MY E.G Services Bhd's unit, MY E.G. Capital Sdn Bhd has bought a 14.4 per cent interest in Main-market listed HeiTech Padu Bhd for RM31.2 million on Mar 7, 2024. A business weekly, quoting sources, recently reported that HeiTech is believed to be on a shortlist for the National Integrated Immigration System (NIISe) project. (NST)

Perak Corporation Bhd said on Monday it has signed a development agreement to move forward with a housing project that will help rescue the financially-troubled state-owned real estate developer. Development of the Teluk Dalam land, measuring 56.31 acres (22.78 hectare), involves a gated housing scheme with bungalow, semi-detached houses and terraced houses, Perak Corp said in an exchange filing. The project will be developed over four phases to be completed by 2032, the PN17 company said. (TheEdge)

Maxis Bhd and Nokia are collaborating to drive next-generation connectivity to enhance network security and reliability, as well as Maxis’ engagement of Nokia as a partner to build part of Maxis’ 5G Core ecosystem in meeting future connectivity needs. Maxis said it will work with Nokia to explore the implementation of newer technologies to further fortify Maxis’ networks, strengthening security and reliability as part of the collaboration. (TheStar)

UMediC Group Bhd's net profit for the second quarter ended Jan 31, 2024 (2QFY2024) fell 14.8% to RM2.48 million, from RM2.91 million a year earlier, due mainly to decreased orders for the marketing and distribution segments. In a bourse filing on Monday, the ACE Market-listed medical device distributor and manufacturer said revenue for the quarter rose to RM13.48 million, from RM12.52 million previously. (TheEdge)

Scientex Bhd shares rose in Monday morning trade, after analysts turned upbeat on its RM335.68 million land acquisition in Batang Berjuntai, Kuala Selangor. Analysts deem the deal reasonable, and believe it allows for the expansion of the company's footprint in the northern part of Selangor. (TheEdge)

Iconic Worldwide Bhd’s wholly owned subsidiary, Iconic Maison Sdn Bhd has launched the show unit for Iconic Harmony, an upcoming mixed development in Alma, Bukit Mertajam with a gross development value (GDV) of RM255mil. In a statement, Iconic said the Iconic Harmony consists of 751 freehold affordable homes in a modern, 36-storey building, as well as 16 units of double-storey shop lots. (TheStar)

TA Securities has assigned a fair value of RM1.06 per unit  for Prolintas Infra Business Trust (Prolintas Infra BT), an almost 12 per cent premium to its initial public offering (IPO) price ahead of its listing on Marc 25, 2024. This valuation is based on a target yield of six percent for the financial year ending Dec 31, 2025 (FY25), with a distribution per unit (DPU) of 6.38 sen, the research firm said in a note. (NST)

Apex Securities Bhd has recommended investors to “subscribe” to ACE Market-bound Zantat Holdings Bhd at an initial public offering (IPO) price of 25 sen with a target price (TP) of 32 sen, and said that at an IPO offer price of 25 sen, Zantat’s forward price-earnings (P/E) valuation for the financial year ended Dec 31, 2023 (FY2023) and FY2024 is projected at 9.2 times and 10.1 times, based on estimated earnings per share (EPS) of 2.7 sen and 2.47 sen respectively. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 11 March 2024 

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