MQ Market Updates - 13 October 2023

MQ Trader

Publish date: Fri, 13 Oct 2023, 05:17 PM

Tomypak Holdings Bhd has received its shareholders’ nod for the acquisition of a 70% stake in EB Packaging Sdn Bhd by its wholly owned subsidiary, Tomypak Flexible Packaging Sdn Bhd, for RM73.5mil. In a statement, Tomypak said its shareholders also approved the call and put options for the remaining 30% stake in EB at a maximum of RM31.5mil. (TheStar)

AMMB Holdings Bhd’s wholly-owned subsidiary, AmBank (M) Bhd, has obtained Bank Negara’s approval and completed the lodgement with the Securities Commission for the establishment of subordinated notes programme up to RM8bil, comprising Basel III-compliant additional tier-one subordinated notes or AT1 Notes and tier-two subordinated notes or Tier 2 Notes programme. In a filing with Bursa Malaysia, AMMB said the subordinated notes programme is structured in accordance with the Capital Adequacy Framework (Capital Components) issued by Bank Negara on Dec 9, 2020. (TheStar)

IJM Corp Bhd, via its wholly owned subsidiary IJM Construction Sdn Bhd, has clinched a RM1.1bil job from Malaysia Rapid Transit System Sdn Bhd (MRTS). In a filing with Bursa Malaysia, the company said that IJM Construction has signed the letter of acceptance for the proposed design, construction and completion of Package 2A Immigration Customs and Quarantine Complex (ICQC) and Package 2B ICQC External Works for Rapid Transit System Link (RTS Link) project connecting Johor Bahru to Singapore. (TheStar)

KNM Group Bhd, along with Deutche KNM GmbH and Borsig GmbH, has taken legal action against two former executives, Flavio Porro and Terence Tan Koon Ping. In a filing with Bursa Malaysia, KNM said the civil suit stems from the terminated sale of Borsig to Vorsprung Industries GmbH in December 2022. The plaintiffs are alleging that the defendants, as directors, had failed to obtain approval and had breached their duties, resulting in significant financial repercussions and a subsequent settlement with Vorsprung. (TheStar)

Amverton Prop Sdn Bhd, an indirect wholly-owned subsidiary of HIL Industries Bhd, has entered into a conditional share sale agreement with Puan Sri Catherine Yeoh Eng Neo, Datuk Milton Norman Ng Kwee Leong and Konsep Kekal Sdn Bhd (KKSB) to acquire 100% equity interest in Broadwise Corp Sdn Bhd (BCSB) for RM46mil. HIL said the acquisition will be satisfied in cash. It added that the proposed acquisition was in line with the group’s aim to expand its property business in the Klang Valley. — Bernama. (TheStar)

Bursa Malaysia’s largest LEAP Market-listed company Lim Seong Hai Capital Bhd (LSH Capital) has proposed a transfer to the ACE Market. The transfer will enhance LSH Capital’s credibility and reputation among investors while also reflecting the construction outfit’s current scale of operations, in turn enhancing the attractiveness and marketability of the group’s shares, the company said in a bourse filing on Thursday. (TheEdge)

Malaysia Airports Holdings Bhd (MAHB) is expected to be mildly negatively impacted on fewer passengers and potential provision for doubtful debts following the suspension of MYAirline Sdn Bhd's (MYAirline) operations, said Maybank Investment Bank (Maybank IB). In its research note today on Malaysia Aviation, it said AirAsia X Bhd (AAX) would not be impacted at all while Capital A Bhd stands to benefit the most via higher fares. (TheEdge) (TheStar)

RHB Investment Bank Research has maintained its “neutral” rating on the auto & autoparts sector and said while there may be another record-high total industry volume (TIV) in 2023, the market has already priced this in. In a sector update on Friday, the research house said the outlook for 2024 remains uncertain, but we anticipate a more subdued auto market due to the lack of catalysts to maintain sales momentum, coming off two consecutive record years for car sales. (TheEdge)

Founder of CJ Century Logistics Holdings Bhd (formerly known as Century Logistics Holdings Bhd) Datuk Phua Sin Mo has emerged as a substantial shareholder of Kumpulan Kitacon Bhd with a 14% stake. According to a bourse filing on Thursday, Phua acquired the stake, comprising 70 million shares, via a married deal — a pre-agreed transfer of shares — with Kumpulan Kitacon director Teow Choo Hing. (TheEdge)

Source: New Straits Times, The Edge Markets 13 October 2023