MQ Market Updates - 29 March 2024

MQ Trader

Publish date: Fri, 29 Mar 2024, 05:55 PM

Northeast Group Bhd, a precision components manufacturer, on Friday filed for an initial public offering (IPO) on Bursa Malaysia’s ACE Market to raise funds for expansion, including on a new factory costing over RM50 million. The IPO involves a public issue of 168.99 million new shares and offer for sale of 51.8 million existing shares, according to its draft prospectus posted to Bursa Malaysia. All in all, the listing would offer investors up to a 30% stake in the company. (TheEdge)

MKH Oil Palm (East Kalimantan) Bhd (MKHOP) is set to raise RM136.4mil from its initial public offering (IPO), en route to a listing on the Main Market of Bursa Malaysia on April 30, 2024. In a statement, the plantations firm said RM42mil of the IPO proceeds wll be used to acquire lands for oil palm plantation within the East Kalimantan province while RM9mil will be allocated for the setting up of a palm kernel crushing facility to provide the group with an additional income stream. (TheStar)

Yinson Holdings Bhd has raised RM283.2 million following the completion of an accelerated book-building exercise, representing 4.1 per cent of its total number of issued shares (excluding treasury shares). The shares were issued to a selected group of institutional investors including The Retirement Fund Inc (KWAP). (NST)

Petronas Dagangan Bhd (PDB), the marketing arm of Petroliam Nasional Bhd (Petronas) for petroleum products and service stations, will continue to work on diversifying its portfolio, with an emphasis on expanding into the convenience sector and providing low-carbon mobility solutions for its customers. Its managing director and chief executive officer Azrul Osman Rani said strategic partnerships would play a key role in supporting the company’s strategies to future-proof its business. (TheStar)

Main Market listed Jentayu Sustainables Bhd has received key approval with conditions from the Securities Commission Malaysia (SC) regarding the acquisition of Telekosang Hydro and Jentayu Solar assets, which is a major milestone towards the group transforming into a renewable energy player. The company said in a filing with Bursa Malaysia today that its application to the SC regarding the proposed acquisition of hydro assets, junior bonds, and a solar asset has been approved under Section 214(1) of the Capital Markets and Services Act 2007, subject to certain terms and conditions. (TheStar)

Shares of VS Industry fell close to 5% during the morning trading session on Friday, after the electronic manufacturing services firm’s latest quarterly results disappointed investors and raised caution among analysts over its prospects. VS Industry declined as much as four sen to RM0.795, nearly erasing gains over six days. The stock was off intraday lows and traded unchanged at RM0.835 at 11am, after more than 15 million shares changed hands. In contrast, the country’s benchmark index FBM KLCI was 0.6% higher. (TheEdge)

Shares in PT Resources Holdings Bhd surged during the Friday morning trading session on Bursa Malaysia, after a sevenfold jump in its quarterly net profit drew investors’ attention to the frozen seafood supplier. The counter climbed as much as 13% or six sen to an intraday high of 50.5 sen. PT Resources was trading at 50 sen at 10.30am, and was set for its steepest gain in a single day since December 2022. In contrast, the country’s benchmark index FBM KLCI was 0.6% higher. (TheEdge)

The outlook for MyNews Holdings Bhd appears promising, according to RHB Research. The change in strategy to consolidate the management teams of MyNews and CU stores has led to promising sales and margin improvement, the firm added. (NST)

MMAG Holdings Bhd shares rose to a seven-month high of 19 sen on Friday, as investors appear to be drawn to the fully integrated supply chain management firm's investment of more than RM150 million in its aeroplane business arm. MMAG was among the top active counters on Bursa Malaysia, its shares rising as much as 8.57% or 1.5 sen to 19 sen — its highest since Aug 23, 2023. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 29 March 2024