Keyfield International Bhd made its debut on the Main Market of Bursa Malaysia at RM1.70 a share, an 89% premium over its initial public offering (IPO) price of 90 sen a share. The stocks saw 18.66 million shares changing hands at the opening bell. (TheStar)

Powerwell Holdings Bhd has secured a RM22.05 million sub-contract to supply a low voltage (LV) switchboard for the first stage of Sg Rasau Water Supply Scheme development in Selangor. The group, via its wholly-owned unit Kejuruteraan Powerwell Sdn Bhd clinched the sub-contract work on April 19 from One Ocean Environment Sdn Bhd. The scope of the sub-contract includes the supply of LV switchboards and all necessary materials, labour, plants or machineries, and supervision for the execution and completion of the works. (TheEdge)

Investors of Sapura Energy Bhd await the material announcement hinted at last Friday's noon break by the oil and gas (O&G) services company, which is in the midst of formulating a regularisation plan to address its Practice Note 17 status. Shares in the company, which undertakes upstream operations and maintenance, offshore fabrication, and drilling services, have been voluntarily suspended from trading since 2.30pm last Friday afternoon. (TheEdge)

Nestlé Malaysia Bhd is reintroducing the Nestlé Salary For Life contest as part of its ongoing dedication to improving the well-being of Malaysians and contributing to local communities. Additionally, the initiative will provide financial assistance to charitable organisations and non-governmental organisations (NGOs). (NST)

The merger between Axiata Group Bhd's 82.3 per cent-owned Sri Lankan subsidiary Dialog with Airtel suggests positive earnings accretion for the group for the financial year 2025 (FY25). RHB Research said good synergies are expected from the merger, with the overall impact on Axiata's earnings to be manageable in the medium term. (NST)

Malayan Banking Bhd (Maybank) is targeting to onboard 20,000 new-to-bank customers by next year with its newly-launched Maybank Goal-Based Investment platform on top of the nine million customers who are already using the bank’s digital platform. Maybank Goal-Based Investment is a beginner-friendly digital retail investment tool that allows customers to kickstart their financial wealth journey easily and conveniently, available on the MAE App and Maybank2u Web. (TheStar)

Alliance Bank Bhd is poised to post year-on-year (YoY) earnings growth next quarter, despite flattish sequentially, backed mainly by better total income growth and lower loan loss provisions. Hong Leong Investment Bank (HLIB) Research noted the bank's net interest margin (NIM) compressed four basis points (bp) sequentially in the third quarter ended Dec 31, 2023 (3QFY24) due to the typical year-end competition for fixed deposits, which drove up funding costs. (NST)

Power and water company Malakoff Corp Bhd is expected to be profitable in the first financial quarter of 2024 (1QFY2024) on better fuel margin and gains from a stake sale, said TA Securities. Malakoff will record core profit of RM60 million to RM70 million in 1QFY2024 compared to 1QFY2023’s RM99.3 million loss and 4QFY2023's RM69.8 million profit, TA Securities said in an earnings preview. The Newcastle Coal Price Index has stabilised since June 2023, the research house noted. (TheEdge)

Iconic Worldwide Bhd's wholly-owned unit Iconic Maison Sdn Bhd eyes over 70 per cent take-up rate of its newly-launched residential development, Iconic Harmony, with RM300 million gross development value (GDV) due to strong demand from buyers. Iconic Worldwide executive chairman Datuk Seri Tan Kean Tet said the project has garnered strong interest from purchasers due to its affordable price tag, coupled with the group's emphasis on quality for all of its products. (TheStar)

Paragon Globe Bhd broke ground for the Pekan Sentral Phase 3 and Pekan Nenas Industrial Park Phase 5 in Pekan Nenas, Johor on April 19. The final phases have a combined gross development value of RM92 million and slated for completion by 2026. According to a press statement, Pekan Sentral is the commercial component of Pekan Nenas Industrial Park, an on-going project developed by Paragon Bizhub — the wholly owned subsidiary of Paragon Globe. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 22 April 2024 

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