MQ Market Updates - 13 September 2023

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Publish date: Wed, 13 Sep 2023, 05:25 PM

MyEG Services Bhd today issued a statement denying misrepresenting services offered by the company online. In a filing with Bursa Malaysia Securities, the company said the clarification is in reference to news reports on Kota Melaka member of Parliament (MP) Khoo Poay Tiong's allegations that the company has been illegally collecting fees to renew foreign workers permit, despite suspension of its services by the Immigration Department of Malaysia. Khoo said MyEG's services contract with the Immigration Department has been suspended since February this year. MyEG's previous immigration services concession was scheduled to end on May 22 this year. (NST)

Hong Seng Consolidated Bhd is shelving a RM3 billion project to build and operate a nitrile butadiene latex (NBL) manufacturing plant in Kedah Rubber City, amid a downturn in the glove industry. "The group has made a strategic decision to suspend the development of the NBL plant in view of various factors including project requirements, funding requirements and external factors beyond the group's control, such as the current weak market sentiment regarding the glove industry, capital raising needs and inflows of private and foreign investments," the company said in a filing with Bursa Malaysia Securities today. (NST)

Bumi Armada Bhd has entered into a non-binding agreement with Indonesian state-owned PT Pertamina International Shipping and natural gas trading company PT Davenergy Mulia Perkasa to develop and commercialise liquefied natural gas (LNG) from the Madura gas field and its surrounding fields. In a statement, Bumi Armada said it will collaborate with Pertamina International Shipping to construct and operate a floating natural gas liquefaction and storage facility, together with an LNG carrier to transport LNG to consumers who are not proximate to clean energy sources. (TheStar)

Bermaz Auto Bhd has raised its sales guidance for FY24 following a forecast-beating performance in its first quarter. Underpinned by robust sales of its Mazda, Peugeot and Kia vehicles, the auto distributor posted a quarterly core net profit of RM100.2mil, which was double the net profit posted in the previous corresponding quarter. (TheStar)

Offshore fabricator and shipbuilder TH Heavy Engineering Bhd (THHE) is undertaking a voluntary winding-up, a year after it was delisted from Bursa Malaysia. The company resolved to undertake voluntary winding-up as it is unable to continue its operations due to liabilities, it said in a winding-up notice dated Sept 13. The winding-up notice also stated that a meeting of creditors is scheduled for Oct 4 at 3pm. THHE is controlled by the Ministry of Finance-owned (MoF) unit Urusharta Jamaah Sdn Bhd, which holds a 64.45% stake in the company prior to its delisting on Sept 5, 2022. (TheEdge)

Automotive lighting product manufacturer JHM Consolidation Bhd plans to team up with its Chinese counterpart Jiangsu Dekai Auto Parts Co Ltd (DEKAI) to sell automotive lighting products in Malaysia and other Southeast Asian countries. In a filing with Bursa Malaysia on Wednesday, JHM said it has entered into a memorandum of understanding (MOU) with DEKAI to record the intention of the two companies to form a joint venture (JV) company called JHM DEKAI Auto Lighting Sdn Bhd, which will design, manufacture, market and sell automotive lighting products here and in other Southeast Asian countries. (TheEdge)

Avaland Bhd's newly launched Alora Residences has achieved a take-up rate of 50%, according to the developer's press statement on Wednesday. Launched on Aug 26 at the Avaland Show Village in One City USJ, Alora Residences is the first phase of 2Fifth Avenue, the company's RM3 billion, 13-acre integrated development comprising serviced apartments, retail and office components in Subang Jaya. (TheEdge)

Tropicana Corp Bhd is rolling out a 362-acre (146.50-hectare) new township development called Tropicana Alam in Puncak Alam, Selangor. It is also the group’s maiden launch in the area. According to a press statement issued on Monday, Tropicana Alam has an estimated gross development value of RM700 million. The developer is eyeing to launch the first phase by early next year. Spanning 87.4 acres in Tropicana Alam, the first phase features 431 double-storey terraced homes, with built-ups from 1,917 sq ft, and land sizes from 20ft by 70ft. Selling prices are still being finalised, according to the developer. (TheEdge)

Berjaya Land Bhd (BLand) was among the most actively traded stocks on Bursa Malaysia on Wednesday morning, after its rail arm Berjaya Rail Sdn Bhd announced the appointment of Tunku Tun Aminah Sultan Ibrahim Ismail, the daughter of the sultan of Johor, as its chairperson. The counter's trading volume swelled to 17.35 million shares, over 17 times its 200-day trading average volume of 998,147 shares. This also placed the group as the fifth most briskly traded stock on the local bourse. (TheEdge)

Betamek Bhd, whose share price dipped below its initial public offering price of 50 sen nearly a year after listing, has terminated its memorandum of understanding (MOU) with Singapore-based semiconductor company Krakatoa Technologies Pte Ltd to develop a battery management system-on-a-chip for electric vehicles (EVs). In a filing with Bursa Malaysia, the electronics manufacturing services (EMS) provider said that its wholly-owned unit Betamek Electronics (M) Sdn Bhd (BESB) had given Krakatoa three months' notice of termination as stated within the MOU. (TheEdge)

Hektar Real Estate Investment Trust's core net profit for financial year 2023 is expected to increase by 18.9 per cent following its acquisition of Kolej Yayasan Saad. Hong Leong Investment Bank Bhd (HLIB) said accounting for the expansion in share base of 20 per cent, Hektar Reit's FY23 earnings per unit, however, is expected to be diluted by 1.8 per cent. Hektar Reit is buying KYS, a co-educational private school in Melaka, for RM150 million to be partially satisfied through 20 per cent placement of Hektar's existing issued units. (NST)

Source: New Straits Times, The Edge Markets, The Star 13 September 2023