MY Morning Wrap | Sin-Kung Logistics IPO Oversubscribed by 26.5 Times
Good morning mooers! Here are things you need to know about today's market:
●Market Stays Positive on Monday, Major Indexes Rise
●Johor Emerges as Malaysia's Largest Data Center Market
●Malaysian Prime Minister Calls for Global Response to Defence and Security Challenges
●Stocks to watch: Star Media, Ho Hup Construction
-moomoo News MY
Wall Street Summary
The market stayed in the positive on Monday, with the major indexes continuing their upward trend for the past two weeks. This week is expected to be busy with earnings results. After the close, the $S&P 500 Index(.SPX.US$ climbed 1.03%, the $Dow Jones Industrial Average(.DJI.US$ climbed 0.46%, and the $Nasdaq Composite Index(.IXIC.US$ climbed about 1.13%.
Breaking News
Johor Emerges as Malaysia's Largest Data Center Market
Johor has emerged as Malaysia's largest data center market, with approximately 13 data center facilities covering over 1.65 million square feet, according to data center resource website Baxtel. The report states that Johor's data center boom is being driven by multinational corporations, while data centers in other parts of Malaysia cater to the domestic market. The influx of investment from multinational corporations is expected to continue, with Zerin Properties predicting MYR 17 billion in new data center investments this year, building on the MYR 51.1 billion invested in 2022. The development of Johor's data centers is being actively supported by the Malaysian government through the development of industrial parks with appropriate infrastructure.
Malaysian Prime Minister Calls for Global Response to Defence and Security Challenges
Malaysian Prime Minister Datuk Seri Anwar Ibrahim has called for a global unified response to the increasingly fragmented global landscape that threatens collective security and prosperity. Speaking at the opening of the 18th Defence Services Asia (DSA) and National Security Exhibition (Natsec) Asia 2024, the Prime Minister highlighted the need for a unified response to escalating threats such as cyberattacks that compromise sensitive data and undermine security. He also noted that environmental concerns and the scarcity of resources exacerbate tensions and that climate change is causing natural disasters and displacing communities. Anwar called for crucial dialogue among nations, defence sectors, and security industries to address pressing defence and security-related challenges.
Stocks to Watch
$STAR(6084.MY$: The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be substantial shareholders in Star Media Group Bhd after selling a total of 2.95 million shares. Tong sold 1.45 million shares on the open market, while The Edge sold 1.5 million shares, according to Star Media's exchange filing. The transaction price was not disclosed. After the latest transactions, The Edge holds 4.87% of Star Media, based on issued share capital of 738.56 million shares. Tong is deemed interested in Star Media via his shareholding in The Edge.
$HOHUP(5169.MY$: Ho Hup Construction Co Bhd's RM1 billion mixed development project in Bukit Jalil will be suspended as the company plans to sell the 3.09-acre land for RM110 million cash to improve its financial position. The sale will be made to Exsim Persiaran Jalil Sdn Bhd, a subsidiary of Exsim Development Sdn Bhd. The land was originally approved for the development of the Flex project, which was set to comprise two tower blocks, a hotel, serviced apartments, and retail spaces. The suspension of the project is aimed at repaying bank borrowings, refunding existing end purchasers of the project's Sovo units, and paying consultants and the contractor.
$SINKUNG(0305.MY$: Sin-Kung Logistics Bhd, a logistic services provider set to be listed on the ACE Market of Bursa Malaysia on May 15, has announced that its IPO had been oversubscribed by 26.5 times. The IPO, priced at 13 sen apiece, received 13,179 applicants for 1.7 billion new shares from the Malaysian public for the 60 million shares it allocated for public subscription. Sin-Kung's IPO involves a public issuance of 200 million new shares, representing 16.7% of the enlarged share capital of Sin-Kung Logistics, and an offer for sale of 103.5 million existing shares (8.6%).
$IREKA(8834.MY$: Ireka Corp Bhd, a Practice Note 17 (PN17) company, has announced that its wholly-owned unit Ireka Development (Terengganu) Sdn Bhd (IDTSB) and the unit's directors are being sued by the Employee Provident Fund (EPF) over unpaid contributions to the fund. EPF is claiming a principal sum of RM50,196, representing total outstanding contributions from August 2023 to December 2023, along with dividends and late payment charges to be determined upon full settlement of the claimed amount. Ireka stated that the lawsuit will not have a major financial impact as the claimed amount has already been recognised in IDTSB's financial statements.
$NICE(7139.MY$: Niche Capital Emas Holdings Bhd, a loss-making company, has proposed a private placement of up to 135.74 million shares, representing 10% of its issued share capital, to raise funds for its mining business and working capital. The private placement is expected to raise RM18.7 million based on an indicative price of 13.78 sen per placement share.
$FAVCO(7229.MY$: Favelle Favco Bhd, a construction crane manufacturer, has secured four contracts for the supply of offshore and tower cranes worth a total of RM39.2 million. Two contracts for offshore cranes were awarded by Hilong Petroleum Offshore Engineering Ltd and CUEL Ltd, with delivery expected in the third quarter of this year and the first quarter of 2025, respectively. The other two contracts, for the supply of tower cranes, were awarded by Favco Heavy Industry (Changshu) Co Ltd and GA Caelli Holdings Trust, with delivery expected in the third quarter of this year and the second quarter, respectively.
$KKB(9466.MY$: KKB Engineering Bhd, a steel fabrication company, has secured two contracts worth a combined total of RM37.9 million. Its associate company, Edisi Optima Sdn Bhd, will build and maintain liquefied petroleum cylinders for Petronas Dagangan Bhd for one year, with the contract extendable for another year until 2026. KKB Engineering will also supply mild steel concrete line pipes and fittings to Perbena Emas Sdn Bhd, a wholly-owned subsidiary of Pansar Bhd, with the contract expected to be completed by the second quarter of 2025.
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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