MY Morning Wrap | Malaysia to Allocate RM8.2 Billion to Fund National Industrial Master Plan

The S&P 500 rose last Friday, finishing its best weekly performance since June. The $S&P 500 Index(.SPX.US)$ gained 0.2%. The $Dow Jones Industrial Average(.DJI.US)$ added roughly 115 points, or 0.3%. The $Nasdaq Composite Index(.IXIC.US)$ eased less than 0.1%.

For the week, the $S&P 500 Index(.SPX.US)$ advanced 2.5%. The $Dow Jones Industrial Average(.DJI.US)$ and $Nasdaq Composite Index(.IXIC.US)$ rallied 1.4% and 3.2%, respectively, each notching their best weeks since July.

$NESTLE(4707.MY)$ : Nestlé (Malaysia) Bhd is appointing Tan Sri Wan Zulkiflee Wan Ariffin as its independent, non-executive director effective Oct 1. The food producer said Wan Zulkiflee has vast experience spanning over 40 years, holding leadership roles in prominent companies, including as chief executive officer and president of Petroliam Nasional Bhd or Petronas from April 2015 to June 2020. He is currently chairman at Malaysia Airlines Bhd and Malaysia Aviation Group Bhd, as well as DRB-Hicom Bhd and Gas Malaysia Bhd.

$NATGATE(0270.MY)$ : NationGate Holdings Bhd's factory in Seberang Perai, Penang, will house xFusion international Pte Ltd's maiden global supply centre, as part of their partnership to manufacture graphics processing unit (GPU) servers for the global market. In a statement, NationGate said XFusion, a leading global provider of computing power infrastructure and services, will set up the 254,491 sq ft facility as a key hub for its international market. The facility will have an annual production capacity of over 150,000 units of equipment including GPU servers.

$HIBISCS(5199.MY)$ : Hibiscus Petroleum Bhd and Ping Petroleum UK Plc have each entered into a separate but identical farm-in agreement to take over 42.5% equity interest each in Licence P2451 from Rapid Oil Production Ltd. The remaining 15% in Licence P2451 will remain with Rapid Oil. Hibiscus entered into the farm-in agreement via its indirect wholly-owned Anasuria Hibiscus UK Ltd. Ping Petroleum UK is an indirect subsidiary of Dagang NeXchange Bhd (DNeX). The licence holds an undeveloped oil field, Fyne Field, located in the Central North Sea, UK, with an estimated 75 MMboe STOOIP (stock tank oil initially in place). Upon completion of the proposed acquisition, Anasuria Hibiscus will be appointed as operator of the field development.

$SERBADK(5279.MY)$ : Serba Dinamik Holdings Bhd said it was unable to release its quarterly report for the fourth quarter ended June 30, 2023 (4QFY2023) by Aug 31 as required under the Main Market Listing Requirements. The troubled oil and gas company did not say why it was unable to meet the Aug 31 deadline, but said it expects to submit the quarterly report by Sept 8. This is the third consecutive quarter that Serba Dinamik has delayed issuing its financial report within the prescribed time.

$TOPBLDS(5268.MY)$ : Top Builders Capital Bhd is making another appeal to Bursa Malaysia Securities against the decision to delist the company’s shares from the stock exchange. The Practice Note 17 (PN17) company said this in a bourse filing on Friday, two days after Bursa Securities rejected its earlier appeal against the proposed delisting and its request for an extension of time to submit its regularisation plan. In rejecting the appeal, Bursa Securities informed the company that it will proceed to delist the company’s shares on Sept 4.