HE Group Bhd's initial public offering (IPO) has been oversubscribed by 63.35 times by the Malaysian public ahead of its listing on the ACE Market of Bursa Malaysia on Jan 30. The 22 million IPO shares made available for the Malaysian public received a total of 12,201 applications for 1.42 billion IPO shares, valued at RM396.37 million, representing an overall oversubscription rate of 63.35 times, said HE Group in a statement on Monday. (TheEdge)

TAS Offshore Berhad (TAS) via its wholly-owned subsidiary has secured shipbuilding contracts for three units of tugboats with a total value of approximately RM22.6 million. In a bourse filing on Monday, the company said the contracts were signed with an existing customer from Indonesia. (TheEdge)

Supreme Consolidated Resources Bhd plans to invest RM13mil in a new warehousing and cold storage facility for the expansion of its food and beverage (F&B) business, says chairman Datuk Ibrahim Baki. He said the group is in the midst of identifying a suitable industrial land in Demak Laut Industrial Park for the new facility with a built-up area of 2,000 sq m. (TheStar)

Avaland Bhd (formerly MCT Bhd) launched the second phase of its Casa Embun project at its 417-acre Cybersouth township development in Dengkil, Selangor, on Jan 13. The recent launch follows the success of Casa Embun Phase 1, which has achieved a take-up rate of more than 85% since it was launched in January 2022, according to a statement dated Jan 16. The statement added that the launch event, which was held at the Cybersouth Sales Village and in conjunction with the Cybersouth Carnival organised by Avaland, saw over 300 attendees. (TheEdge)

Matrix Concepts Holdings Bhd is expected to surpass its RM1.3 billion sales target for the fiscal year that ends on March 31, 2024 (FY24), partly supported by its most recent project, Levia Residence. According to its chief executive officer, Chai Keng Wei, Levia Residence's distinct differentiators and strategic planning are in line with consumer preferences. (NST)

Bintai Kinden Corp Bhd believes that it has solid grounds to claim at least RM393 million from Kolej Teknologi Islam Melaka Bhd (KTIMB) with regards to its default on the University Islam Melaka (Unimel) hostel project. Managing director and chief executive officer Datuk Tay Chor Han said despite the potential termination of the concession as per clause 11 of the concession agreement (CA), the company remains optimistic about the project and desires a swift and amicable resolution with KTIMB and the Melaka state government. (NST)

ACE Market-bound AGX Group Bhd is poised for a better year in 2024, following an improvement in its working capital and operational efficiency amid a recovery in the logistics industry, says executive director and chief executive officer Datuk Ponnudorai Periasamy (pic). The freight forwarding and aerospace logistics provider has a strong presence in five countries in the South-East Asia region. (TheStar)

PGF Capital Bhd's net profit rose over twofold in the third quarter ended Nov 30, 2023 (3QFY2024) to RM5.4 million from RM2.03 million a year ago, driven by higher revenue. Earnings per share increased to 3.3 sen from 1.27 sen, according to the glass mineral wool insulation maker's stock exchange disclosure. (TheEdge)

YNH Property Bhd and Sarawak Consolidated Industrial Berhad (SCIB) have emerged among the top active stocks on Bursa on Monday, posting record levels of trading activity. At the time of writing, YNH Property, the property developer linked to prominent investor Datuk Dr Yu Kuan Chon, witnessed an all-time high trading volume of 218.95 million shares — exceeding 166 times its one-year daily average of 1.32 million shares. (TheEdge)

AmInvest Research expects Ancom Nylex Bhd to register a stronger revenue and profit in the second half of financial year 2024 (2H24) compared with 1H24. This will be supported by potential monosodium methanearsonate (MSMA)-related trade diversions and commercialisation of Product T, the research house noted. (TheStar)

Petronas Dagangan Bhd’s (PetDag) system is set for the implementation of diesel subsidy rationalisation, with no impact on sales volumes given that it is an essential fuel item, Kenanga Research said on Monday. The investment bank said this is also evident from historical data, when petrol and diesel prices were floated in 2019, with no material impact on PetDag’s retail sales volumes. (TheEdge)

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

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