MQ Market Updates - 09 October 2023

MQ Trader

Publish date: Mon, 09 Oct 2023, 05:44 PM

T7 Global's subsidiary T7 Wenmax Sdn Bhd has received a contract worth RM21.17 million from Tenaga Nasional Bhd (TNB) for the supply of 79,800 units of single phase radio frequency smart metres with 19,950 units of three phase radio frequency smart metres. This is in line with TNB's ongoing implementation of the advanced metering infrastructure (AMI), said T7 Global in a filing with Bursa Malaysia.(NST)

Engineering supporting services provider CPE Technology Bhd (CTB) signed an underwriting agreement with KAF Investment Bank Bhd (KAF) for its upcoming main market listing in Bursa Malaysia. CTB executive director and group chief executive officer Lee Chen Yeong said the journey to becoming a listed entity has been a long time coming for the company.(NST)

UMW Equipment Division Sdn Bhd (UEDSB) has entered into a share sale and purchase agreement (SSPA) with Toyota Industries Corporation, Japan (TICO) to further deepen strategic collaboration between the parties with respect to the industrial equipment business. UEDSB is an indirect wholly owned subsidiary of UMW Holdings Bhd (UMW). (TheStar)

Reservoir Link Energy Bhd executive director and major shareholder Thien Chiet Chai has been redesignated as executive deputy chairman of the energy-related services provider effective immediately. The group's Annual Report 2021 showed that Thien, 56, started his career with Halliburton Energy Services (M) Sdn Bhd in 1989 as a trainee for cementing services. He left Halliburton in 2007 as its country manager Southeast Asia. (TheEdge)

MAA Group Bhd, which holds an 8.55% equity stake in cash-strapped KNM Group Bhd, intends to vote in favour of retaining the current KNM directors, and is against the appointments of new candidates in KNM's extraordinary general meeting (EGM) scheduled to be held on Oct 16. “MAA will vote to maintain the existing board of directors of KNM, and will vote against the appointments of the proposed candidates,” MAA said in a statement on Monday. (TheEdge)

Petronas Chemicals Group Bhd said it will construct Asia's largest advanced chemical recycling plant in Pengerang, Johor, with a capacity of 33 kilotonnes per annum (ktpa). The plant is targeted to be operational by the first half of 2026, the petrochemicals group said in a statement. The group said it had reached a final investment decision (FID) with regards to the construction of the the plant, which will be part of its New Plastics Economy agenda to support the transition towards a circular economy and contribute to a sustainable plastics ecosystem. (TheStar)

Top Glove is not expected to return to profitability in the near term as increases in average selling prices (ASPs) may work against its recovery momentum. Top Glove management anticipates an increase in ASPs in light of escalating nitrile butadiene costs (due to the increase in feedstock prices). Top Glove registered a loss after tax of RM90.8 million in its fourth quarter ended Aug 31, 2023 (Q4FY23), bringing FY23 full year losses to RM511.5 million.(NST)

Main market-listed plastics pipes, water tanks and fittings manufacturer Resintech Bhd is poised to benefit from Malaysia's government's push to modernise the water piping landscape and overhaul the piping infrastructure under the 12th Malaysia Plan (12MP). Managing director Datuk Dr Teh Kim Poo said the national reinvigoration of water piping infrastructure and the aggressive targets to curtail non-revenue water (NRW) rates present an exciting opportunity for Resintech. (NST)

Source: New Straits Times, The Edge Markets 09 October 2023