCT Bhd (WCTB), and TSRB had accepted a RM676.8 million job from PNB Merdeka Ventures Sdn Bhd to build a shopping complex at the Merdeka 118 development in Kuala Lumpur in December 2018. (TheEdge)

Pestech International Bhd has denied that its subsidiary, which has been terminated as a sub-contractor for the the Gemas-Johor Bahru electrified double-track rail project, is insolvent as claimed by the main contractor Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL). Pestech instead alleged that the rail project was experiencing serious negative cashflow issues created by SPYTL, due to rear-loaded project payment milestones and a delay in SPYTL’s works, which resulted in the need for an extension of time of over two years for the subsidiary, Pestech Technology Sdn Bhd (PTech), to complete the works. (TheEdge)

GUH Holdings Bhd said its subsidiary has reached an out-of-court settlement with a unit of JAKS Resources Bhd and a construction firm over its payment claim for work undertaken as a sub-contractor. GUH’s subsidiary Teknoserv Engineering Sdn Bhd had sued JAKS Sdn Bhd and KACC Construction Sdn Bhd (JAKS-KACC JV) following the termination of the sub-contract. (TheEdge)

Construction and mechanical and electrical (M&E) services provider LFE Corp Bhd is taking over the main building works of the phase two of a mixed development in Damansara that comprises a serviced apartment and a SOHO block with an office cum medical/health centre here for RM105 million, from its 51%-owned unit Cosmo Property Management Sdn Bhd. The job will now be undertaken by LFE’s wholly owned LFE Engineering Sdn Bhd, which accepted the letter of acceptance from PD Ara Sdn Bhd for the project last Friday, LFE's bourse filing showed. (TheEdge)

IHH Healthcare Bhd and KPJ Healthcare Bhd (KPJ) are set to see an increase in earnings that could go up to 12 per cent and 25 per cent in financial year 2024 (FY24) respectively, according to Kenanga Research. The firm said this is provided that both companies' operations in the country are close to hitting full utilisation. (NST)

Source: New Straits Times, The Edge Markets 04 July 2023

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