MY Morning Wrap | IHH Healthcare Completes Acquisition of Timberland Medical Centre for RM245m

After leading the US stock market to record highs, Nvidia's shares took a pause as investors debate whether the stock has reached frothy levels on Friday. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ lost 1.16% to 16,085.11, while the $S&P 500 Index(.SPX.US)$ slipped 0.65% to 5,123.69. The $Dow Jones Industrial Average(.DJI.US)$ slid 0.2% to 16,085. The recent uptick in unemployment in February has also sparked a debate among investors about whether the labor market is cooling enough to convince the Federal Reserve to start cutting interest rates.

$IHH(5225.MY)$: IHH Healthcare Bhd has completed the acquisition of Bedrock Healthcare Sdn Bhd (BHSB), the owner of Timberland Medical Centre in Kuching, Sarawak, for RM245 million on a cash-free debt-free basis. The acquisition was made through Pantai Holdings Sdn Bhd, an indirect wholly-owned subsidiary of IHH, which entered into a share purchase agreement with Saravita Holdings Sdn Bhd and nine individual founders to secure the complete equity interest in Bedrock Healthcare. The acquisition is expected to strengthen IHH's presence in East Malaysia and enhance the group's service offerings in the region.

$TOPGLOV(7113.MY)$: Two directors from Top Glove Corp Bhd, Datuk Lee Kim Meow and Rowina Ghazali Seth, have resigned from the board of the world's largest glovemaker effective immediately. Lee, who was a non-independent and non-executive director, cited personal commitment as the reason for his resignation. Meanwhile, Seth, who had served as an independent and non-executive director for over a year since January 2023, also resigned on the same day. Top Glove has not provided any further details regarding the directors' resignation.

$SCIENTX(4731.MY)$: Scientex Bhd, a plastic products manufacturer, has announced its plan to acquire land in Batang Berjuntai, Kuala Selangor for RM335.68 million to expand its property development land bank. The company aims to develop a mixed-use development project on the land it has acquired. The wholly-owned subsidiary of Scientex, Scientex Park (M) Sdn Bhd, has entered into a conditional sale and purchase agreement with Metalplex Plantation Sdn Bhd for the proposed acquisition of a freehold land parcel measuring 826 acres. The acquisition is expected to provide the company with opportunities to grow its business and expand its presence in the property development sector.

$YINSON(7293.MY)$: Yinson Holdings Bhd has issued RM640 million in nominal value of Islamic notes as part of its RM1 billion perpetual sukuk wakalah programme established in 2022. The sukuk wakalah is rated A3 by RAM Rating Services Bhd and A-IS by MARC Ratings Bhd. Yinson Holdings is an FPSO contractor, and the proceeds from the sukuk issuance will be used for shariah-compliant purposes like capital expenditures, refinancing of existing financing or borrowings or future financing, working capital and other general corporate purposes. The issuance is expected to strengthen the company's financial position and support its growth plans.

$BARAKAH(7251.MY)$: Barakah Offshore Petroleum Bhd is seeking upfront approval from its shareholders for the sale of its Kota Laksamana 101 barge to a third-party purchaser, which will be identified later. The minimum cash price for the sale is set at US$11.4 million (RM54.18 million). The company has issued a circular to its shareholders, seeking a mandate to dispose of the barge within six months. The sale of the barge is part of the group's efforts to rationalize its assets and improve its financial position.

$PERDANA(7108.MY)$: Perdana Petroleum Bhd has announced that its subsidiary, Perdana Nautika Sdn Bhd, has accepted letters of award from Dayang Enterprise Sdn Bhd (DESB) to charter one anchor handling tug and supply (AHTS) vessel and one accommodation work barge (AWB) worth RM13.4 million. The estimated value of the charters, effective from March 1, is RM4 million for the AHTS vessel and RM9.4 million for the AWB unit, without the extension period. The charters will run for 110 days, with an option to extend for an additional 50 days. The contracts are expected to contribute positively to Perdana Petroleum's earnings for the financial year ending December 31, 2024.

$SAMAIDEN(0223.MY)$: Samaiden Group Bhd has signed a 20-year power purchase agreement with Maxell Tohshin (Malaysia) Sdn Bhd to design and install a solar photovoltaic system with a capacity of 1,028.28-kilowatt peak (kWp) at Maxell Tohshin's premises. The project is expected to reduce carbon emissions from manufacturing operations, with an estimated carbon dioxide avoidance of 974.66 tonnes per year. The solar photovoltaic system will be a significant step towards achieving sustainability goals and reducing carbon footprint. The agreement is expected to benefit both parties and contribute to the overall growth of the renewable energy sector in Malaysia.

$VARIA(5006.MY)$: Varia Bhd, previously known as Stella Holdings Bhd, has signed an MOU with Sungai Klang Link Sdn Bhd to offer its expertise in the preparation, management, control, and execution of works for the proposed Sungai Klang Link (SKL) elevated highway. SKL is a special-purpose vehicle aimed at financing, designing, constructing, operating and managing the proposed development of SKL elevated highway, which aims to provide alternative routes for road users in the Klang Valley. SKL is currently in the advanced stage of securing the final approval for the concession agreement from the government for the right to build, manage, own and operate the SKL elevated highway project. The partnership with Varia Bhd is expected to strengthen SKL's capabilities and contribute to the successful execution of the project.

$PHARMA(7081.MY)$: Mohamed Iqbal Abdul Rahman has retired as the Chief Operating Officer of Pharmaniaga Bhd, effective immediately, after serving the company for 13 years. He joined the pharmaceutical company in 2011 as the Director of Information Technology before being promoted to COO in 2012. During his tenure, Iqbal led several initiatives, including the implementation of business intelligence systems and robotic process automation. He played a crucial role in implementing the Pharmacy Information System in over 1,200 Ministry of Health facilities. His contributions to Pharmaniaga Bhd are highly appreciated, and the company will miss his valuable expertise and leadership.