MQ Market Updates

MQ Market Updates - 15 August 2023

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Publish date: Tue, 15 Aug 2023, 05:12 PM

Country Heights Holdings Bhd, the property developer founded by tycoon Tan Sri Lee Kim Yew, has defaulted on the payment of Islamic term financing facilities totaling RM181.1 million provided by MBSB Bank Bhd. (TheEdge)

Iris Corp Bhd's share price fell as much as 11.76 per cent in early trade on news that the Home Affairs Ministry has terminated its RM1.12 billion National Identification Integrated Solutions (NIISe) contract. (NST)

Glostrext Bhd made its start on the ACE Market of Bursa Malaysia at 65 sen a share, a 46 sen surge over its initial public offering price of 19 sen a share. (TheStar)

Fashion group Carlo Rino Group Bhd, which listed on the Leading Entrepreneur Accelerator Platform (LEAP) on November 2018, is now eyeing a transfer to the ACE Market on Bursa Malaysia. (TheEdge)

Sime Darby Bhd's acquisition of Cavpower Group may eventually help it to diversify away from coal markets to critical materials like copper, lithium and cobalt in South Australia, said Public Investment Bank Bhd (PublicInvest). (NST)

UEM Sunrise Bhd has acquired its first residential development side in Subiaco East in Perth, Western Australia, for A$22.19mil, which will pave the way for the delivery of two apartment buildings. (TheStar)

HSS Engineers Bhd and its consortium partners have accepted an award from the Energy Commission to develop a photovoltaic (PV) plant with an export capacity of 29.99MW in Kuala Muda, Kedah. (TheStar)

Meta Bright Group Bhd has entered into a strategic alliance with Prominent Synergy Sdn Bhd to focus on potential collaborations on mutually beneficial energy efficiency (EE) projects. (TheStar)

Astro Malaysia Holdings Bhd’s wholly-owned unit Measat Broadcast Network Systems Sdn Bhd (MBNS) secured a term loan facility of up to RM400 million from Sumitomo Mitsui Banking Corp Malaysia Bhd (SMBC). (TheEdge)

Kenanga Research has maintained its “outperform” rating on YTL Power International Bhd at RM1.57 with a higher target price (TP) of RM1.85 (from RM1.48) and said it expects YTL Power to report another strong set of quarterly results in the fourth quarter of the financial year 2023 (4QFY2023) with net profit rising 10%-12% quarter-on-quarter (q-o-q). (TheEdge)

RHB Research has upgraded its call on Berjaya Food Bhd (BFood) to "buy" at 67 sen, with an unchanged target price (TP) of 77 sen, after the group posted a 57.5% slip in net profit to RM17.28 million for the fourth quarter ended June 30, 2023 (4QFY2023), from RM40.66 million a year before. (TheEdge)

Impiana Hotels Bhd saw Datuk Seri Lee Hock Seng and his spouse Datin Seri Joanne Yew Hong Im emerge as the group’s largest substantial shareholders following the duo’s acquisition of 120.8 million shares or 19.9% stake in the company. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 15 August 2023

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