AirAsia X Bhd (AAX) has appointed Farouk Kamal as independent non executive director effective immediately following the company's recent confirmation of a new strategy to transform low-cost, long-haul air travel. Farouk is currently the chief investment officer of Urusharta Jamaah Sdn Bhd (UJSB) where he is part of the pioneer team responsible for the management of assets worth over RM10 billion. (NST)
Malaysian Genomics Resource Centre Bhd (MGRC) has acquired a 51 per cent stake in Aquahealth Sdn Bhd, a kidney dialysis operator, from Rinani Renal Bhd. Aquahealth is establishing a kidney dialysis centre in Gombak, Selangor, with the license to operate the centre owned by the Malaysia International Islamic Chamber of Commerce. (NST)
MN Holdings Bhd (MNHB) has secured four new contracts for its substation engineering and underground utilities services and solutions business segments worth a total of RM27.0 million combined. The contracts are expected to contribute positively to the revenue and earnings of the company for the financial years ending June 30, 2023 (FY23) and FY24, as well as to the future earnings and net assets per share during the duration of the contract. (NST)
Sedania Innovator Bhd has bagged the Most Innovative Islamic Trading Platform — Tawarruq 2022 award by London-based business and finance magazine International Finance. In a statement on Thursday (June 23), Sedania’s fintech subsidiary Sedania As Salam Capital Sdn Bhd was recognised for its patented digital fintech platform, As-Sidq, in supporting the Islamic financing requirements of the financial services industry. (TheEdge)
Permaju Industries Bhd has entered into a memorandum of understanding (MoU) with the Malaysian Cocoa Board (MCB) to collaborate on the development of cocoa smart farming (CSF). In a bourse filing on Thursday (June 23), Permaju said its unit Genbayu Gemilang Sdn Bhd had entered the deal to jointly develop it’s 100-hectare plantation in Mukim Setul, Negeri Sembilan. (TheEdge)
Convenience store operator 7-Eleven Malaysia Holdings Bhd is aiming to expand its own cafe store count to between 100 and 150 by this year, up from 28 currently. Dubbed 7CAFé, the group has budgeted an investment of between RM450,000 and RM550,000 for each new cafe opening in a bid to reach the target, its co-chief executive officer Wong Wai Keong told The Edge following the launch of its flagship 7CAFé by 7-Eleven outlet in Puchong, Selangor. (TheEdge)
TDM Bhd is optimistic about its outlook supported by twin growth from its major segments, namely, plantation and healthcare, for the current financial year. Chairman Raja Datuk Idris Raja Kamarudin said that stepping into the second year of the company's five-year strategic business plan, TDM is shifting into higher gears to capitalise on favourable macro trends in both plantations and healthcare industries. (NST)
Bioalpha Holdings Bhd and Suzhou Medialsystems Technology (SMT) have entered into a joint venture (JV) to supply health supplement products to the Chinese market. The company said SMT had agreed to invest Renminbi six million in the JV for working capital. The JV will initially utilise four key proprietary formulations, perfected by Bioalpha over the years to produce supplements that will cater for immunity boosters, general well-being and anti-ageing requirements. (NST)
The addition of a new foreign carrier and the recommencement of five other airlines last month has boosted international traffic recovery at Malaysia Airports Holdings Bhd's (MAHB) local network of airports. MAHB recorded a total of 1.03 million international passenger movements in Malaysia last month, hitting the 1-million mark for the first time since March 2020, when borders closed. (NST)
Tuju Setia Bhd is tendering for projects to build high-rise industrial buildings, hospitals, and healthcare facilities worth RM2.8 billion. Managing director Wee Eng Kong said there were still active tenders for important buildings despite the higher prices of building materials such as steel and concrete. (NST)
Maybank Investment Bank Bhd (Maybank IB) expects a stronger financial outlook for Cypark Resources Bhd upon completion of large-scale solar 2 (LSS2), LSS3 and waste-to-energy projects this year. The bank-backed research firm said the construction for the company's WTE project in Ladang Tanah Merah had been completed for some time. However, the facility is currently in the final stage of testing and commissioning (T&C), while its waste segregation plant (WSF) is undergoing a trial operation stage. (NST)
Mercury Securities Bhd is optimistic about Orgabio Holdings Bhd owing to its expansion plans, good track record, and growing beverage production and sales in Malaysia. The research firm stated that the company plans to construct a new factory in Semenyih by August 2023 and purchase new machinery to reduce reliance on manual labour while enhancing manufacturing capacity. (NST)
The Kuala Lumpur High Court yesterday ruled that the status quo of Caely Holdings Bhd's board of directors remains until the hearing on August 3. The company said the court has directed that the current position of the board shall be maintained as that prior to the extraordinary general meeting (EGM) convened on June 15. (NST)
IJM Corp Bhd has appointed Datuk Wong Tuck Wai as CEO of IJM Land Bhd and Vino Kumar Selvabalakrishnan as CEO of Kuantan Port Consortium Bhd. It said in a statement that the appointments will be effective on July 1 and June 27, 2022, respectively. (TheStar)
UMW Holdings Bhd’s wholly-owned unit UMW Aerospace Sdn Bhd was awarded with the “Supplier Best Practice Award” at the recent Rolls-Royce Global Aerospace Supplier Conference 2022 in the UK. (TheEdge)
TA Securities has derived a fair value of 88 sen for Seng Fong Holdings Bhd (SFHB), pegging a price-earnings multiple of 11.6 times calendar year 2023 earnings per share, representing a 20% discount to its regional peers’ market cap weighted average price-earnings ratio of 14.6 times for its relatively small market cap. (TheEdge)
Hong Leong Investment Bank (HLIB) Research has raised its fair value (FV) for Focus Lumber Bhd (FLB) to RM2.26 (from RM1.98) and said despite the shipment delay due to US port congestion, FLB’s 1QFY22 results were above house expectations.
RHB Retail Research said Rohas Tecnic Bhd is staging a rebound as it bounced off strongly from the 21-day average line for two consecutive sessions, when it pushed past the 30 sen threshold on Wednesday. (TheEdge)
RHB Retail Research said Mestron Holdings Bhd is poised to resume its uptrend after it re-attempted to hit the immediate resistance of 34.5 sen on Wednesday, coupled with high trading volume. (TheEdge)
Source: New Straits Times, The Edge Markets, The Star 23 Jun 2022
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