MQ Market Updates - 07 June 2024

MQ Trader

Publish date: Fri, 07 Jun 2024, 05:13 PM

Go Hub Capital Bhd has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd in conjunction with its Initial Public Offering (IPO) on the ACE Market of Bursa Malaysia. (TheStar)

Sabah-based integrated property developer KTI Landmark Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 8.14 times. In a statement on Friday, KTI said a total of 6,912 applications seeking 365.69 million new shares were received from the Malaysian public for 40 million new shares that were made available for public subscription. (TheEdge)

Shares in Jati Tinggi Group Bhd skyrocketed to new heights following the announcement of a RM25.5 million contract win from Tenaga Nasional Bhd (TNB). At 9.04 am today, Jati Tinggi shares surged by as much as 24 per cent, reaching 44 sen before slightly retracing to 40 sen per share at 9.15 am. (NST)

Malaysian Genomics Resource Centre Bhd's (MGRC) subsidiary MGRC Therapeutics Sdn Bhd has formed a partnership with Korean healthcare solutions provider Dx&Vx Co Ltd (DXVX) for genomic testing services. MGRC said the companies aim to drive the development and supply of advanced genomic testing services, setting new benchmarks in the field of genomic analysis and digital healthcare. (NST)

Public Bank Bhd (KL:PBBANK) has received approval from the State Securities Commission of Vietnam (Vietnam SSC) to acquire RHB Bank Bhd’s (KL:RHB) stockbroking firm in Vietnam for RM72.55 million. (TheEdge)

MSM Malaysia Holdings Bhd (MSM) aims to explore upstream integration, with plans to secure raw sugar sustainably to meet long-term operational demands. In a statement, the group said the initiative highlighted the company’s dedication to ensuring a stable supply chain and driving sustainable business practices. (TheStar)

HSS Engineering Bhd is expanding its international operations and aims to have the venture account for 25 per cent of its total income by 2027. The company wants to use its infrastructure engineering experience to support rising economies in South Asia, the Middle East and North Africa (MENA), and the ASEAN area, according to executive vice chairman Tan Sri Ir. Kuna Sittampalam. (NST)

Sarawak Energy Bhd (SEB) representatives paid a courtesy call to the New Straits Times Press (NSTP) Group here today to further strengthen the relationship between the two companies and explore new collaboration opportunities. (NST)

Knusford Bhd (KL:KNUSFOR) is set to record a net gain on disposal of approximately RM11.66 million from the proposed sale of land in Shah Alam to Emerald Plan Sdn Bhd for RM28 million cash. In a circular to shareholders on Friday, Knusford said the potential disposal is an opportunity to unlock the value of its investment in the property at a fair valuation, as well as monetise the non-core asset. (TheEdge)

Duopharma Biotech Bhd aims for a 10% revenue growth this year, up from RM704.73mil achieved in the financial year ended Dec 31, 2023. Group managing director Leonard Ariff Abdul Shatar said the higher target for 2024 would be driven by both public and export portfolios. (TheStar)

Analysts are largely bullish about the prospects of QL Resources Bhd, underpinned by the group’s positive outlook on its respective business divisions. Aside from its integrated livestock-segment, the group is also involved in the production of marine products, convenience stores by way of the Family Mart chain, as well as palm oil and clean energy. (TheStar)

Source: New Straits Times, The Edge Markets The Star 07 June 2024