MQ Market Updates

MQ Market Updates - 09 April 2024

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Publish date: Tue, 09 Apr 2024, 05:18 PM

Security seals manufacturer and designer Mega Fortris Bhd has filed for an initial public offering (IPO) on the Main Market of Bursa Malaysia to raise funds for expansion. According to its prospectus on the Securities Commission's (SC) website, the company said it plans to expand facilities in its existing markets in Malaysia and Europe. (NST)

Shares of Berjaya Food Bhd surged on Tuesday to its highest in nearly four months, following a news report that tycoon Tan Sri Vincent Tan is considering taking the company private. Berjaya Food rose as much as 6.5% or four sen to 66 sen in the afternoon trading session, its highest since Dec 14, 2023. The stock was trading at 65.5 sen at 2.45pm, after more than 10 million shares exchanged hands — the highest volume since Feb 23. (TheEdge)

As Malaysia's largest marine port operator, Westports Holdings Bhd is positioned front and centre to benefit from a pick up in the country's trading activities, underpinned by a robust recovery in intra-Asia trade. In its latest company update, RHB Research said it is turning more optimistic on the group's prospects as there has been a shift in the country's and region's trade prospects. (TheStar)

Capital A Bhd's plans to enter into a deal to hive off of its aviation business to AirAsia X Bhd has been extended for a second time, to April 30, 2024. In a filing with Bursa Malaysia Securities Bhd, Capital A and AirAsia X said they have mutually agreed to extend the negotiation period to execute the definitive agreement for the proposed Acquisitions. (NST)

SBH Marine Holdings Bhd, newly listed on the ACE market of Bursa Malaysia, said that while the Red Sea crisis has affected the company, the impact is not substantial. The company's executive director Saw Leng Hean said that changes in shipping routes have affected shipments to European countries and the Middle East. (NST)

Shares in Inta Bina Group Bhd rose for the third straight day in active trade on Tuesday, following news of the construction company securing a RM348.92 million contract. Inta Bina rose as much as 6% or two sen to 36.5 sen, its highest since April 2. The stock was trading at 35.5 sen, valuing the group at RM191.81 million, at 3.45pm on Tuesday, after 9.19 million shares changed hands — more than eight times its 52-week average. (TheEdge)

Sabah-based property developer KTI Landmark Bhd (KTI) has received the go-ahead from Bursa Malaysia to launch its initial public offering (IPO) on the local stock exchange's ACE Market. The company intends to use the IPO funds to support its growth in the construction and real estate industries, said its managing director and chief executive officer, Dr. Gordon Loke. (NST)

Source: New Straits TimesThe Edge Markets The Star 09 April 2024 

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