MQ Market Updates - 31 October 2023

MQ Trader

Publish date: Tue, 31 Oct 2023, 05:08 PM

MISC Bhd has entered into a heads of agreement with Pengerang LNG (Two) Sdn Bhd, a subsidiary of Petronas Gas Bhd, for the supply, operation and maintenance of a liquefied natural gas (LNG) floating storage unit (FSU) for deployment at the PETRONAS LNG Regasification Terminal Pengerang (RGTP) in Johor. In a filing with Bursa Malaysia, MISC said the project has an estimated contract value of up to US$213.7mil and is valid for 20 years from the expected operation date of 2025 and may be extended upon mutual agreement. (TheStar)

Reneuco Bhd will be undertaking civil construction and telecommunication works along the South Klang Valley Expressway (SKVE) and two roads in Kuala Langat and Sepang for a sum of RM14.93 million. Reneuco’s unit Reneuco Engineering Sdn Bhd secured the letter of award for the project from MSA Resources Sdn Bhd. (TheEdge)

MY E.G. Services Bhd (MyEG) has received a three-year contract extension from the Road Transport Department (JPJ) to provide vehicle registration services, driver and vehicle licensing and electronic payment of summon services. MyEG and its wholly owned subsidiary MyEG Sdn Bhd had each received the letter of extension from JPJ yesterday. (NST)

Dagang NeXchange Bhd’s (DNeX) sub-subsidiary Innovation Associates Consulting Sdn Bhd (IAC) has secured a project from the Securities Commission Malaysia (SC) for the implementation of the Aras 2.0 onboarding and data migration platform for RM3.09 million. Under the project, IAC is tasked to implement Aras 2.0, a platform designed for the registration, licensing and authorisation processes as well as overseeing system onboarding and data migration, according to DNeX’s filing. (TheEdge)

Berjaya Land Bhd (BLand) has won its appeal to the Federal Court to proceed with a 19-year project to relocate the Selangor Turf Club to Bukit Tagar, Sungai Tinggi. According to a filing with Bursa Malaysia Securities Bhd yesterday, the Federal Court overturned a 2021 Court of Appeal decision to the cancel the project, and decided in favour of BLand, and its subsidiaries BerjayaCity Sdn Bhd (BCSB) and Berjaya Tagar Sdn Bhd (BTSB). (NST)

Naza Corp Bhd has emerged as a substantial shareholder of ECA Integrated Solution Bhd after acquiring a 5.18% stake or 30 million shares last Friday, a filing with Bursa Malaysia showed on Monday. Following the stake acquisition, the conglomerate is now the fourth largest shareholder of the automated manufacturing solutions provider. (TheEdge)

Gamuda Bhd's hydropower joint venture in Sabah is expected to boost its order book by between RM1.8 billion to RM3 billion, putting it on track to meet the RM13 billion target for the financial year ended Dec 31, 2024 (FY2024) set by analysts. In a note on Monday, HLIB Research said a consortium comprising Gamuda and Kerjaya Kagum Hitech JV Sdn Bhd (KKHJV) — one of the companies it will be setting up a joint venture company (JVCo) with to develop the plant — would serve as the turnkey contractor. (TheEdge)

EP Manufacturing Bhd (EPMB) has launched its RM30mil car seat manufacturing facility in Tanjung Malim, which is set to play a critical role in the rollout of upcoming Perusahaan Otomobil Nasional Sdn Bhd (Proton) vehicles. In a statement, EPMB said the new facility is 2.5km away from Proton’s factory in Tanjung Malim. (TheStar)

Datasonic Group Bhd has teamed up with Virtual Tech Frontier to produce state-of-the-art solutions that will change the way organisations approach workforce development. Datasonic is a leading provider of security-based ICT solutions, while Virtual Tech is a dynamic player in the virtual technology landscape. (NST)

Bursa Malaysia Bhd’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) rose 20.5% to RM60.41 million, from RM50.13 million a year ago, on the back of improved trading revenue from the securities market. Earnings per share rose to 7.5 sen, from 6.2 sen previously, according to the bourse operator and regulator’s filing on Tuesday. (TheEdge)

Shares of loss-making Salutica Bhd maintained their upward trajectory on Tuesday after a week of consistent gains, reaching a five-month peak of 93.5 sen in the morning trading session. It later pared gains to 93 sen at the noon break, still 8.5 sen or 10.06%, placing it among the bourse’s top gainers. (TheEdge)

British American Tobacco (M) Bhd (BAT Malaysia) posted a lower net profit of RM59.53 million for the third quarter (Q3) ended September 30, 2023 (FY23) from RM75.25 million posted in the same quarter last year. Revenue stood lower at RM606.79 million for the quarter compared to RM666.90 million posted in Q3 FY22 due to volume weakness experienced by the company. (NST)

Source: New Straits Times, The Edge Markets The Star 31 October 2023