Capital markets news summary for Mon 27 Feb 2023 Cautious trading in Bursa this week Geopolitical risk arising from China’s reported increase in support for Russia and hawkish US Federal Reserve pushing up rates will weigh on regional risk sentiment with investors shifting to safe-haven trades. As such, the FBM KLCI will move within a…
Capital markets news summary for Fri 24 Feb 2023 Dairy Farm sells Giant to Malaysian investors The London, Singapore and Bermuda-listed company entered into an agreement to sell its Malaysian food business. Since entering the Malaysian market in 1999, it now operates 40 Giants hypermarkets, 40 Giant Mini stores, 8 Mercatos, 2 Cold Storages and…
Capital markets news summary for Thu 23 Feb 2023 Gamuda buys Australian transport projects for AUD212m The company signed the agreement with Downer EDI Works Pty Ltd and VEC Civil Engineering Pty Ltd to acquire the business which provides civil construction services with specialist rail capability. The purchase price equivalent to RM636m will be paid…
Capital markets news summary for Wed 22 Feb 2023 AAX posts RM153m net profit with 50% fleet activated The results for the quarter ended 31 Dec 2022 showed revenue increasing to RM339.3m by carrying 337,638 passengers. Average base fare was a record high of RM866 supported by pent up demand for air travel post-Covid. Ancillary…
Capital markets news summary for Tue 21 Feb 2023 WCE Holdings selling property development company to IJM for RM494m The company – which is 26.65% owned by IJM – is the developer of the RM5.044b West Coast Expressway from Banting, Selangor to Taiping Selatan, Perak. Construction is at 82% and 4 of the 11 sections…
Capital markets news summary for Mon 20 Feb 2023 CPO futures to trade lower this week The active month of May 2023 crossed RM4,000 per tonne – the first time since 9 Jan –driven by Indonesia’s policy of suspending the unutilised export permits to safeguard the domestic supply of cooking oil during ramadhan. The strong…
Capital markets news summary for Fri 17 Feb 2023 Fitch reaffirms Malaysia’s BBB+ rating The rating reflects a diversified economy with strong medium-term growth prospects against high public debt, low revenue base relative to operating expenditure and political instability that hinders long-term policy-making. The rating agency projects gross domestic product (GDP) growth at 4% in…
Capital markets news summary for Thu 16 Feb 2023 Malaysia’s 2P petroleum reserves at 6.9b barrels, 61% in Sarawak 4.2b probable and proven (2P) barrels of oil equivalent are in Sarawak while 1.3b are in Sabah. 2P reserves have more than 50% chance of being technically and economically possible to be produced. Although the country’s…
Capital markets news summary for Wed 15 Feb 2023 TIME investors concerned about losing growth catalyst with sale of data centre The company filed with Bursa on 22 Nov 2022 that it will divest 49% of the ordinary shares and 100% of the irredeemable convertible preference shares in AIMS Data Centre Holdings and 21% in…
Capital markets news summary for Tue 14 Feb 2023 Hong Seng expands further into EV The company with businesses in glove manufacturing, healthcare services and supplies and moneylending is acquiring Alliance EV from CSH Alliance for RM20m. Alliance EV is collaborating with BYD Malaysia for the distribution of the BYD T3 commercial electric van, the…