Bumi Armada Bhd's signing of a non-binding agreement to develop floating liquefied natural gas (LNG) and carriers in Indonesia, could potentially expand its presence in Indonesia and generate a new source of income for the company. Bumi Armada announced the signing of a non-binding agreement with PT Pertamina International Shipping (PIS), a shipping and marine logistics subholding of Pertamina, Indonesia's stateowned energy company, and PT Davenergy Mulia Perkasa (DMP), an Indonesian natural gas trading company, to develop and commercialise LNG from the Madura Gas Field and its surrounding fields, yesterday. (NST)

UEM Sunrise Bhd is reviewing the masterplan for the Kiara Bay integrated township development in Kepong in light of the pandemic and market sentiments to ensure that it remains relevant and liveable in the years ahead. Kiara Bay, a 72.73-acre township in Kepong, is the flagship township of UEM Sunrise, which is being developed in collaboration with Melati Ehsan Holdings Bhd. The compay began the first phase of Kiara Bay in 2019 and will launch the second phase, Residensi ZIG, on September 16 of this year. (NST)

Sunsuria Bhd's subsidiary Sunsuria Healthcare and Icon Group's Icon Cancer Center have formed a joint venture, Icon Sunsuria Sdn Bhd, to elevate the standard of cancer care for Malaysians. In a statement, the joint venture said it aims to provide access to quality cancer care and improve the well-being of patients and their families, by establishing cancer centres across Malaysia via strategic partnerships with local healthcare operators. (TheStar)

MN Holdings Bhd has secured a turnkey project valued at RM40.1mil to build the main distribution substation (PPU) network for a residential development in Taman Lagenda in Teluk Intan, Perak. In a statement, the underground utilities and substation engineering specialist said its wholly-owned subsidiary Mutu Nusantara Sdn Bhd has secured the contract from Taraf Nusantara Sdn Bhd, a wholly owned subsidiary of Lagenda Properties Bhd, appointing it to be the contractor for the project. (TheStar)

The rental upside in the long run for Hektar Real Estate Investment Trust’s (REIT) proposal to purchase the building and facilities of KYS College would outpace its existing neighbourhood mall assets. Hong Leong Investment Bank (HLIB) Research said that based on estimates, the deal is expected to enhance the REIT’s forecast core net profit for financial year 2023 (FY23) by 18.9%. Hektar-REIT is also entitled to a guaranteed rent of RM8.1mil for the first year, followed by a 2.5% yearly step up. (TheStar)

Mobile virtual network operator XOX Bhd said it has entered into a fresh Memorandum of Understanding (MOU) with the Ipoh City Council (MBI) for a proposed technology collaboration, 16 months after the two parties had signed the first MOU to lay out the parameters, framework and intent of the parties for the partnership. In May 2022, XOX had announced that the proposed strategic technology collaboration with MBI was to collectively enhance the current infrastructure and services provided by MBI to the residents of Ipoh by virtue of digitalisation, augmented reality application, cashless applications and automation. (TheEdge)

Engineering services group AWC Bhd is said to be acquiring the remaining 49% stake in its automated waste collection system subsidiary Stream Group Sdn Bhd. Stream Group is involved in the provision of automated waste collection and bed linen systems, catering to residential and commercial properties including medical centres and hospitals. According to a company search on Stream Group, the 49% stake is held by Premium NXL Sdn Bhd. (TheEdge)

Sunway Bhd is expected to record a stronger second half of 2023 (2H23) following a commendable 1H23, with a core net profit of RM272 million. According to Hong Leong Investment Bank (HLIB) Research, the stronger performance is expected to come from lumpy profit contribution from its Singapore Parc Canberra project in 3Q23; the return of Middle East tourists to Sunway City Kuala Lumpur in 3Q23 during summer holidays which augurs well for its theme park as well as hotels and malls under SunREIT; and seasonally stronger fourth quarter for property investment due to year-end holiday and festivities. (NST)

Allegations of illegal fee collection may have cast a shadow on public perception of MyEG Services Bhd. But analysts at Maybank Investment Bank Bhd believe the company has not committed any wrongdoing. They also believe that MyEG will get the official concession extension in the coming weeks. "Following apparently partially fallacious statements made by a Member of Parliament and having spoken to management on the facts of the case, we opine that MyEG does not appear to have contravened government standard operating procedures (SOPs) in the course of its business dealings," Maybank IB said today. (NST)

CGS-CIMB has upgraded Malaysia Airports Holdings Bhd (MAHB) to “add” from “hold” with a raised target price of RM7.76, as it expects re-rating catalysts from rising commercial rentals, new operating agreement with the government, as well as favourable new tariffs.  The research house, in a note on Thursday, said it expects commercial rentals at MAHB’s Malaysian airports to likely to rise strongly in the financial year ending Dec 31,2024 (FY2024), while the new operating agreement and the Malaysian Aviation Commission (Mavcom)’s new tariffs may “surprise on the upside”. (TheEdge) 

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Source: New Straits Times, The Edge Markets, The Star 14 September 2023

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