MQ Market Updates - 21 July 2023

MQ Trader

Publish date: Fri, 21 Jul 2023, 05:16 PM

Chin Hin Group Property Bhd (CHGP) is collaborating with Affin Bank to provide Affin Home Step Fast/i to assist homebuyers by giving them the flexibility of monthly repayments in the first five years of their homeownership. “Affin Home Step Fast/i is especially advantageous for young couples starting a family and looking for a wholesome home, as well as young professionals building their careers. The repayment flexibility allows them to manage their cash flow while strengthening their financial capacity in the next five years without compromising their hope of owning their own home,” said CHGP marketing and sales general manager Tan Zijin. (TheEdge)

Unitrade Industries Bhd's (UIB) wholly-owned subsidiary Unitrade United Sdn Bhd (UUSB) signed a memorandum of understanding (MoU) with Invest Kedah Bhd (IKB) to develop modular housing systems for the centralised labour quarters (CLQs) in Kedah. The collaboration aims to provide a cost- and space-efficient housing solution that effectively addresses workers' accommodation issues, thereby creating a conducive work environment and infrastructure in Kedah. (NST)

Destini Bhd's subsidiary Destini Prima Sdn Bhd (DPSB) has been awarded a RM222.25 million extension of contract from the Ministry of Defence Malaysia for supply of Non-proprietary aircraft spare parts for the Royal Malaysian Airforce. The contract tenure, which expired on June 30, 2023 has been extended for another two years from July 1, 2023 to June 30, 2025. (NST)

Malaysian Resources Corporation Bhd (MRCB)' s plan to build an electronics factory in Perlis is expected to bring it additional recurring income for a minimum of 15 years, according to Hong Leong Investment Bank Bhd (HLIB Research). MRCB's share price was up 2.8 per cent to 36.5 sen as at 12pm. (NST)

AirAsia X Bhd (AAX) is about to shed its Practice Note 17 status for financially distressed companies. The medium-haul, low-cost carrier has submitted an application to Bursa Securities to be uplifted from PN17 altogether, on recent improvements in the group and its subsidiaries' financial performance. Hence, it is also seeking a relief from having to submit and implement a plan to regularise its condition, its Thursday (July 20) bourse filing showed. (TheEdge)

The ongoing restoration of Bumi Armada Bhd's Armada Kraken floating production storage and offloading (FPSO) vessel could put the facility's operations back on track within the next one or two months, says Kenanga Research. In a note, the research firm said it is positive over the progressive restoration of the Kraken FPSO's production, which cushions concerns of a major financial impact to Bumi Armada. (TheStar)

Trading of 7-Eleven Malaysia Holdings Bhd shares will be temporarily suspended from 2.30pm to 5pm on Friday (July 21), on the request of the company, pending the announcement of a "very material transaction". In a bourse filing, the convenience store operator announced that Bursa Securities has approved of its request. (TheEdge)

Genting Bhd’s indirect wholly owned subsidiaries, Resorts World Las Vegas LLC (RWLV) and RWLV Capital Inc, have priced their offering of US$400 million aggregate principal amount senior notes due 2030. The seven-year senior notes were issued at 8.450% per annum, payable on a semi-annual basis, it said in a filing with Bursa Malaysia on Thursday (July 20). (TheEdge)

Shares of Ajinomoto Malaysia Bhd peaked at a three-year intra-day high and were actively traded on Friday (July 21), following the company's sale of six parcels of land located along Jalan Kuchai Lama here to Tan Sri David Law Tien Seng for RM408 million, cash. It reached RM17.10 after the last closing price of RM15.98 on Thursday. On July 3, 2020, its closing share price was RM17.02. (TheEdge)

Analysts are upbeat about Gamuda Bhd's acquisition of a 3.7 hectare mixed use high-rise project site in Ho Chi Minh City, Vietnam for US$315.8 million, calling it a strategic acquisition which will put the company on track for earnings growth. Gamuda's share price was up 0.45 per cent to RM4.49 today, as at 10.48am. (NST)

Globaltec Formation Bhd’s subsidiary NuEnergy Gas Ltd has finalised the location of all the proposed well sites and is in the final stage of land acquisition for the Tanjung Enim production sharing contract (PSC), South Sumatra, Indonesia. NuEnergy, listed on the Australian Securities Exchange, said representatives from the company and the Indonesian special task force for upstream oil and gas business activities, SKK Migas, have conducted a site visit and joined in the socialisation process with the local community on June 6. (TheEdge)

Westports Holdings Bhd has redesignated its group managing director Datuk Ruben Emir Gnanalingam Abdullah as executive chairman, effective Thursday (July 20). Ruben, 46, is taking over the position after the demise of the group’s founder Tan Sri G Gnanalingam on July 11, who was also Ruben's father. (TheEdge)

Dagang NeXchange Bhd (DNex) has appointed former inspector-general of police (IGP) Tan Sri Acryl Sani Abdullah Sani as its deputy chairman, effective Aug 1. Acryl Sani, 61, who has served in the police force for 37 years, will take the role as an independent and non-executive deputy chairman, according to the group's bourse filing. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 21 July 2023