MQ Market Updates

MQ Market Updates - 08 April 2024

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Publish date: Mon, 08 Apr 2024, 05:11 PM

Nextgreen Global Bhd (NGGB) has inked a partnership with IOI Corp Bhd unit IOI Paper Pulp Sdn Bhd to develop the nation’s first large scale zero-waste paper pulp plant in NGGB’s 410-acre Green Technology Park (GTP)in Pekan, Pahang. In a statement, NGGB said the parties will establish a private limited company, Nextgreen IOI Pulp Sdn Bhd, which will be 55% held by NGGB and 45% by IOI. (TheStar)

Electronic manufacturing services NationGate Holdings Bhd, which was listed over a year ago in January 2023, said on Monday it plans to transfer its listing status from the ACE Market to the Main Market of Bursa Malaysia. In a bourse filing on Monday, NationGate stated that it has met the requirements issued by the Securities Commission Malaysia (SC) for the proposed transfer, including equity requirement, public shareholdings spread, along with a healthy financial performance. (TheEdge)

Sabah-based integrated property developer KTI Landmark Bhd has received Bursa Malaysia Securities Bhd’s approval for its initial public offering (IPO) to list on the ACE Market of Bursa Securities. “The IPO will enable KTI Group to tap into the equity capital market for future fund raising and provide us with the financial flexibility to pursue future growth opportunities as and when they arise,” group managing director and CEO Dr Gordon Loke said in a statement. (TheStar)

Awanbiru Technology Bhd (Awantec) today announced that it has filed an appeal against the Kuala Lumpur High Court decision to award it RM231.5 million for the unilateral termination of Sistem Kawalan Imigresen Nasional (SKIN) project in 2019. The award sum is about a third of the RM732 million claim it made against the government of Malaysia. (NST)

Sunzen Biotech Bhd today announced that it has started the process to shut down its loss-making animal health division to reduce the financial expenditures and strengthen the financial performance of the company. In a filing to Bursa Malaysia, Sunzen said the animal health division has been continuously incurring losses for the past financial years amidst the challenging business environment. (NST)

SBH Marine Holdings Bhd made its debut on the ACE market of Bursa Malaysia at an almost 16 per cent premium of 25.5 sen per share, over its initial public offering (IPO) price of 22 sen per share. SBH raised a total of RM39.6 million through the public issue of 180.0 million new ordinary shares priced at 22 sen per share. (NST)

Pipe-and-valve maker Pantech Group Holdings Bhd is expected to report stronger quarter-on-quarter net profit on higher export sales volume and average selling prices when it announces its results on April 25, according to Phillip Capital. Core net profit is expected to come in at RM23 million to RM28 million for the three months ended Feb 29, 2024 (4QFY2024), the research house said in an earnings preview on Monday. That compares with RM30 million in 4QFY2023 and 3QFY2024’s RM20 million. (TheEdge)

Source: New Straits TimesThe Edge Markets The Star 08 April 2024 

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