Digi.Com Bhd has obtained a three-month extension from the Securities Commission Malaysia (SC) in relation to seeking the authority’s approval for the cellular services provider to merge with Celcom Axiata Bhd. In a filing with Bursa Malaysia, Digi said it first applied for SC’s approval for the proposed merger on Jan 28 this year. As six months have lapsed from the date of application, the group will be required to submit a new application if it intends to proceed with the proposal. (TheEdge)
IHH Healthcare Bhd (IHH) and PT Prodia Widyahusada Tbk (Prodia) have signed a memorandum of understanding (MoU) to provide options for comprehensive healthcare services to Prodia customers seeking medical treatment in Malaysia. IHH's partnership with Prodia, Indonesia's largest laboratory chain, is expected to optimise the management of patients who require clinical laboratory examination services before and after consulting a doctor. (NST)
G Capital Bhd's subsidiary, Solarcity Malaysia Sdn Bhd (SMSB), has entered into a solar power purchase agreement (PPA) with Federal Packages Sdn Bhd (FP) for a solar photovoltaic (PV) project in Penang. Under the PPA, SMSB will design, construct, install, own, operate and maintain a PV energy generating system with a capacity of 5,500 kilowatt-peak (kWp) at the premises of FP. (NST)
Aemulus Holdings Bhd's subsidiary secured new orders worth about RM37.9mil from existing customers in Malaysia for automotive device tests systems. In a filing with Bursa Malaysia, the group said the revenue from the new orders will be recognised progressively upon delivery of the systems. It said the orders are expected to be fulfilled from August 2022 to June 2026. (TheStar)
Lotte Chemical Titan Holding Bhd, which posted a net loss of RM145.92mil for the second quarter ended June 30, 2022, expects the business environment to remain challenging in the near future. (TheStar)
Former senior vice president of CIMB Investment Bank Bhd Datuk Yoong Leong Yan has been appointed as an executive director of Straits Energy Resources Bhd, effective August 1. In a Bursa Malaysia filing on Friday (July 29), Straits Energy Resources announced that Yoong will be in charge of the company’s corporate affairs in his new role. (TheEdge)
SKB Shutters Corporation Bhd has proposed to acquire a 9.81-acre piece of land in Eco World Development Group Bhd's (EcoWorld) business park for a cash consideration of RM36 million. In a Bursa Malaysia filing on Friday (July 29), the group said its wholly-owned subsidiary SKB Shutters Manufacturing Sdn Bhd (SKBSM) has acquired the land from Paragon Pinnacle Sdn Bhd (PPSB), a 60%-owned subsidiary of EcoWorld. (TheEdge)
Construction and property group Ireka Corp Bhd said a subsidiary had applied with the High Court be placed under judicial management. Judicial management refers to a method of debt restructuring for companies under financial distress. It involves the appointment of an independent judicial manager to manage the affairs of the company, in a move to prevent the company from being wound up. (TheEdge)
AMMB Holdings Bhd’s 51% subsidiary AmGeneral Holdings Bhd (AGHB) has completed the sale of AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB) for RM2.29bil. This follows the regulatory approval from the Minister of Finance and the signing of the share sale and purchase agreement with LIB, AmBank Group said in a statement, Bernama reported. (TheStar)
The earnings impact from the implementation of the Generational End Game policy on British American Tobacco (Malaysia) Bhd (BAT) will be mild in the early stages, said Hong Leong Investment Bank Bhd (HLIB Research). The bank-backed research firm said BAT has been cautiously optimistic about its prospects on the back of recovering cigarette sales in Malaysia in the endemic phase. (NST)
Malaysia Airports Holdings Bhd (MAHB) will be implementing the Airport Collaborative Decision-Making (A-CDM) integrated system to increase the operational efficiency at the Kuala Lumpur International Airport. A-CDM integrates the operations of the airport, air traffic control, airlines and ground handlers via a unified platform, enabling collaborative decision-making and common situational awareness, as well as maximising the exchange of information. (TheStar)
Pavilion Real Estate Investment Trust (REIT) is expected to continue to benefit from rising footfall as its latest earnings revealed a recovery due to the improving economy and elevated retail sales from the Aidil Fitri festivities. For 2QFY22, Pavilion REIT reported core profit of RM55mil, which brough 1H22 earnings to RM120mil. (TheStar)
Unisem (M) Bhd is keeping to a positive outlook despite the economic and geopolitical uncertainties, interest rate concerns and global supply chain disruptions. In a filing with Bursa Malaysia, the group reported a leap in earnings and revenue for the quarter ended June 30, 2022, and said its performance for the coming quarter is expected to be satisfactory. (TheStar)
Hong Leong Investment Bank (HLIB) Research has maintained its “hold” rating of Westports Holdings Bhd at RM3.49 with a lower target price of RM3.75 (from RM4.27), and said Westports’ 2Q22 core PATAMI of RM167.1 million (+1% q-o-q; -6% y-o-y) brought 1H22’s sum to RM332.1 million (-5% y-o-y), which was within both the house (48%) and consensus estimates (51%). (TheEdge)
RHB Retail Research said Tomei Consolidated Bhd is set to resume its recent uptrend rebound after it broke above the 83.5 sen immediate resistance on Thursday, printing a fresh “higher high” bullish pattern. (TheEdge)
RHB Retail Research said YX Precious Metals Bhd is set for an uptrend reversal after breaking above the 19 sen immediate resistance on Thursday, coupled with strong trading volumes. In a trading stocks note on Friday (July 29), the research house said if the breakout sustains, the bullish bias above that level may propel the stock towards the 22 sen mark, and then the 24.5 sen threshold. (TheEdge)
Source: New Straits Times, The Edge Markets, The Star 29 Jul 2022
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