MQ Market Updates

MQ Market Updates - 05 June 2024

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Publish date: Wed, 05 Jun 2024, 05:25 PM

Kucingko Bhd, a company offering 2D animation production services, has entered into an underwriting agreement with Kenanga Investment Bank Bhd for its forthcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd. As outlined in the draft prospectus on Bursa Securities, Kucingko's IPO will consist of a public offering of 100 million new ordinary shares and the sale of 100 million existing ordinary shares, totaling 40 per cent of the company's enlarged ordinary share capital. (NST)

Managepay Systems Bhd (MPay), via its wholly-owned unit ManagePay Services Sdn Bhd (MPSB), has bagged an incentive contract worth US$3.65mil from Mastercard Asia/Pacific Pte Ltd (MAPPL) for a sign-on bonus, product launch, data and services and marketing support. (TheStar)

Shares in Inta Bina Group Bhd (KL:INTA) touched a new record high on Wednesday, after the construction company announced that it had secured a RM111.98 million contract. Inta Bina climbed as much as 10.6% or 4.5 sen to 47 sen. As of 10am, the counter was four sen or 9.41% higher at 46.5 sen, valuing the company at RM253.5 million on Bursa Malaysia. The counter was also active, with 12.56 million shares changing hands, double its trading volume’s 200-day moving average. (TheEdge)

The upcoming implementation of third-party access (TPA) framework is not expected to be a threat to the country’s sole electricity provider, Tenaga Nasional Bhd (TNB), says RHB Research. The TPA is expected to be implemented in September and will allow renewable-energy (RE) producers to use the national electricity grid to deliver their green energy to customers in the country. (TheStar)

Shares in ITMAX System Bhd (KL:ITMAX) extended gains to a new all-time high on Wednesday, after analysts said the traffic management and video surveillance company is set for more jobs in Johor. ITMAX climbed as much as 2.48% or six sen to RM2.48, adding to Tuesday’s 6.1% gain. The stock was trading at RM2.46 at 10.57am, valuing the company at RM2.53 billion on Bursa Malaysia, after 2.12 million shares changed hands. (TheEdge)

Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), via its wholly-owned and major subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd, has secured a RM1.5bil award to build an offshore substation (OSS) high voltage direct current platform consisting of topside and jacket from Petrofac International (UAE) LLC. (TheStar)

Global wealth manager UBS Group AG has ceased to be a substantial shareholder of YTL Corporation Bhd after it sold 14.8 milion shares in the company. The disposal cuts its stake in the company to below the five per cent substantial shareholder threshold. (NST)

Source: New Straits TimesThe Edge Markets The Star 05 June 2024 

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