MY Morning Wrap | Foreign Investors' Inflows Moderated at RM246.3 Million Last Week

The $S&P 500 Index(.SPX.US)$ fell 0.5% to 4,569.78 while the $Dow Jones Industrial Average(.DJI.US)$ slipped 0.1% to 36,204.44. The $Nasdaq Composite Index(.IXIC.US)$ declined 0.8% to 14,185.49.

$UMW(4588.MY)$: UMW Holdings Bhd has proposed to dispose of a 22.22-acre industrial leasehold land located within the UMW High Value Manufacturing Park in Serendah, Selangor, to Perusahaan Otomobil Kedua Sdn Bhd (Perodua) through a related party transaction. The sale will be carried out by UMW Development Sdn Bhd, a wholly-owned subsidiary of UMW, and the purchasing party is Perodua's wholly-owned unit, Perodua Sales Sdn Bhd. The transaction will be made in cash for RM52.27 million.

$MALAKOF(5264.MY)$: Malakoff Corp Bhd has partnered with Abu Dhabi Future Energy Company PJSC (Masdar) to identify investment and development opportunities in solar photovoltaic power plant projects, targeting an aggregate capacity of up to 1,000MW. The collaboration aims to explore potential renewable energy projects in Peninsular Malaysia through conducting technical and commercial assessments of specified projects. Both companies will work together on the development, implementation, and management of these projects, including financing arrangements in compliance with the renewable energy transition.

$EDGENTA(1368.MY)$: UEM Edgenta Bhd's indirect wholly-owned subsidiary, Edgenta International Investments LLC (EII), has signed a sale and purchase agreement and shareholders' agreement with UAE-based NW Kaizen Holding Ltd to acquire a 60% equity interest in Kaizen Owner Association Management Services LLC (KOA) and Kaizen AMS Property Supervision LLC. The acquisition will be for AED43.2 million (RM55.1 million) in cash.

$CYPARK(5184.MY)$: Cypark Resources Bhd has signed a memorandum of understanding (MOU) with Abu Dhabi Future Energy Company PJSC (Masdar) to explore various renewable energy projects in Malaysia. The investment vehicle of the government of Abu Dhabi, Masdar is owned by Mubadala Investment Company PJSC, Abu Dhabi National Oil Company (ADNOC), and Abu Dhabi National Energy Company PJSC (TAQA), mandated to generate sustainable economic benefits for the United Arab Emirates.

$SCIB(9237.MY)$: Sarawak Consolidated Industries Bhd (SCIB) has secured a sub-contract worth approximately RM16.8 million for a construction project commissioned by the Sarawak police air operation force. SCIB announced that its wholly-owned subsidiary, SCIB Industrialised Building System Sdn Bhd, received the contract from S&I Urban Designers Sdn Bhd for the supply of precast components for the apron and taxiway of an airbase.

$UMC(0256.MY)$: UmediC Group Bhd (UMC) reported a 5.6% year-on-year decline in net profit for the first quarter ending on October 31st, 2023 (1QFY2024), despite higher revenue due to increased tax expenses and a rise in expenses. The medical devices manufacturer's net profit fell from RM2 million or 0.54 sen per share a year ago to RM1.88 million or 0.51 sen per share during the quarter under review. Despite quarterly revenue rising by 28.37% to RM14.52 million from RM11.31 million during the previous corresponding quarter, gross profit only increased by 21.77% to RM4.66 million from RM3.83 million. The cost of sales rose by 31.75% to RM9.86 million from RM7.48 million due to higher marketing, administrative and other expenses. During the same period, taxation doubled to RM531,000 from RM247,000 in the previous year.

$EITA(5208.MY)$: EITA Resources Bhd announced that its subsidiary, TransSystem Continental Sdn Bhd (TSC), has secured a contract from Tenaga Nasional Bhd (TNB) to rehabilitate the main intake substation in Gurun (Rehab), Kedah for RM56.31 million. TSC, in which EITA holds a 60% stake, received the letter of acceptance from TNB for the project titled "rehabilitation of PMU 132/11kV Gurun (Rehab), Kedah". The contract will take effect at the end of November 2023 and last for two years, spanning over 730 days.

$BIOHLDG(0179.MY)$: Bioalpha Holdings Bhd announced that its wholly-owned subsidiary has been appointed by the Langkawi Development Authority (Lada) to develop and operate a 7.98-acre agro park located in Bandar Padang Mat Sirat, Langkawi. Lada, which owns the land and is an agency under the Ministry of Finance responsible for boosting tourism in Langkawi, will grant Bioalpha Wellness the rights to use the land for 30 years. Bioalpha Wellness will provide Lada with a fixed annual fee, quit rent, and assessment, while investing at least RM15 million in the project, to be funded by internally generated funds and bank borrowings.

$HBGLOB(5187.MY)$: The proposed acquisition of KK Fresh Frozen Sdn Bhd, a frozen meat and poultry products trader, by HB Global Ltd for RM30 million has collapsed due to the non-fulfilment of specified conditions precedent within the conditional period. On Monday, HB Global, a company engaged in trading frozen meat and poultry products, announced that the share sales agreement related to the proposed acquisition has been automatically terminated due to the non-fulfilment of the conditions precedent within the specified period.

$LAMBO(0018.MY)$: Information technology service provider, Lambo Group Bhd, no longer has Morgan Stanley & Co International plc as a substantial shareholder after the latter sold off all its holdings. On November 30th, Morgan Stanley sold its entire shareholding of 188.82 million shares, representing a 12.26% stake in the Guidance Note 3 (GN3) company.

$KANGER(0170.MY)$: Kanger International Bhd's executive director and largest shareholder, Kuah Choon Ching, has sold his entire stake in the company. The stake held 74.05 million shares, or 12.28% of the construction outfit, which he disposed of through the open market on November 30th. Following the transaction, Kuah is no longer a substantial shareholder in the company. Based on the filing made, it was revealed that the block of shares was sold at a price tag of seven sen per share, fetching RM5.18 million for the executive director.