MY Morning Wrap | Hextar Seeks to Move to Main Market

The $Nasdaq Composite Index(.IXIC.US)$ dropped 0.22%, or 30 points, the $S&P 500 Index(.SPX.US)$ fell 3 points or 0.08%, while the $Dow Jones Industrial Average(.DJI.US)$ rose 0.16% or 54 points.

$MAXIS(6012.MY)$: Maxis Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) dropped 6.8% to RM287 million from RM308 million a year ago due to restructuring charges related to cost optimisation initiatives aimed at improving operational efficiency. Quarterly revenue grew by 1.5% to RM2.442 billion from RM2.405 billion in 3QFY22, driven by its service revenue growth of 1.8% that is underpinned by steady consumer and enterprise revenue growth.

$SIME(4197.MY)$: Sime Darby Bhd confirmed that the group and its Australian partner are selling Ramsay Sime Darby Health Care Sdn Bhd (RSDH) to Columbia Asia Healthcare Sdn Bhd for RM5.7 billion cash. This marks Sime Darby's exit from the healthcare business.

$BPLANT(5254.MY)$: Lembaga Tabung Angkatan Tentera (LTAT) has issued an unconditional mandatory takeover offer (MTO) notice to acquire the remaining shares it does not own in Boustead Plantations Bhd (BPlant) for a cash price of RM1.55 per share, it said in a statement on Friday. This follows LTAT's agreement with Boustead Holdings Bhd to acquire 739.2 million shares or a 33% stake in BPlant after the RM1.15 billion takeover deal by Kuala Lumpur Kepong Bhd (KLK) fell through last month.

$HEXIND(0161.MY)$: Hextar Industries Bhd (HIB), formerly known as SCH Group Bhd, has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia as it looks to enhance the group's credibility, prestige and reputation. HIB said it has satisfied the requirements for the proposed transfer which include market capitalisation requirements, financial position and liquidity, and public shareholding spread.

$LBS(5789.MY)$: Real estate developer LBS Bina Group Bhd has secured a solar power capacity of 28.67 megawatts under the Corporate Green Power Programme (CGPP) — a renewable energy initiative by the government that allows corporate consumers to virtually purchase solar energy from solar developers.

$GUOCO(1503.MY)$: Property developer GuocoLand (Malaysia) Bhd's net profit surged threefold to RM4.79 million in its first quarter ended September 30, 2023 (1QFY2024) from RM1.57 million a year ago, attributed to overall improvement in the property development and hospitality divisions. Quarterly revenue rose by 16.25% to RM119.15 million from RM102.49 million. The improvement in the group's hospitality division was contributed by higher occupancy rates and average room rates as a result of increased tourist arrivals and enhanced domestic commercial and social activities.

$IBRACO(5084.MY)$: Ibraco Bhd and China Railway Group Ltd have clinched a construction project worth RM568.81 million involving infrastructure works for the Kuching Urban Transportation System (KUTS). Ibraco via its wholly-owned unit Ibraco Construction Sdn Bhd (ICSB) together with China Railway units, China Railway Engineering Corp (M) Sdn Bhd and Nanyang Tunnel Engineering Sdn Bhd, won the tender for Blue Line Package 1 from Rembus to Stutong for the KUTS project from Sarawak Metro Sdn Bhd on Friday.

$SLP(7248.MY)$: SLP Resources Bhd's third quarter net profit dropped 45.98% to RM2.67 million from RM4.94 million a year earlier, due to a change in product mix and higher production cost per unit following an increase in utility cost, as well as lower plant utilisation. Quarterly revenue fell 11.79% to RM41.66 million from RM47.23 million, mainly due to lower demand from Japan and regional markets, the group said.

$ADVCON(5281.MY)$: Advancecon Holdings Bhd has secured an earthworks contract for the Bandar Universiti Pagoh development undertaken by Sime Darby Property Bhd in an industrial park in Muar, Johor. The 18-month contract worth RM22.78 million is expected to contribute positively towards the group's future earnings.

$ADVENTA(7191.MY)$: Adventa Bhd has announced the resignation of its chief executive officer Datuk Mark Victor Rozario, effective Nov 15. The healthcare supplier and equipment provider said Mark, 59, is stepping down from the position due to personal commitments. Mark has held the position since November 2021.

$ASDION(0068.MY)$: Asdion Bhd has received a winding-up petition from Renox Stainless Steel Co Ltd for the sum of RM67,081.30 indebted to the latter. The software developer said the petition was presented by Renox Stainless to the High Court of Kuala Lumpur on Nov 7. According to Renox Stainless, Asdion had failed and neglected to pay or satisfy the said sum of RM67,081.30.