MQ Market Updates - 07 September 2023

MQ Trader

Publish date: Thu, 07 Sep 2023, 05:27 PM

Malaysia Aviation Group (MAG) and Malaysia Airports Holdings Bhd (MAHB) today launched the nation's pioneering Electric Ground Support Equipment (e-GSE) infrastructure at Selangor Aviaion Show 2023, a move that will help reduce carbon emissions and noise pollution within the aviation sector. The initiative is known as the Electric Ground Power Unit (e-GPU). By replacing traditional non-diesel-powered GPU with sustainable electric alternatives, MAG and MAHB are taking strides towards environmental responsibility and a greener future. (NST)

Skyworld Development Bhd’s wholly owned subsidiary, SkyWorld Development (Vietnam) Company Limited (SkyWorld Vietnam) has proposed to acquire 1.3 acres of land in Ho Chi Minh City, Vietnam for RM67.9mil cash. The developer said it acquired the land by way to purchasing 100% stake or 1.7 million shares of 100,000 Vietnamese dong in Thuan Thanh Trading Production and Real Estate Trading Joint Stock Company (the project company) for 350 billion Vietnamese dong or RM67.9mil. (TheStar)

Rubber glove makers saw buying interest on Thursday, with shares in Top Glove Corp Bhd ranking second among the most active stocks on Bursa Malaysia. At the time of writing, Top Glove’s trading volume stood at 144.7 million shares, more than three times Wednesday’s trading volume (42.19 million shares) and 187% higher than the 200-day average volume of 50.46 million shares. (TheEdge)

Khazanah Nasional Bhd had disposed of a 1.05% stake in CIMB Group Holdings Bhd, and 1.83% in Tenaga Nasional Bhd (TNB) since March this year, valued at more than RM1.5 billion. The sovereign wealth fund disposed of RM444.27 million worth of shares in CIMB and TNB in the two days of Sept 4 and 5 alone. (TheEdge)

Kenanga Investment Bank Bhd (Kenanga IB), the independent adviser, recommended that Pelikan International Corp Bhd (PICB) shareholders vote in favour of the proposed sale of the company’s stake in Pelikan Group GmbH to Holdham SAS for €136 million (RM695.44 million) in cash, citing the deal as “fair and reasonable”. Shareholders will vote on the proposed transaction at an EGM on Sept 29, which includes PICB’s plan to distribute part of the disposal consideration to its shareholders through capital reduction, involving the cancellation of RM452.4 million of issued capital, with the proceeds used for shareholder repayment. (TheEdge)

Kenanga Research is positive about Eco World Development Group Bhd’s (EcoWorld) acquisition of 403.78 acres of land in Johor for RM211.07mil cash. The research house said the land acquisition allows EcoWorld to expand its industrial development portfolio amid growing demand for industrial properties. Eco World currently has four business parks under development and Eco World plans to develop the land to be acquired into Eco Business Park VI with a preliminary gross development value (GDV) of RM1.58bil. (TheStar)

RHB Investment Bank (RHB IB) Research has maintained its "overweight" rating on the construction and engineering sector and said it remains upbeat on the construction sector, premised on the lifting of the political overhang post state elections. In a sector update on Thursday, the research house said that moving forward, the federal government may now be able to focus its efforts to roll out big-ticket infrastructure projects, in addition to implementing institutional reforms. (TheEdge)

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