MQ Market Updates - 04 January 2024

MQ Trader

Publish date: Thu, 04 Jan 2024, 05:35 PM

Pharmaniaga Bhd has entered into a concession agreement (CA) with the Ministry of Health (MOH) to undertake the procurement, storage, supply and delivery of medical products to MOH-operated offices and facilities. In a filing with Bursa Malaysia, Pharmaniaga said the CA will take effect retrospectively from July 1, 2023 and remain in force for a period of seven years until June 30, 2030, subject to earlier termination. (TheEdge)

LBS Bina Group Bhd has lowered its sales projection for 2024 to RM1.8 billion after it missed its RM2 billion sales target last year as the group deferred launches of three property projects. Executive chairman Tan Sri Lim Hock San, however, maintained that the property outlook this year remains bright, citing the widely expected stronger economic growth in the country and continued landbank expansion by other property developers. (TheEdge)

EP Manufacturing Bhd’s (EPMB) subsidiary, PEPS-JV (Melaka) Sdn Bhd (PJVM) has been appointed the contract vehicle assembler for Great Wall Motor Sales Malaysia Sdn Bhd (GWM), a subsidiary of Great Wall Motor Co Ltd. EPMB said PJVM entered into a vehicle assembly agreement with GWM as the contract assembler of selected GWM models in Malaysia for the next eight years. (TheStar)

Meta Bright Group Bhd has announced that the Kemaman Municipal Council has accepted its proposal for a 407.8 kilowatt peak solar photovoltaic (PV) system at Kijal Mall in Terengganu. In a statement, the group said it would design, construct, install, commission, operate and maintain the solar PV system at the said premise, which is owned by the council. (TheStar)

Kerjaya Prospek Group Bhd (KPG) may stand to secure additional contracts from Eastern & Oriental Bhd's (E&O) proposed Andaman Island development project, also known as Seri Tanjung Pinang Phase 2 (STP2), in Penang. RHB Research believes that STP2 could provide a continuity of job flows for KPG over the next five to seven years, estimated to be worth about RM2 billion. (NST)

PGF Capital Bhd plans to develop a self-sustaining integrated township with an estimated gross development value (GDV) of RM3bil adjacent to the Automotive High-Tech Valley (AHTV) in Proton City, Tanjong Malim, Perak. In a statement yesterday, the company said the strategic development with over 6,000 residential and commercial units would take place over 10 to 15 years on 161.87ha.PGF Capital said the comprehensive project also includes 99.27ha for agriculture plantations, 21.61ha for aquaculture activities, 119.58ha for eco-tourism, 23.55ha for an eco-retreat, and 29.02ha for lifestyle communities, including a retirement and wellness village. (TheStar)

Power Root Bhd's subsidiaries have been served with a trademark infringement claim for damages totalling 74.5 billion rupiah (RM23 million) over the AH HUAT brand by its Indonesian distributor, CV Ego Sun Star Sukses Mandiri (CV Ego). In a filing on Wednesday (Jan 3), Power Root said two of its subsidiaries — Power Root Manufacturing Sdn Bhd and Power Root Marketing Sdn Bhd — had received a letter earlier that day from the Central Jakarta Commercial Court, dated Jan 2, which notified them that a claim had been instituted by CV Ego against them in Indonesia for trademark infringement, and that the verdict was granted by the Commercial Court in favour of CV Ego on Nov 15, 2023. (TheEdge)

Tropicana Corp Bhd is well-positioned to deliver sustainable earnings over the next few years as it closes 2023 by surpassing its property sales target to achieve RM1.4bil and recording unbilled sales of RM2.3bil. In a statement yesterday, the property developer said the significant increase was mainly attributable to its TropiQuest marketing campaign, customer engagement initiatives, as well as commitment from its team and agents. (TheStar)

HLT Global Bhd has proposed to acquire the remaining 20% stake in its 80%-owned rubber glove manufacturing unit, Triple Care Gloves Sdn Bhd for RM600,000. The glove dipping line maker said it is buying the stake from Snicom Sdn Bhd, CWK & Mount Sing Sdn Bhd, Alcor Corp (M) Sdn Bhd and Lordtech Specialty Sdn Bhd through the issue of 2.61 million new shares in HLT Global at 23.03 sen per share. (TheEdge)

Eversendai Corp Bhd has abandoned its proposal to bring in a liftboat business nearly four years ago. Founder and group managing director Tan Sri A.K. Nathan had in 2020 proposed to inject Vahana Offshore (M) Sdn Bhd, a private entity that is involved in the liftboat business, into the company. (NST)

Minetech Resources Bhd's share price jumped as much as 12.5 per cent, to 20 sen today, on news that Sarawak Premier's son Abang Abdillah Izzarim Abang Abdul Rahman Zohari is now its executive chairman. It was the second most actively traded counter today, with some 153.8 million shares changing hands. (NST)

Aurelius Technologies Bhd (ATB) is purchasing a vacant piece of industrial land within the Kulim High-Tech Park, Kedah from Northern Technocity Sdn Bhd for RM12.15mil. In a filing with Bursa Malaysia, the electronics manufacturing services provider said the land, measuring 270,034 sq ft, will facilitate the company’s future strategic expansion plans. (TheStar)

Sasbadi Holdings Bhd will continue to look out for opportunities in the early childhood education (ECE) segment to diversify its business. The company believes this area of education holds big growth potential for itself. It wants to offer ECE classroom solutions which has a form of standardisation for kindergartens while ensuring specific learning goals are met, the company said in its 2023 Annual Report. (TheStar)

Source: New Straits Times, The Edge Markets The Star 04 January 2024