MQ Market Updates - 03 November 2023

MQ Trader

Publish date: Fri, 03 Nov 2023, 05:05 PM

Sentoria Group Bhd announced that MBSB Bank Bhd had filed winding-up petitions against the company and its wholly owned unit Sentoria Bina Sdn Bhd (SBSB) over a judgement debt of RM303,268.39, which comes with a late payment charge of 1% per annum. The judgement debt follows the decision by the Kuala Lumpur Session Court for the settlement of outstanding of the hire purchase-i (Al-ljarah Thumma Al-Bai) (non scheduled goods) facility (AITAB facility) granted by MBSB Bank to SBSB for the purposes of hiring of machinery and equipment related to SBSB's business. (TheEdge)

Yoong Onn Corp Bhd (YOCB) is acquiring a 60% equity interest in Singapore-based home linen and homeware distribution firm T.C. Homeplus for RM38.16mil. In a filing with Bursa Malaysia yesterday, YOCB said it had entered into a conditional share sale agreement with T.C. Homeplus’ shareholders, Wong Fun Ngian, Wong Fun Foong, Ang Teng Poh and Lim Ting Han for the acquisition. (TheStar)

Property and construction group Bina Puri Holdings Bhd is set to participate in more tenders to unlock new market opportunities actively, joint ventures, and increasing its land bank moving forward, said group managing director and chief executive director Chai Chan Tong. He said the company expects a moderate performance for its construction division in the next financial year, following the recent Malaysia Madani Budget 2024. (TheEdge)

GFM Services Bhd is buying the remaining 51 per cent-stake in oil and gas (O&G) company Highbase Strategic Sdn Bhd for RM18.2 million. Highbase specialises in the provision of O&G facilities maintenance focusing on downstream operators. Upon completion, GFM said it will fully consolidate Highbase's financial performance, substantially enhancing its earnings from financial year 2024 (FY24). (NST)

UMediC Group Bhd (UMC) will see a surge in its public orders in the first half of 2024 (1HFY24) as the Ministry of Health (MoH) uses the budget allocated for the year to procure medical equipment. Hong Leong Investment Bank Bhd (HLIB) said there has been an uptick in the opening of tender for medical equipment for the public sector. (NST)

Salcon Bhd's share price rose nearly 7% during early trade on Friday, after Berjaya Corp Bhd (BCorp) emerged as its substantial shareholder following a 5.43% stake acquisition, based on its stock exchange filing on Thursday. At 11:35am, shares of the water and wastewater engineering company rose 6.98% to 23 sen, from its last closing price of 21.5 sen. The stock had earlier risen to a high of 24.5 sen. (TheEdge)

Capital A Bhd’s proposed business combination with Aetherium Acquisition Corp is generally viewed positively by analysts. On Wednesday, the aviation group announced that it had entered into a letter of intent with Aetherium for a merger involving the formation of a Cayman Islands entity, Capital A International (CAPI). (TheStar)

Despite the “cautious” outlook for Carlsberg Brewery Malaysia Bhd, analysts expect consumer spending to remain strong due to the tight labour market and accommodative interest rate environment. TA Research said stronger sales are expected in the fourth quarter of financial year 2023 (4Q23) and 1Q24 in conjunction with year-end festivals and the Lunar Chinese New Year. (TheStar)

Sunway Group Bhd investors are likely to find solace in the recent news that the sale of Ramsay-Sime Darby Healthcare may favour either Columbia Asia or a consortium led by Affinity. "This suggests that Sunway was not able to secure the bid. We believe that investors may in fact heave a sigh of relief following this development, given concerns about the deal such as overpayment on the transaction, gearing impact, and possible margin erosion. (NST)

Investors reacted positively to YTL Power International Bhd emerging as the single largest shareholder in Ranhill Utilities Bhd, which effectively gave YTL Power a footing in the utilities space once again. Shares of YTL Power hit an all-time-high of RM2.29, rising by 5.05% or 11 sen yesterday as 51.1 million shares changed hands. (TheStar)

Source: New Straits Times, The Edge Markets The Star 03 November 2023