MY Morning Wrap | Ocean Fresh Makes Strong Debut on Bursa Malaysia's ACE Market
Good morning mooers! Here are things you need to know about today's market:
●US Nonfarm Payrolls Report for June to be Released on Friday
●Malaysian Palm Oil Prices Risk Uncompetitiveness Without Windfall Profit Levy Revision, Says Minister
●Stocks to watch: Ocean Fresh, Keyfield, Awantec
-moomoo News MY
Wall Street Summary
US June's nonfarm payrolls report will be released at 8:30am ET this Friday. The median forecast of analysts for the June nonfarm employment is 189K, down from 272K in May. The unemployment rate is expected to remain at 4.0%.
Breaking News
Malaysian Palm Oil Prices Risk Uncompetitiveness Without Windfall Profit Levy Revision, Says Minister
The price of palm oil in Malaysia risks becoming uncompetitive compared to other producing countries if the windfall profit levy (WPL) on palm oil is not revised, according to Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. The Ministry of Plantation and Commodities will examine and review the WPL, with findings to be submitted to the Ministry of Finance (MOF). Johari said the cost structure of RM1,800 for producing one metric tonne of palm oil is no longer appropriate when the market trades at about RM3,800 to RM3,900. Without a revision of the WPL, palm oil prices could become uncompetitive, he warned.
Stocks to Watch
$OFB(0312.MY$: Frozen seafood processor and trader Ocean Fresh Bhd made a strong debut on the ACE Market of Bursa Malaysia, opening at 85 sen per share, 204% above its initial public offering (IPO) price of 28 sen. The most active counter on Bursa Malaysia with 93 million shares traded, Ocean Fresh raised approximately RM14.01mil from its IPO exercise via the issuance of 50.05 million new ordinary shares at an issue price of 28 sen per share. The group intends to use RM8mil as capital expenditure for its new cold storage facility in Kuantan, Pahang, while another RM2.51mil will be used for working capital requirements.
$KEYFIELD(5321.MY$: Oil and gas service company Keyfield International Bhd's wholly-owned subsidiary, Keyfield Offshore Sdn Bhd, has secured two contracts worth RM40 million to supply accommodation workboats for Hess Exploration and Production Malaysia BV's offshore operations. The contracts involve providing an accommodation work barge and an anchor handling tug supply vessel for a charter period of five months and six months, respectively. The contracts commenced in June 2024 and July 2024.
$AWANTEC(5204.MY$: AwanBiru Technology Bhd, a technology and talent digitalisation enabler, has secured a RM25.69 million contract from the Ministry of Education (MOE) to provide cloud-based solutions such as Google Workspace for Education and Google Cloud Platform to all schools under the MOE. The project aligns with Awantec's strategic goals and is expected to contribute to the company's growth and success.
$MMAG(0034.MY$& $CAPITALA(5099.MY$: MMAG Holdings Bhd has announced that its 80%-owned cargo unit, MJets Air Sdn Bhd, has signed a cargo interline agreement with Capital A Bhd's logistics arm, Teleport Everywhere Pte Ltd. The agreement will allow MJets and Teleport to carry out each other's cargo shipments on designated routes, with charges determined based on the actual completed transport by each party during the duration and validity of the agreement. The initial agreement is valid for one year and both parties have the option to extend for an additional year.
$TOYOVEN(7173.MY$: Toyo Ventures Holdings Bhd has confirmed the termination of the Song Hau 2 thermal power plant project by the Vietnamese government. The company's wholly-owned subsidiary, Song Hau 2 Power Company Ltd, received the termination letter from Vietnam's Ministry of Industry and Trade on July 1. This news caused the company's share price to plunge to its lowest in over a month on Thursday.
$MUDAJYA(5085.MY$: Mudajaya Group Bhd has announced that its former employee, Michael Chua Khian Keng, has filed an appeal on July 1 to challenge the High Court's decision in the civil suit brought against him by the group. The court had ruled on June 7 that Chua and his wife, Tan Kah Lua, are liable to pay RM43.55 million in relation to an acknowledged debt to Mudajaya. The group has also filed an appeal against part of the court's decision, but did not provide further details.
$GHLSYS(0021.MY$: NTT DATA Japan Corp has acquired 92.71% of GHL Systems Bhd's total issued shares as of July 4, giving the Japanese company control of the Malaysian payment solutions provider. The acquisition paves the way for GHL to be delisted from Bursa Malaysia. The offer to acquire GHL shares will remain open for acceptances until July 9. CIMB Investment Bank, acting on behalf of NTTD Japan in its privatisation bid, stated that the offeror does not intend to maintain GHL's listing status on the Main Market.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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104327919 : price high
ocean66 : $OFB (0312.MY)$ don’t disappointed your investors![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")