Malaysia Morning Wrap | Velesto Energy Completes Scheduled Five-Year Survey for Naga 6 Rig
Good morning mooers! Here are things you need to know about today's market:
● Market Falls For What Feels Like the Fourth Day
● Malaysia's Digital Creative Sector Grows with Over 300 Studios and RM6.3 Billion Revenue
● Malaysia's Political Stability and Policies Draw Global Tech Investments
● Stocks to Watch: Velesto, MPHB, Kuchai, Sungei Bagan, Lay Hong, etc.
- Moomoo News MY
Wall Street Summary
The market closed lower Thursday after conflict in the Middle East kept volatility on everyone's minds, while semiconductor stocks climbed after news that OpenAI pulled in a massive new funding round.Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ fell 17 bps, the $Dow Jones Industrial Average (.DJI.US)$ fell 44 bps, and the $Nasdaq Composite Index (.IXIC.US)$ fell 4 bps.
Breaking News
Malaysia's Digital Creative Sector Grows with Over 300 Studios and RM6.3 Billion Revenue
Malaysia's digital creative industry is flourishing, boasting over 300 content studios and more than 180 original IPs in animation and gaming, as noted by Digital Minister Gobind Singh Deo. In 2022, the industry generated RM6.3 billion in revenue and RM850 million in exports, supporting over 11,000 jobs. With significant investments from major studios like Xsolla and ESL Gaming, the sector shows promise for creating high-value jobs and contributing to the economy. Additionally, Kucingko Bhd became the first local animation company listed on the Malaysian stock exchange. As demand for digital creative content grows globally, with the market projected to reach US$687.4 billion by 2027, Malaysia aims to capitalize on emerging technologies like the Metaverse. Looking forward, Malaysia's Asean chairmanship will focus on enhancing regional collaboration to bolster the digital content ecosystem and drive economic growth in Southeast Asia.
Malaysia's Political Stability and Policies Draw Global Tech Investments
Malaysia's stable political climate and the pro-business policies of the Madani government have attracted major global technology companies, as stated by Digital Minister Gobind Singh Deo. Following the Malaysia Digital Content Festival (MYDCF) Biz Day 2024, he highlighted ongoing discussions with international companies and predicted further investment announcements across diverse sectors. Oracle's US$6.5 billion investment in Malaysia's first public cloud region exemplifies the confidence foreign investors have in the country, with similar commitments from Microsoft, Amazon Web Services, and Google reinforcing Malaysia's status as a prime investment destination. Prime Minister Datuk Seri Anwar Ibrahim reported on X that such investments have reached an estimated US$16.9 billion to date. The Digital Ministry expects to secure more digital investments in 2H2024, following RM66.22 billion garnered in 1H2024, surpassing 2023's total. This surge, driven by the Madani government's policies, resulted in 25,498 new jobs in 1H2024, outpacing last year's numbers.
Stocks to Watch
$VELESTO (5243.MY)$ has successfully completed its mandatory five-year special periodical survey for the Naga 6 backup rig, adhering to the scheduled timeline. The work, carried out at the Labuan shipyard, included essential class recertification, equipment upgrades, repairs, and maintenance on systems ranging from drilling to well control and pipe racking, as well as some piping and steel renewal.
The privatisation of $MPHBCAP (5237.MY)$ as encountered a stumbling block due to opposition from ISM Sdn Bhd, a minority partner in six joint-venture companies. MPHB reported that ISM filed an intervening application, arguing that the proposed selective capital reduction, which is part of the privatisation plan, would affect ISM’s rights in an ongoing shareholder dispute with MPHB and its subsidiaries.
The total sum for the proposed disposal of $KUCHAI (2186.MY)$ assets and liabilities to $SBAGAN (2569.MY)$ has been revised downward following the exclusion of an agricultural land parcel in Semenyih, Selangor. The disposal amount has been adjusted to RM267.78 million from RM275.47 million, while the number of consideration shares to be issued has also been reduced to 26.75 million from 27.52 million.
NH Foods Ltd, a joint venture partner of $LAYHONG (9385.MY)$ , has ceased to be a substantial shareholder of the egg producer after selling 62.32 million shares, equivalent to an 8.24% stake. These shares were disposed of via an off-market transaction on Wednesday. Although the selling price was not disclosed, based on the closing price of 40 sen on that day, the stake could be valued at approximately RM24.93 million.
$ATLAN (7048.MY)$ has received notices for the compulsory acquisition of lands owned by its subsidiaries, Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd, in Bukit Kayu Hitam, Kedah. The land is being acquired for a road construction project by Malaysia's Home Affairs Ministry, under the administration of the Department of Director General of Lands and Mines, Kedah.
$TECHNAX (2739.MY)$, a technology company, has canceled its plans to develop an 85-acre microalgae farm and produce algae biofuel after mutually terminating a tripartite agreement. The agreement involved its wholly owned subsidiary, Techna-X Aerobeidou Sdn Bhd, along with MYKO Global Sdn Bhd and RTA E&C Sdn Bhd. No further details were provided regarding the reasons for the termination.
$MYEG (0138.MY)$ blockchain developer, Zetrix, has launched a digital identification (ID) verification service for Chinese nationals on the ZCert platform. This service aims to simplify and facilitate electronic "know your customer" processes for entities outside of China looking to verify the authenticity of digital IDs presented by Chinese nationals.
$HARISON (5008.MY)$ has proposed a share split, dividing each of its shares into five, to enhance the trading liquidity of its shares. The share split will occur based on an entitlement date that will be announced later and is anticipated to be completed by the fourth quarter of this year.
Source: Dow Jones Newswires,BursaMalaysia, 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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103677010 : noted
103761503 : Good.
103148878 : Faster settled pls...
So when can privatisation?Q1 Next year a?
山芭佬 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Toronie : Interesting updates