MQ Market Updates - 23 January 2024

MQ Trader

Publish date: Tue, 23 Jan 2024, 05:25 PM

Ni Hsin Group Bhd's wholly-owned subsdiary Ni Hsin EV Mobility Sdn Bhd has signed a master dealer agreement with MYUS Autotech Sdn Bhd to promote and market EBIXON motorcycles in Perlis and Langkawi. In a statement, Ni Hsin said MYUS will also be promoting the rental of EBIXON motorcycles. (TheStar)

Tenaga Nasional Bhd's (TNB) subsidiary TNB Repair and Maintenance Sdn Bhd (TNB Remaco) has partnered with Kuwait-based Al Dhow Engineering to expand its power plant maintenance business in Kuwait. The joint venture has signed a long-term service agreement with General Electric Global Services (GE Vernova) to provide maintenance service solutions for the gas turbines at Shuaiba North Power Generation and Water Distillation Plant in Al Ahmadi, Kuwait. (NST)

ACE Market-bound power cable manufacturer Master Tec Group Bhd’s 51 million initial public offering (IPO) shares available for public application have been oversubscribed by 7.11 times. The Melaka-based company said a total of 7,276 applications for 413.65 million shares worth RM161.32mil were received from the Malaysian public for the IPO shares. (TheStar)

LBS Bina Group Bhd has issued the first tranche of sustainability sukuk, amounting to RM200 million, under its RM750 million Sukuk Wakalah Programme. “The company had on Jan 23 (Tuesday) issued its first issuance of Sustainability Sukuk Wakalah of RM200 million in nominal value, in the format of Asean Social SRI Sukuk Wakalah, under the Sukuk Wakalah Programme and in accordance with LBS Bina’s Sustainability Financing Framework,” the property developer said in a bourse filing. (TheEdge)

Unitrade Industries Bhd via its wholly-owned subsidiary Syarikat Logam Unitrade Sdn Bhd is exploring a partnership with Huawei Technologies (Malaysia) Sd Bhd and JJ-LAPP (M) Sdn Bhd. In a statement, Unitrade said the collaboration aims to explore the business opportunities under Huawei’s cutting-edge digital power-smart photovoltaic (PV) solutions in fostering sustainability practices across residential as well as commercial and industrial (C&I) sectors. (TheStar)

Farm Fresh Bhd is on track to achieve improved quarter-on-quarter (q-o-q) earnings in 3QFY2024, driven by expected reductions in whole milk powder costs and sustained product demand, as outlined by Maybank Investment Bank (Maybank IB) Research. In a note on Tuesday, the research house highlighted a significant 30% decline in the average selling prices of whole milk powder (WMP) to around US$3,300 (RM15,628) per metric tonne from its peak of US$4,700 per metric tonne in March 2022, foreseen to positively impact Farm Fresh due to anticipated lower WMP costs from the third quarter of fiscal year 2024 onwards. (TheEdge)

Jentayu Sustainable Bhd's share price jumped 31.19 per cent, to a high of 71.5 sen after the company issued a note to reassure investors that the recent sell-off in its shares did not reflect the company's fundamentals. As at 9.40am, JSB's share price was up 31.19 per cent, or 17 sen, to 71.5 sen a share. It was the seventh mostly actively traded counter today. (NST)

The recent contract secured by Samaiden Group Bhd's consortium with JS Solar Sdn Bhd has raised the renewable energy solutions provider's job wins for FY24 past expectations. The RM100mil engineering, procurement, construction and commissioning (EPCC) job for a 50MWac solar power plant in Kulim Hi-Tech Park is the group's second key job win in FY24. (TheStar)

Sime Darby Property Bhd’s Elmina Lakeside Mall in the City of Elmina, Shah Alam, has secured 85% of confirmed tenancy prior to its completion and opening in 3Q2024, according to press statement on Tuesday. The 17.2-acre Elmina Lakeside Mall, which is the City of Elmina’s first mall, will have a gross floor area of approximately 400,000 sq ft and 712 car parks. The confirmed tenants will provide a diverse range of offerings to the mall, including drive-through restaurants, an array of local and international dining options, home and living, services and conveniences, health and wellness as well as boutique lifestyle retailers. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 23 January 2024