MY Morning Wrap | Johor Plantations Group Bhd Receives Approval for Main Market Listing on Bursa Malaysia

April rain better mean the stock market stops the pain by May: the market declined Tuesday, punctuated by the fall of fan favorite Tesla. The EV maker made less EV's than last year and dropped nearly 5%. Stocks closed lower, the $S&P 500 Index(.SPX.US)$ was recently down about 0.72%. $Nasdaq Composite Index(.IXIC.US)$ fell about 0.94%. $Dow Jones Industrial Average(.DJI.US)$ fell 1%.

$DNEX(4456.MY)$: DNeX's UK upstream oil and gas arm, Ping Petroleum UK plc, has acquired three additional North Sea oilfield licences, bringing its portfolio in the UK Continental Shelf to over 100 million barrels of oil equivalent (MMboe) in the central North Sea. Two licences were obtained under the UK's 33rd licensing round, while another was acquired through the purchase of equity from Orcadian Energy (CNS) Ltd. The three fields are expected to begin production shortly after the projected end of the energy profits levy in March 2028. The acquisition marks an expansion of Ping UK's portfolio and strengthens its position in the North Sea oil and gas market.

$GFM(0039.MY)$: Integrated facilities management company GFM Services Bhd has secured contracts from Petroliam Nasional Bhd (Petronas) to provide operations and maintenance services for three facilities in the Pengerang Integrated Complex in Johor. The contracts were awarded for an undisclosed amount and cover a three-year period starting from March 15, 2024, with an option for a two-year extension. GFM's subsidiary, Highbase Strategic Sdn Bhd, along with joint venture partner Mun Siong Engineering Ltd, will provide plant turnaround services for facilities operated by PRPC Utilities and Facilities Sdn Bhd, Pengerang Power Sdn Bhd, and PRPC Water Sdn Bhd. The contracts mark an expansion of GFM's portfolio and strengthen its position as a leading facilities management company in the region.

$NESTCON(0235.MY)$: Construction firm Nestcon Bhd is set to diversify its business operations into renewable energy (RE) as part of efforts to enhance future earnings and broaden its income sources. The company plans to engage in various activities, including engineering, procurement, construction and commissioning of solar photovoltaic systems, project management of RE activities, and ownership and operation of solar PV assets. Nestcon anticipates that the RE business could contribute significantly to its net profits and asset allocation in the future, driven by the growing demand for renewable energy in Malaysia and ongoing efforts to secure additional projects. The move represents a strategic expansion of Nestcon's portfolio and strengthens its position in the rapidly growing RE sector.

$DOLPHIN(5265.MY)$: Dolphin International Bhd has abandoned its planned rights issue and is exploring alternative funding methods. The rights issue, proposed in October 2020, aimed to issue up to 178.38 million shares and up to 133.79 free detachable warrants at 7.5 sen per rights share, with the intention of raising up to RM13.38 million. The funds were intended for working capital, repayment of bank borrowings, and expenses related to the corporate exercise.

$TAS(5149.MY)$: TAS Offshore Bhd has secured shipbuilding contracts worth RM15.3 million for two tugboats from an existing customer in Indonesia. The vessels are expected to be delivered in the third quarter of 2025. The revenue generated from these contracts is expected to have a positive impact on the group's earnings and net assets for FY2026.

$KPJ(5878.MY)$: Private hospital operator KPJ Healthcare Bhd has appointed Tan Sri Ismail Bakar, former chief secretary to the government, as its new non-independent and non-executive chairman, effective immediately. Ismail replaces Datuk Md Arif Mahmood, who stepped down from his position after completing his two-year tenure on March 31.

$SERSOL(0055.MY)$: Chemical manufacturer Sersol Bhd plans to raise up to RM8.5 million through a private placement of 85 million new shares, representing not more than 10% of its issued shares, for working capital purposes. The issue price will be determined later. The majority of the proceeds will be used to increase holdings of raw materials such as resin, solvent, and hardener for existing product offerings. The company is also exploring expanding its product range to include marine protective coatings for water vehicles and offering third-party brand coatings and related products, with funds allocated for potential acquisitions or investments aligned with its current businesses.