MQ Market Updates - 06 June 2024

MQ Trader

Publish date: Thu, 06 Jun 2024, 05:10 PM

Aurelius Technologies Bhd has fixed the issue price for its proposed private placement of up to 39.41 million shares at RM3.35 per share. In a filing to Bursa Malaysia today, the company said this follows the completion of a bookbuilding exercise. (NST)

IHH Healthcare Bhd is on the lookout for value-accretive merger and acquisition (M&A) activities, especially in Malaysia, India, Turkiye and Europe, even though there is no lack of organic growth opportunities for the group. The M&A focus on these countries is due to the fact that IHH can leverage its cluster strategy to further improve profitability. (TheStar)

Engineering and project management consultant HSS Engineers Bhd (HEB) is expanding internationally and aims to rake in 25 per cent of its turnover from overseas ventures by 2027. In a statement today, executive vice-chairman Tan Sri Kuna Sittampalam said the group is keen on deploying its expertise in infrastructure engineering in developing economies in the ASEAN region, the Middle East and North Africa, and South Asia. (TheStar)

Hartalega Holdings Bhd (KL:HARTA) has released the results of its inaugural life cycle assessment (LCA) study on the carbon footprint of three of its key glove products, namely the BDG Nitrile Biodegradable Glove, Standard Nitrile Glove, and COATS Colloidal Oatmeal Coated Glove. (TheEdge)

Sarawak Cable Bhd yesterday said Serendib Capital Ltd, a company which was initially part of a plan to revive the Practice Note 17 (PN 17) company, has filed a suit against it. In a filing with Bursa Malaysia Securities Bhd, Sarawak Cable said the company and its directors were served with undated and unsealed copies of a Writ; a Statement of Claim; and a Notice of Application for Injunctive Reliefs on May 29, 2024 that has purportedly been filed at the High Court of Malaya Kuala Lumpur. (NST)

Pharmaceutical company Duopharma Biotech Bhd (KL:DPHARMA) announced on Thursday it is eyeing up to 10% revenue contribution over the next two years from a recently secured Approved Product Purchase List (APPL) contract with Pharmaniaga Bhd (KL:PHARMA), said the group managing director Leonard Ariff Abdul Shatar. (TheEdge)

The mushrooming data centres in Malaysia will be the main driver for electricity demand growth, benefiting the country’s sole electricity provider, Tenaga Nasional Bhd (TNB). In fact, TNB’s electricity sales already hit a record in the first quarter of 2024 at 31,899 gigawatt hours, driven by two new data centres that have a combined installed capacity of about 600 megawatts (MW). (TheStar)

Malaysia Marine and Heavy Engineering Holdings Bhd’s (MMHE) subcontract win worth RM1.5bil to build an offshore substation at a wind farm in the Netherlands is a shot in the arm for the group, analysts say. Not only would it have the potential to boost its earnings and the size of its order book, but the contract will pave the way for MMHE to achieve its environmental, social and governance (ESG) goals, they said. (TheStar)

PBA Holdings Bhd today announced that its Penang water supply unit, Perbadanan Bekalan Air Pulau Pinang Sdn Bhd (PBAPP), will see a RM11 million impact on revenue from the state government's move to not bill consumers for the first 10,000 litres of water usage. The Penang government has agreed to give for free the first 10,000 litres of water per bill for six months and issue a RM20 rebate for large households with an income of RM5,000 and below. (NST)

Shares in WCT Holdings Bhd (KL:WCT) climbed to their highest in more than four years on Thursday. The stock surged 27% or 18 sen to 80.5 sen, the highest level since November 2019. The quantum leap in the share price is one of the biggest single-day gains. (TheEdge)

Shares in ITMax System Bhd hit an all-time high yesterday, following its appointment by the Iskandar Puteri City Council (MBIP) as the operator for smart parking in Iskandar Puteri, Johor, for 15 years. At 5pm, the traffic management and video surveillance company’s share price closed at RM2.42. Year-to-date, the shares have risen 35%. (TheStar)

Shares in Leong Hup International Bhd (KL:LHI) rose in active trade on Thursday, and were set for their fourth consecutive day of rally, following news that the company's top executive had continued to accumulate the poultry firm’s stock. Leong Hup rose as much as 4% to 59.5 sen, nearly recovering the losses since May 21. The stock was trading at 59 sen at 9.10am, valuing the company at RM2.15 billion on Bursa Malaysia. Trading volume totalled 4.67 million shares so far, above the 200-day moving average. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 06 June 2024