MQ Market Updates

MQ Market Updates - 12 October 2023

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Publish date: Thu, 12 Oct 2023, 05:39 PM

KNM Group Bhd and its subsidiaries, Deutsche KNM GMBH and Borsig GMBH, are suing its former group chief executive officer Terence Tan Koon Ping and former executive director Flavio Porro for RM17.26 million (EUR 3.4 million). Porro is looking to be reappointed to the board of KNM Group at the October 16, 2023 extraordinary general meeting requisitioned by German billionaire Andreas Heeschen to remove the current board of KNM led by Tunku Datuk Yaacob Khyra. (NST)

Eversendai Corporation Bhd, which is bidding for RM15 billion worth of structural steel projects in Saudi Arabia, has signed a Memorandum of Understanding (MOU) with Algihaz Holding Construction, to form a new joint venture company, named Eversendai Algihaz Structures LLC. The partnership with Algihaz Holding, a well established Group in Saudi Arabia, is expected to help secure and execute mega projects in Saudi Arabia. (NST)

Malaysia Airports Holdings Bhd (MAHB) has mobilised its resources to provide assistance to stranded passengers of MYAirline Sdn Bhd after the airline suspended its operations earlier today. MAHB said relevant notices have been put up at the terminals and airport staff are on ground to offer assistance on alternative flight options by other carriers. (NST)

TSR Capital Bhd’s wholly-owned subsidiary TSR Bina Sdn Bhd has accepted a letter of award valued at RM104mil from Kwasa Land Sdn Bhd for the proposed construction of common infrastructure works at the Kwasa Damansara township development in Sungai Buloh, Selangor. In a filing with Bursa Malaysia, TSR said the scope of project included the execution and completion of site clearance and demolition, earthworks as well as mechanical and electrical infrastructure works. (TheStar)

Straits Energy Resources Bhd’s 70%-owned subsidiary Straits CommNet Solutions Sdn Bhd (SCS) has accepted a RM27.74mil contract from main contractor Tianu Sdn Bhd for the installation of aluminium XLPE underground cables and accessories for the asset development of Tenaga Nasional Bhd. In a filing with Bursa Malaysia, Straits said the collaboration represented a fusion of Tianu’s extensive experience in cable technology and SCS’s proficiency in network solutions. (TheStar)

CelcomDigi Bhd will be assisting Petroleum Sarawak Bhd (Petros) in driving its operational efficiencies as well as the groups’ performance. It will provide communication solutions to connect Petros’ new onshore well drilling site at Block SK433, covering the Miri-Marudi area in northern Sarawak. (TheStar)

OneTech Solutions Holdings Bhd says it has received a written requisition from Lau King Yew, a shareholder who owns 45% of shares in the company, to convene an EGM pursuant to Section 313 of the Companies Act 2016. In a filing with Bursa Malaysia, the solutions provider said the EGM will deal with the salaries of the executive director, Koh Kean Mum, and the managing director, Tan Yuh Pei, which would be limited to RM5,000 a month and at all 100%-owned subsidiaries. (TheStar)

Star Media Group Bhd (SMG) group chief executive officer (CEO) Alex Yeow Wai Siaw will complete his employment contract at the end of February 2024. Yeow was appointed to his current position on March 1, 2021, and his employment contract is scheduled to conclude on Feb 29, 2024. With significant professional and management experience across various industries, Yeow held senior management roles in companies such as Malayan Cement Bhd, Hong Leong Group, and Hap Seng Consolidated Bhd. (TheStar)

Bumi Armada Bhd's approval from the American Bureau of Shipping (ABS) for a proposed floating LNG (FLNG) concept is expected to open doors for the company. In an announcement yesterday, the offshore services provider said it had developed the barge-based liquefaction unit for a standardised LNG design capacity based on a modularised and repeatable compact design. (TheStar)

APB Resources Bhd intends to buy Menara Serba Dinamik in Shah Alam, Selangor for RM38mil. In a filing on Bursa Malaysia, the company said the 16-storey building with a four-storey basement car park is built on leasehold land measuring 3,025 sq m. APB intends to finance the acquisition with internally generated funds. (TheStar)

Hong Leong Investment Bank (HLIB) Research has upgraded Velesto Energy Bhd to “hold” at 26 sen, with a higher target price (TP) of 25 sen (from 19 sen). The research house said Velesto likely dipped into the red in the third quarter ended Sept 30, 2023 (3QFY2023), as its jack-up (JU) rig fleet utilisation rate slumped to about 50%, stemming from Naga 2 (undergoing repair and maintenance), Naga 3 (job pauses), Naga 4 (under a special periodical survey), and Naga 8 (underwater inspection). (TheEdge)

SSF Home Group Bhd shares opened flat at 25 sen on Thursday, on the furniture and home-living product retailer’s debut on the ACE Market of Bursa Malaysia. The counter's opening volume was 15.19 million. At 25 sen, the group was valued at RM200 million. (TheEdge)


Source: New Straits Times, The Edge Markets 12 October 2023

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