Capital markets news | Mon 8 Apr 2024

Equity

• Main Market-bound Keyfield’s IPO oversubscribed 9.69 times Edge Star
• Alliance Islamic underwrites Farm Price ACE Market listing Edge NST
• TDM says no listing plan for its healthcare arm Edge NST
• KWAP becomes substantial shareholder of Farm Fresh with 5.07% stake Edge
• Investors in talks to help Elon Musk’s xAI raise USD3b Edge Mail
• HSBC’s top banker sees muted recovery for Hong Kong stock offerings Edge
• Thailand’s WYZauto gets USD2.25m funding from Vynn Capital and others Edge Star

Debt

• Sunway REIT’s MTNs assigned preliminary ratings of AA1(s) and AA2(s) RAM
• Kesturi’s senior sukuk AA- rating and junior bonds A- rating affirmed MARC
• Malaysia’s UOB Asset launches India bond fund before inclusion Edge
• KLCCP issues RM1.95b sukuk to fund purchase of 40% of Suria KLCC Edge NST
• Rush to cash will reverse a year after Fed rate cuts start Edge
• Thames Water’s parent company defaults on GBP400m debt Mail
• Italy expects debt to stay below 140% of GDP this year Star
• Riskiest junk bonds shunned in Europe on rising risk Star
• China central bank to set up USD70b tech re-lending programme Edge

Mergers and acquisitions

• Fast Energy pays RM14m for 28.15% stake in Vsolar via rights issue Edge
• Mah Sing buys Pulai land for RM103.7m in 2^nd purchase in 4 months Edge NST Star
• Zaiyadal buys major stake in halal ecosystem solutions specialist Serunai NST
• J&J boosts heart device business with USD12.5b Shockwave Medical deal Edge
• Mitsui, Rohto to buy Eu Yan Sang International in SGD800m deal Edge NST
• US-based GE Vernova completes spin-off from GE Star

Projects and business

• Haily wins RM60m housing job in Johor Edge
• UEM Edgenta wins RM963m hospital support services contracts in Singapore Edge NST Star
• Samsung to hike Texas chip spending to USD44b Edge

Economy and market news

• BNM’s international reserves at USD113.8b at 29 Mar NST Star
• State allocates RM1.08b for water pipe upgrade Star
• India seeks USD100b a year in FDI as it woos China hedgers Edge
• Attention on monetary policy decisions in major economies Edge
• Company execs not ready for game changer AI Mail
• Copper hits 14-month high on fund buying and softer dollar NST Star
• Singapore retail sales increase 8.4% in Feb Star

Legal and policies

• Govt to announce 5G dual network policy in 2Q2024 NST
• China PBOC buys gold for 17th month as prices hit record Edge
• Dutch set to comply with US’ demands on China exports Edge
• New solar panel trade fight looms Edge
• India ed-tech startup Byju breached loan terms, small stake sale blocked Edge
• Yellen says China is too big to export its way to rapid growth Mail
• Mining magnate Andrew Forrest urges China to demand greener nickel Edge