MY Morning Wrap | Johor Plantations Sets IPO at 84 Sen, Targeting RM735 Mln
Good morning mooers! Here are things you need to know about today's market:
●US Markets Surge After FOMC Leaves Rates Unchanged
●Bursa Malaysia Sees Net Inflow of Foreign Funds Amid Regional Outflow
●Stocks to watch: MAHB, Johor Plantations, BHIC
-moomoo News MY
Wall Street Summary
US markets surged on Wednesday after the Federal Open Market Committee (FOMC) left rates unchanged, pointing to about one cut this year. The $S&P 500 Index (.SPX.US)$ climbed past a record by 1.23%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.57%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.43%. The indexes gapped higher Wednesday morning, with the Dow jumping 500 points overnight.
Breaking News
Bursa Malaysia Sees Net Inflow of Foreign Funds Amid Regional Outflow
Bursa Malaysia saw a net inflow of foreign funds amidst an outflow of funds in other regional markets, according to MIDF Research. Foreign investors net bought RM535 million in local equities during the holiday-shortened week, with net buying recorded in three out of the four trading days. Foreign investors stepped up buying utilities counters with RM167.5 million net of purchases, followed by transport and logistics with RM134.5 million and technology with RM115.7 million. Sectors that saw the most net foreign sales were plantations with RM108.2 million, telecommunications and media with RM32.1 million, and energy with RM22.4 million. Local institutions were net sellers of RM293.5 million of Bursa Malaysia equities, while local retailers turned net sellers of RM242.5 million of equities.
Stocks to Watch
$JPG (5323.MY)$: Johor Plantations Group's upcoming initial public offer (IPO) on the Main Market of Bursa Malaysia is expected to raise a total of RM735 million. Approximately RM345.2 million will be raised through an offer for sale of 411 million existing shares held by its sole shareholder, Kulim (Malaysia) Bhd. The remaining RM389.8 million will be raised through a public issue of 464 million new ordinary shares in JPG. Kulim will retain a 65% stake in JPG upon listing on July 9, while the IPO will offer investors up to 35% of JPG's enlarged share capital. The public issue portion of the IPO is open for public application and will close on June 24.
$AIRPORT (5014.MY)$: Malaysia Airports Holdings has announced that one of the four pre-conditions for its RM10.79 billion proposal to privatise the airports operator has been fulfilled. MAHB said the General Authority for Competition of Saudi Arabia has issued a certificate confirming that the deal does not require notification to the competition authority. This fulfils the pre-condition related to GAC. The other pre-conditions required for the privatisation deal are approvals from the Malaysian Aviation Commission, Turkish Competition Authority, and Egyptian Competition Authority. Last month, a consortium dubbed Gateway Development Alliance announced a conditional voluntary offer to acquire all the remaining shares in MAHB not already held by them at RM11 per share in cash and delist the company.
$BHIC (8133.MY)$: Boustead Heavy Industries has secured a RM1.1 billion contract from the Ministry of Defence to provide in-service support 2 performance for the Royal Malaysian Navy's prime minister class submarines. A formal contract between the government and BHIC's wholly owned subsidiary, BHIC Submarine Engineering Services, will be executed at a later date. The Armed Forces Fund Board (LTAT) owns 64.99% of BHIC via Boustead Holdings. LTAT fully owns Boustead following a privatisation exercise last year.
$MALTON (6181.MY)$: Tycoon Desmond Lim has trimmed his stake in Malton Bhd, selling 2.75% of his stake comprising 14.5 million shares held indirectly through Malton Corp on the open market. The block of shares was sold in two tranches, with a total sale amounting to approximately RM7.54 million based on the closing prices of the two trading days. After the share sale, Lim now holds a 4.3% direct stake and a 36.62% indirect stake through Malton Corp. The move came a day after the counter charted a new 30-month high.
$YNHPROP (3158.MY)$: YNH Property has appointed UHY as a special independent reviewer to assess certain joint venture (JV) and turnkey contracts entered into by its unit, Kar Sin. The independent assessment was initiated after its former statutory auditor, Baker Tilly Monteiro Heng, issued a qualified opinion on a sum totalling RM1.1 billion paid in respect of JV and turnkey contracts entered into between JV parties or landowners for property development work. YNH Property said UHY will start its work immediately and complete the assessment within three months. The move comes after Kar Sin was found disposing of a piece of land to Sunway Bhd’s unit for RM170 million cash in May last year.
$IQZAN (7183.MY)$: Iqzan Holding has secured a construction project worth approximately RM143 million through its subsidiary, Kacon Construction. The project involves the construction of a 24-storey office building on Jalan Tun HS Lee in Malaysia.
$EIB (0255.MY)$: Ecoscience International has secured a RM61.8 million contract for the construction of a crude palm oil (CPO) pretreatment plant and a plant, machinery, and equipment (PME) plant in Port Dickson. The contract was awarded to its wholly owned subsidiary, Ecoscience Manufacturing & Engineering, by Oiltek. The scope of work includes engineering, procurement, construction, and commissioning of civil and structural works for a CPO pretreatment plant and a PME plant, along with auxiliary buildings at the Port Dickson refinery.
$PENERGY (5133.MY)$: Petra Energy has secured a letter of award from Petronas for a 10-year period until June 2034 in relation to the Banang Late Life Asset Production Sharing Contract. The letter of award was given to its unit, Petra Energy Development, and did not state a fixed value. The contract will run from June 1, 2024, until June 1, 2034.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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