Tenaga Nasional Bhd (TNB) plans to generate a total of 3,000 megawatts (MW) of renewable energy by 2040, within the ambit of its National Energy Transition Roadmap (NETR) flagship projects. This includes harnessing 2,500MW through innovative hybrid hydro-floating solar (HHFS) technology, alongside an additional 500MW from five distinct large-scale solar parks (LSSPs) with a 100MW capacity each, the utility giant said in a statement on Friday. (TheEdge)
Sunway Bhd's venture into the industrial segment continues to build momentum via its collaboration with Penang Development Corp (PDC) to develop Batu Kawan industrial Park 2 (BKIP 2), which carries a gross development value of at least RM3.5bil. Sunway announced that its 70%-owned subsidiary Umech Land has entered into a joint development agreement with PDC to develop 558.96 acres of leasehold land into BKIP 2. (TheStar)
Reservoir Link Energy Bhd's 51%-owned subsidiary Founder Energy Sdn Bhd received a letter of award from Samaiden Sdn Bhd for subcontract works of a 50MWac large scale solar photovoltaic plant at Sungai Petani in Kuala Muda, Kedah valed at RM21mil. It said in a filing with Bursa Malaysia, the scope of work for the Contract shall be subcontract works for civil and structure, mechanical and electrical works within the site, including supply of PV mounting structure. (TheStar)
Progressive Impact Corp Bhd's (Picorp) unit ALS Technichem (M) Sdn Bhd (ALSM) has entered into a share sale agreement (SSA) with Mérieux NutriSciences Corp (MNC) and Texchem Resources Bhd (TRB) to take over 100 per cent stake of Mérieux NutriSciences Malaysia Sdn Bhd (MNSB) for RM8 million. ALS Technichem (Malaysia) Sdn Bhd is a leading provider of analytical testing services in Malaysia, offering a wide range of services to clients in the environmental, food, pharmaceutical, industrial, and biotechnology sectors, while MNSB is a provider of analytical testing services in the fields of chemical, microbiological, and environmental-related analytical testing as well as offer consultancy services. (NST)
Sapura Energy Bhd topped the list of most active counters in early morning trade following the release of its quarterly earnings on Wednesday and plan to address its Practice Note 17 status. At 9.15am, the trading stock of the oil and gas services company was up 0.5 sen or 9.1% to six sen a share on the back of 65.05 million shares traded. (TheStar)
Gamuda Bhd rose by as much as 25 sen or 5.8% to RM4.56 after the construction giant released its quarterly results on Wednesday (Sept 27), which showed a net profit increase of 128.03% to RM1.84 billion in the financial year 2023 (FY2023) from RM806.23 million a year earlier, largely fuelled by gains from the divestment of its highways. At the lunch break, the stock trimmed some gains to trade at RM4.47, up by 16 sen or 3.71%, with 6.33 million shares changing hands, valuing the group at RM12.05 billion. The counter had earlier risen to a high of RM4.56. (TheEdge)
Sarawak Consolidated Industries Bhd (SCIB) has secured Islamic banking facilities of up to RM34 million, which will be used to redeem property, as working capital and operating expenditure. Its wholly-owned subsidiary SCIB Concrete Manufacturing Sdn Bhd (SCM) accepted the Islamic banking facilities from Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank) on Friday, according to the civil engineering specialist’s bourse filing. (TheEdge)
UEM Sunrise Bhd, through its joint-venture subsidiary Mega Legacy (M) Sdn Bhd (MLMSB), and Melati Ehsan Group signed a Memorandum of Understanding (MOU) with Universiti Malaya’s (UM) Faculty of Science on Tuesday to assess the water quality and heavy metal content of the Kepong Metropolitan Park’s 140.85-acre lake. The park is located next to the UEM Sunrise’s 72.74-acre Kiara Bay township in Kepong. (TheEdge)
Knusford Bhd’s share price shot up by 18 sen or 25.17% to 89.5 sen in Friday morning trade, its highest since April 21, 2021, after its major shareholder Tan Sri Lim Kang Hoo proposed to combine his stable of companies under an enlarged Ekovest Bhd. At the time of writing, shares in Knusford — which is involved in construction and property — pared some gains to settle at 87.5 sen, 16 sen or 22.38% higher than its closing price of 71.5 sen on Wednesday (Sept 27), for a market capitalisation of RM85.6 million. It was the sixth biggest gainer on the local bourse. (TheEdge)
CGS-CIMB Securities has upgraded Berjaya Food Bhd (BFood) to “add” at 73.5 sen with a higher target price of RM1 (from 70 sen) and said earnings are set to improve on higher sales and margin recovery. In a note on Thursday, the research house said it estimates that BFood will revert to net profit growth of 5% year-on-year (y-o-y) in the financial year 2024 (FY2024), 11% y-o-y in FY2025 and 10% y-o-y in FY2026, driven by revenue growth of 3%-8% y-o-y via higher Starbucks Malaysia store openings (35 to 45 per annum versus an average of 26 per annum in the past five years) in FY2024-2026 and a recovery in margins as raw material costs fall. (TheEdge)
Hong Leong Investment Bank (HLIB) Research said it is neutral on VS Industry Bhd (VSI)’s additional 11% stake acquisition in HT Press Work Sdn Bhd (HTPW) for RM2.6 million, as it will take a while for this to have meaningful contributions. In a research note on Friday, HLIB said it is ‘neutral’ on VSI at 99.5 sen with an unchanged target price of 99 sen and that the company's overall order guidance remains flattish across the board with the exception for Customer Y. (TheEdge)
Source: New Straits Times, The Edge Markets 29 September 2023
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