MY Morning Wrap | Evergreen Max Cash Capital IPO Oversubscribed 53 Times
Good morning mooers! Here are things you need to know about today's market:
●Wall Street ends sharply lower as chipmakers and megacaps slide last Friday
●Evergreen Max Cash Capital IPO oversubscribed 53 times
●August vehicle sales up 13% to 71,745 units
●Stocks to watch: Sunway, Astro
-moomoo News MY
Wall Street Summary
A slump in technology companies' shares weighed on the S&P 500 last Friday, chipping away at the broad-market benchmark's recent gains and pushing it into negative territory for the week.
The $S&P 500 Index(.SPX.US$ fell 1.2%, while the $Nasdaq Composite Index(.IXIC.US$ shed 1.6%. The $Dow Jones Industrial Average(.DJI.US$ lost about 289 points, or 0.8%. The S&P 500 and Nasdaq posted slim declines for the week, while the Dow eked out a small gain.
Breaking News
Evergreen Max Cash Capital IPO oversubscribed 53 times
Evergreen Max Cash Capital Bhd (EMCC), a provider of pawnbroking services and involved in the trade of gold and luxury products, said its initial public offering (IPO) has been incredibly oversubscribed by 53.06 times by the Malaysian public. In a statement today, EMCC revealed that it received a total of 14,568 applications for 3.01 billion shares, amounting to RM722.66 million, from the Malaysian public. Upon listing, EMCC will have a market capitalization of RM267.6 million, based on the IPO price of 24 sen per share and an enlarged share capital of 1.11 billion shares.
August vehicle sales up 13% to 71,745 units
The Malaysian Automotive Association (MAA) said the automotive sector’s total industry volume (TIV) for passenger and commercial vehicles saw a 13 per cent growth in August to 71,745 units from July’s 63,676 units. In a statement today, MAA said this "strong growth” marked the second-highest monthly sales this year after March’s TIV of 78,849 units. "The positive growth recorded was due to overall better performances across the board, improved supply chain and also the National Day promotional campaigns by some car companies," it said in a statement today.
Stocks to Watch
$SUNWAY(5211.MY$ : Given the improving liquidity for its stock, Sunway is expected to be re-included to the FTSE4Good Bursa Malaysia Index and the FTSE4Good Bursa Malaysia Shariah Index, with the earliest possible inclusion being December 2023. HLIB Research noted that moving forward, the group’s Iskandar Puteri township development, as well as its healthcare segment, will be the main pillars anchoring growth for the group in the next few years.
$ASTRO(6399.MY$: Astro Malaysia Holdings Bhd via its wholly-owned subsidiary, Astro Productions Sdn Bhd (APSB), is acquiring Basecamp Films Sdn Bhd with the intention of establishing a new division called Astro Sound+Vision. It has entered into an asset purchase agreement with the visual post-production studio, which will be integrated into APSB.
$RAPID(7765.MY$ : Rapid Synergy Bhd has disposed of 6,653/10,000 undivided share of a parcel of land in Manjung, Perak, measuring 303,487 sq ft, to Yokado Sdn Bhd for RM22.89 million cash. The sale consideration is 23.54% lower than the indicative market value of the apportioned properties of RM29.94 million. It is also lower than the company's original cost of investment of RM26.62 million in January 2006. However, it is expected to report a gain of RM7 million from the proposed disposal.
$HIBISCS(5199.MY$ : Hibiscus Petroleum Bhd’s wholly owned unit Anasuria Hibiscus UK Ltd has entered into a unitisation and unit operating agreement to develop the Marigold field located in the Central North Sea. Anasuria Hibiscus holds an 87.5% interest in Licence P198 Block 15/13a, which contains the Marigold West field.
$UEMS(5148.MY$ : In response to a query from Bursa Malaysia, UEM Sunrise Bhd, which is selling a 4.01-acre plot in Kiara Bay here to Melati Ehsan Holdings Bhd in a related-party-transaction, said the sale will enable the group to monetise the land at its current market value while allowing it to retain control over the land's development via a development rights agreement with Melati Ehsan. The RM85 million proceeds from the sale will be used as working capital by its subsidiary Mega Legacy (M) Sdn Bhd (MLSB) to develop the land, with 20% of the profit entitlement going to Melati Ehsan.
$CMSB(2852.MY$ : Norges Bank, which manages Norway's Government Pension Fund Global, has emerged as a substantial shareholder of Cahya Mata Sarawak Bhd after acquiring 50.05 million shares or a 5.03% stake. The bank bought the shares on Sept 8, but did not reveal the purchase price. A back-of-the-envelope calculation indicates that Norges Bank could have acquired the stake for about RM56.75 million.
$KKB(9466.MY$ : KKB Engineering Bhd’s 60.81%-owned OceanMight Sdn Bhd has initiated arbitration proceedings against Shapadu Energy Services Sdn Bhd, which it subcontracted to undertake certain hook-up and commissioning projects in Sarawak, to resolve a dispute between them over said projects. OceanMight alleged that Shapadu Energy had breached its contractual obligation and is claiming the costs for the completed projects, loss of profits, all other losses and expenses incurred.
$SOLID(5242.MY$ : Solid Automotive Bhd via wholly-owned subsidiary Solid Autotech Sdn Bhd has proposed to sell a 4.05-hectare parcel of land in Johor Bahru for RM48 million. It has entered into a sale and purchase agreement with Ferrotec Power Semiconductor Malaysia Sdn Bhd for RM48 million representing a premium of RM5 million or 11.63% from the market value of RM43 million. It expects a pro forma gain of RM34.23 million.
$HANDAL(7253.MY$ : Handal Energy Bhd is planning to undertake a RM90 million capital reduction to eliminate its accumulated losses, followed by a private placement involving up to 40% of its issued shares to raise RM9.7 million to repay its borrowings and trade payables, and an issuance of bonus warrants. It involves the issuance of up to 266.43 million shares to third-party investors priced at a discount of at most 20% to the company's five-day volume weighted average market price of its shares before the price fixing date.
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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