MQ Market Updates - 07 December 2023

MQ Trader

Publish date: Thu, 07 Dec 2023, 05:03 PM

Gamuda Bhd has bagged a RM1.77bil contract for the design and construction of the West Coast Station and tunnels from Singapore Land Transport Authority. This station is integral to the 15km Cross Island Line phase two (CRL2), featuring six stations and marking Singapore’s eighth mass rapid transit line. (TheStar)

Main Market debutant CPE Technology Bhd opened at 90 sen on Thursday, a 17 sen or 15.89% discount over its initial public offering (IPO) price of RM1.07, with an opening volume of 6.31 million shares. TA Securities Holdings Bhd has valued the company at RM1.13 a share, followed by Apex Securities Bhd at RM1.25, and Public Investment Bank Bhd at RM1.27. (TheEdge)

Tropicana Corp Bhd’s wholly-owned subsidiary, Tropicana Residences Sdn Bhd (TRSB), yesterday signed a sale and purchase agreement (SPA) with IOI PFCC Hotel Sdn Bhd (IOI PFCC) and Flora Development Sdn Bhd for the disposal of the W Kuala Lumpur hotel and its assets (W KL) for RM270mil. It told Bursa Malaysia in a stock exchange filing that the disposal consideration was arrived at a willing buyer-willing seller basis, after taking into consideration the expected “net proforma gain on disposal of (about) RM7.41mil”. (TheStar)

Westports Holdings Bhd's subsidiary Westports Malaysia Sdn Bhd has picked Solarvest Holdings Bhd to install rooftop solar photovoltaic (PV) systems across two of its Port Klang warehouse facilities. The port operator said the appointment sees Solarvest leading the engineering, procurement, construction and commissioning (EPCC) of the 7.7 megawatt-peak (MWp) installation, adding to its growing solar PV portfolio in the logistics sector. (NST)

Malaysian Pacific Industries Bhd’s (MPI) wholly owned subsidiary, Dynacraft Industries Sdn Bhd (DCI), will cease its manufacturing of leadframe operations effective end of January 2024. In a filing with Bursa Malaysia, the company said the decision was made after a careful business strategy review. (TheStar)

Asia Digital Engineering (ADE), a wholly-owned subsidiary of Capital A Bhd specialising in aircraft maintenance, repair, and overhaul (MRO), has successfully completed its 100th C-Check in just two and a half years, setting a record since its establishment in September 2020. ADE's accomplishment highlights its commitment to maintaining high safety and operational standards in aviation maintenance as C-Check has been recognised as a heavy check involving maintenance procedures for critical aircraft components and systems. (TheEdge)

The structural transformation of Axiata Group Bhd’s Indonesian subsidiaries XL Axiata and Link Net to become ServeCo and FibreCo leaders may require substantial funding, which Axiata may seek from potential investors in future to fund the growth plans, said Kenanga Research. In a research note on Thursday, the research house said that Link Net, which operates under the FibreCo platform, aims to deploy four million new home passes by 2026, in addition to the existing 3.4 million. However, this plan requires substantial capital expenditure (capex), estimated at US$500 million (RM2.34 billion) to US$600 million at its peak in 2026. (TheEdge)

Sime Darby Bhd has made an unconditional mandatory takeover offer to acquire the remaining 38.82% stake in UMW Holdings Bhd at RM5 each. At RM5, the 38.82% stake is valued at RM2.27bil, giving UMW a total valuation of RM5.84bil. Sime Darby entered into a deal with Permodalan Nasional Bhd to acquire a 61.18% stake in UMW for RM3.57bil. (TheStar)

Source: New Straits Times, The Edge Markets The Star 07 December 2023