MQ Market Updates - 14 February 2024

MQ Trader

Publish date: Wed, 14 Feb 2024, 05:26 PM

HSS Engineers Bhd's associate SMHB Sdn Bhd has secured a RM9.52mil contract from Pengurusan Aset Air Bhd for engineering consulting services for Phase One of the proposed water systems upgrade project in Kuantan, Pekan and Rompin in Pahang. In a filing with Bursa Malaysia, the engineering and project management firm said the contract will commence on Feb 19, 2024, and is estimated to be completed in July 2027. (TheStar)

IHH Healthcare Bhd today announced that its indirect India-based subsidiary Agilus Diagnostics Ltd will abort plans for an initial public offering (IPO) on the Securities and Exchange Board of India (SEBI) due to commercial considerations. Agilus Diagnostics is a material subsidiary of Fortis Healthcare Ltd, an indirect 31.17 per cent-owned subsidiary of IHH Healthcare. (NST)

UMW Holdings Bhd will be delisted from Bursa Malaysia on Feb 19, 2024 to mark the completion of its privatisation by Sime Darby Bhd. Shares of UMW were already suspended from trading by Bursa Malaysia on Feb 9, after the expiration of five trading days from the extended closing date of the takeover offer by Sime Darby. (TheEdge)

Glass wool maker PGF Capital Bhd, which is also one of the largest landowners in Tanjong Malim, Perak, plans to build its new production plant in either Kulim, Kedah or Banting, Selangor. TA Research said the PGF management is in negotiation with landowners after shortlisting two parcels of land each in Kulim and Banting. (TheStar)

YTL Corp Bhd and YTL Power International Bhd have made it to the MSCI Malaysia Index, while Dialog Group Bhd has been removed from the list, with effect from February 29. According to Assoc Prof Dr Ahmed Razman Abdul Latiff, an economic analyst at Putra Business School, the inclusion of YTL Corp and YTL Power in the index indicates that the utility sector would be given more weight or representation in the list. (NST)

Top Glove Corp Bhd has been included in the S&P Global Sustainability Yearbook 2024 for the third year in a row. In a statement on Wednesday, the glove maker said the inclusion underscores its commitment to sustainable practices and responsible corporate citizenship. (TheEdge)

After posting a negative bottom line in FY23, Malaysia Marine and Heavy Engineering Bhd (MMHE) said it will continue to explore opportunities in both the domestic and international markets. With the recent award of the novel offshore windfarm project, the group said it wiill focus on pursuing renewable energy projects and those in the decarbonisation space. (TheStar)

A new contract for ITMax System Bhd is expected to improve the group’s prospects and increase its turnover by RM23.6mil for the financial years of 2024 to 2025 (FY24-25), says Maybank Investment Bank Research (Maybank IB Research) . The new contract, officially known as variation order No. 7 (VO7), was granted to ITMAX on Feb 6 by Kuala Lumpur City Hall (DBKL) for the replacement of the district’s LED street lights, which were either defective, not working properly, or had past-due warranties. (TheStar)

The Securities Commission (SC) has won an insider trading civil suit against the former chief executive officer of Perak State Development Corp (PKNP) and Perak Corp Bhd (PCB) Datuk Aminuddin Md Desa. In a statement, the SC said High Court Judge Wan Muhammad Amin Wan Yahya ordered Aminuddin to pay a total of RM3.56mil to the SC after successfully proving an insider trading case related to PKNP’s proposed privatisation of PCB against the defendant. (TheStar)

Ireka Corp Bhd (ICB) was served with a writ of summons and statement of claim by RHB Bank Bhd following its default in repayment to the bank. The bank is also claiming a total amount of RM6.53 million from ICB. The bank had granted Ireka ENgineering & Construction Sdn Bhd (IEC) a revolving credit facility on Jan 6, 2015 and April 18, 2017 that amounted to RM6.50 million with a corporate guarantee executed on Sep 12, 2000 as security for the repayment of the banking facility offer. (NST)

Source: New Straits Times, The Edge Markets The Star 14 February 2024