MQ Market Updates - 07 July 2023

MQ Trader

Publish date: Fri, 07 Jul 2023, 05:19 PM

Sarawak Consolidated Industries Bhd was one of the most actively traded stocks on Bursa Malaysia Securities today following its announcement to scrap a job from Awana JV Suria Saga Sdn Bhd (AJVS) to build housing for civil servants in Perak and a potential RM18 million impairment due to it in its books this year. At 3.48pm, the counter was unchanged at 46.5 sen with 388.04 million shares traded. The group, which is involved in the engineering, manufacturing, construction, and commissioning of infrastructure and property projects, said the claims concern the termination of a contract for the development of civil servant housing in Perak. (NST)

MAG Holdings Bhd (MHB) has taken proactive steps in its pursuit to invest in a shrimp farming project in Indonesia, with senior executives from the company meeting the West Nusa Tenggara governor and its officials. MHB executive chairman Ng Min Lin met with West Nusa Tenggara governor Pak Zulkieflimansyah and discussed accelerating investment into Indonesia's thriving shrimp farming industry and building a strong and productive relationship with the Indonesian government. (NST)

Ecomate Holdings Bhd, which transferred its listing to the Main Market of Bursa Malaysia Securities today, plans to commence the construction of a new facility, Factory C, at the Muar Furniture Park in the fourth quarter of 2023 (4Q 2023). Managing director Jason Koh anticipated Factory C to be commissioned in 4Q 2024 and expected it to house up to three additional production lines which would increase production capacity by 237,600 units from the current annual capacity of 475,200 units. (TheStar)

Gamuda Bhd and VTAR Institute (VTAR) have signed a memorandum of understanding (MOU) to launch a new technical and vocational education and training (TVET) course for next-generation (next-gen) Digital Industrialised Building System (Digital IBS). In a press statement on Friday (July 7), Gamuda noted that this RM30 million partnership will see the company collaborating with VTAR to create the Certificate in Digital Manufacturing in Construction programme. The first intake for this programme will be launched in September 2023. (TheEdge)

Gold mining company Bahvest Resources Bhd has filed a suit to annul the RM20.4 million temporary resolution agreed between its wholly-owned subsidiary Wullersdorf Resources Sdn Bhd and Southsea Gold Sdn Bhd, over Wullerdorf's wrongful occupation of Southsea Gold’s mining lease land. Previously, Wullersdorf agreed to pay a non-refundable deposit of RM13 million in two tranches to start talks pertaining to a final compensation sum, without prejudice to Southsea Gold claiming the full demand of RM20.4 million over the wrongful occupation of Southsea Gold’s land from September 2017 till April 2023. (TheEdge)

Casino giant Genting Bhd and its subsidiary Genting Malaysia Bhd (GenM) are both seen as vulnerable to a slowdown in China’s economy. Citing Nomura Research on Thursday (June 6), industry magazine Inside Asian Gaming said Nomura analysts estimated that Chinese tourist numbers have climbed to no higher than 30% of pre-Covid levels in recent months. (TheEdge)

Sersol Bhd said the agreement it inked with Thailand’s private jet charter services provider MJets Ltd to form a joint venture (JV) to foray into the private aviation industry, has been terminated. In a filing on Thursday (July 6), Sersol said it received a notice of termination from MJets on Tuesday (July 4). (TheEdge)

Country Heights Holdings Bhd plans to monetise its assets, which prior to the pandemic were worth a staggering RM3.5 billion. According to its new group managing director Datuk Mircle Yap, some of these assets include land and buildings situated within the 1,300-acre Mines Resort City in Seri Kembangan. (NST)

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