Nova Wellness Group Bhd's earnings before interest, taxes, depreciation and amortisation (Ebitda) margins is expected to revert to between 46-48 per cent in the financial year 2023 (FY23) from 45 per cent in FY22. Kenanga Research said this was due to the absence of start-up costs incurred arising from commercial production of its new plant. (NST)
MISC Bhd is expected to have a better second half of 2022 (2H22) performance driven by stronger petroleum earnings as freight rates recover, according to Affin Hwang Capital. The research house said spot liquefied natural gas (LNG) shipping rates had been on the rise, driven by the tighter tanker market, higher European Union (EU) exports amid ongoing Russia sanctions. This positive trend is expected to continue, supported by higher tonne-mile and long-haul demand as the EU pivots away from Russian gas supply. (NST)
Shamsul Anuar Ahamad Ibrahim has been redesignated the independent non-executive chairman of Sarawak Consolidated Industries Bhd (SCIB) with immediate effect. According to the engineering and construction group, Shamsul was first appointed to the board of the company on Sept 1, 2015. He is a member of SCIB’s audit committee and remuneration and nomination committee as well as chairman of the risk management committee. (TheStar)
BT Capital Investment Ltd is contemplating proceeding with its suit against ILB Group Bhd and its board of directors to block the purchase of commercial land, despite the fact that the transaction was already called off. In a statement on Tuesday (Oct 25), BT Capital Investment, a minority shareholder in logistics company ILB, said it considered going ahead with the suit as it claimed that the actions and conduct of ILB’s directors in the past month did not show that they upheld their duty of care and acted in the best interest of shareholders. (TheEdge)
HIL Industries Bhd is targeting RM43mil in sales from its Garden Homes at Amverton Links project in Klang following an improvement in sentiment in the property market, said managing director Datuk Milton Ng. He said the project, which will be developed on a "build first, then sell" concept received positive public response during its recent soft launch. (TheStar)
Tenaga Nasional Bhd's (TNB) foreign shareholding has inched up to 12.59% as at end-September after falling to a 13-year low of 11.28% in August, according to the national utility's foreign shareholding release. The rise in foreign shareholding at end-September follows several dips, with August being the lowest followed by April at 11.95%. In the two months prior, TNB's foreign shareholding was 12.12% in June and 12.25% in July. (TheEdge)
Berjaya Assets Bhd (BAssets), which owns the Berjaya Times Square (BTS) mall along Jalan Imbi here, said on Tuesday (Oct 25) BTS mall will continue building new business relations locally and abroad to increase occupancy rates of the 12-level 3.5 million sq ft shopping mall at a time when the operating landscape is expected to remain challenging. (TheEdge)
Sersol Bhd has been appointed by the Immigration Department of Malaysia (IDM) as an agent for the Malaysia Premium Visa Programme (PVIP), the company said on Tuesday (Oct 25). In a Bursa Malaysia filing, the coatings solutions provider said the appointment allowed the company to process up to three hundred applications on behalf of IDM. The appointment is valid for three years starting Oct 21, 2022. (TheEdge)
L&P Global Bhd has received approval to list on the ACE Market of Bursa Malaysia Securities Bhd, and is expected to be listed in the first quarter of 2023. In a media statement on Tuesday (Oct 25), L&P said the initial public offering (IPO) entails a public issuance of 113 million shares or 20.2% of its enlarged issued share capital. (TheEdge)
S P Setia Bhd’s substantial shareholder, the Employees Provident Fund (EPF), voted last Tuesday (Oct 18) in favour of the group’s proposed resolution to undertake a cash call to raise RM1.04 billion. The cash call via a renounceable rights issue of new class C Islamic redeemable convertible preference shares (RCPS-i C) was a proposed resolution at the group’s extraordinary general meeting (EGM) last Tuesday, EPF said in a voting decision notice published on its website. (TheEdge)
Source: New Straits Times, The Edge Markets, The Star 25 Oct 2022
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