MY Morning Wrap | Yinson's 285 MWP NOKH Solar Park in India Up and Running

$Dow Jones Industrial Average (.DJI.US)$ was up 0.66%, and about 6.6% for the week. The $S&P 500 Index (.SPX.US)$ rose nearly 1% on the day and 5.88% for the week, and the $Nasdaq Composite Index (.IXIC.US)$climbed 1.39%, and 6.62% for the week.

$YINSON (7293.MY)$: Yinson Holdings Bhd's 285MW Nokh Solar Park in Rajasthan, India commenced operation on Friday. The group said the solar park had started exporting power to the Rajasthan power grid, aligning with the Indian government's "national solar mission". Rising Sun Energy is an indirect subsidiary of Yinson Renewables, a renewables business unit of Yinson. The 285MW solar project is Yinson Renewables’ largest operating solar project and its third operational asset in India. It generates enough energy to power about 38,000 Indian households every year, while reducing carbon emissions by approximately 470,000 tonnes of carbon dioxide per year.

$INFOM (0265.MY)$: Infomina Bhd has secured a three-year contract worth approximately RM49.39 million from the Home Ministry to provide maintenance and support services to the core business system of the National Registration Department. Infomina will provide enhancement, upgrade, and/or new application development services for the core business system known as Business Utama ICT. This encompasses a requirements study, applications and system testing, technical support and the nationwide roll-out of relevant applications.

$TDM (2054.MY)$: Indonesia's highest court has dismissed the appeal by TDM Bhd's subsidiary against the republic's Ministry of Environment and Forestry in relation to a fire incident in 2019 at its land in West Kalimantan province. The plantation group told Bursa Malaysia on Friday that the Indonesian Supreme Court has upheld the decision by the Pontianak High Court, which ordered the subsidiary — PT Rafi Kamajaya Abadi (PTRKA) — to pay compensation of 188.98 billion rupiah (RM56.68 million) for environmental loss. PTRKA also will have to fork out 731.04 billion rupiah (RM219.25 million) to rehabilitate the environment in the affected area of 2,560 hectares and to reactivate the affected ecology system. In total, the Terengganu state-controlled group is required to pay RM275.93 million, a figure that nearly matches its entire market capitalization of RM293 million.

$YOCB (5159.MY)$: Yoong Onn Corp Bhd's share price rose to its highest ever at RM1.70 — up 12 sen or 7.59% — making it one of Bursa Malaysia's top gainers Friday morning after it announced plans to acquire a 60% stake in Singapore-based TC Homeplus for S$10.95 million (RM38.16 million). Year to date, Yoong Onn's share price has gained 29.69% from when it was trading at RM1.28.

$EATECH (5259.MY)$: Oil tanker and port marine services provider EA Technique (M) Bhd (EATech) has bagged a RM6.35 million contract extension from Northport (Malaysia) Bhd to operate and charter two Z-Peller harbour tug boats. EATech said the contract duration will be for a primary period of one year, commencing in January 2024. It added that its existing vessels will be used to serve the contract.

$GFM (0039.MY)$: Highbase Strategic Sdn Bhd, an oil and gas maintenance services provider, is expected to contribute approximately 30% to 35% of GFM Services Bhd's total revenue and bottom line from the financial year ending Dec 31, 2024, the integrated facilities management services provider said. This follows the share sale agreement signed between GFM and Noor Jasni Zakaria and Norliza Mohd for the group to acquire the remaining 51% equity interest in Highbase for a consideration of RM18.2 million.

$PGLOBE (3611.MY)$: Paragon Globe Bhd has proposed to acquire a piece of freehold land in Johor Bahru for RM16.54 million. The property developer said its wholly-owned subsidiary, PGB Iconic Sdn Bhd, has entered into a sale and purchase agreement with Besview Holdings Sdn Bhd for the proposed acquisition. Meanwhile, the group said it will fund the proposed acquisition with internally-generated funds and/or bank borrowings.

$BHIC (8133.MY)$: Boustead Heavy Industries Corp Bhd (BHIC) said a winding-up petition served on its associate company Boustead Naval Shipyard Sdn Bhd (BNS), for a RM56.04 million claim, had finally been withdrawn. The petition was over an indebted sum of about RM56.04 million allegedly owed to MTU Services (Malaysia) Sdn Bhd regarding the equipment supplied and services provided to BNS.

$SERBADK (5279.MY)$: Bursa Securities has denied financially distressed oil and gas company Serba Dinamik Holdings Bhd's request for an extension to release its annual report for the financial year ended June 30, 2023 (FY2023). Serba Dinamik said it will make an appeal to Bursa Securities against the rejection.

$SNTORIA (5213.MY)$: Sentoria Group Bhd announced that MBSB Bank Bhd had filed winding-up petitions against the company and its wholly-owned unit Sentoria Bina Sdn Bhd (SBSB) over a judgement debt of RM303,268, which comes with a late payment charge of 1% per annum. The judgement debt follows the decision by the Sessions Court for the settlement of outstanding of the hire purchase-i facility granted by MBSB Bank to SBSB for the purposes of hiring of machinery and equipment related to SBSB's business.