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MY Morning Wrap | MN Holdings and Reservoir Link Form Joint Venture for Solar Project on Pulau Tioman

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Moomoo News MY wrote a column · Aug 11 19:46
Good morning mooers! Here are things you need to know about today's market:
●U.S. Stock Indices Rebound Modestly from Monday's Drops
●Malaysia and EU Poised to Restart Free Trade Talks
●Malaysia's Finance Ministry Plans to Leverage GLICs' Liquidity for Economic Growth
●Stocks to watch: Genting Malaysia, Ranhill Utilities, YTL Power
-moomoo News MY
MY Morning Wrap | MN Holdings and Reservoir Link Form Joint Venture for Solar Project on Pulau Tioman
Wall Street Summary
In a late-day attempt to recover from earlier losses in the week, major U.S. stock indices posted modest gains on Thursday. The $S&P 500 Index (.SPX.US)$ saw an increase of 0.47%, the $Dow Jones Industrial Average (.DJI.US)$ edged higher by 0.13%, and the $NASDAQ 100 Index (.NDX.US)$ rose by 0.51%, all striving to offset the declines experienced on Monday. The market's late push past 4 pm ET reflects investor efforts to regain some positive momentum.
Breaking News
Malaysia and EU Poised to Restart Free Trade Talks
The EU Ambassador to Malaysia, Michalis Rokas, has indicated that the resumption of negotiations for the Malaysia-EU Free Trade Agreement (MEUFTA) could be imminent, with talks potentially restarting within a couple of months. Discussions on the MEUFTA, which began in 2010 but stalled over issues such as palm oil and sustainability, have gained momentum following Malaysian Prime Minister Anwar Ibrahim's push during a trade mission to Germany. Rokas emphasized the strong trade ties between the EU and Malaysia and the benefits realized by other countries that have entered into FTAs with the EU, suggesting that an agreement could be transformative for Malaysia's economy. With the EU being Malaysia's fourth-largest trading partner, both parties see the potential for cooperation in industries such as manufacturing and semiconductors, with the FTA providing a stable framework amidst global uncertainties.
Malaysia's Finance Ministry Plans to Leverage GLICs' Liquidity for Economic Growth
Malaysia's Finance Minister II, Datuk Seri Amir Hamzah Azizan, has outlined a strategy to utilize the significant liquidity held by government-linked investment companies (GLICs) to fuel economic growth and support structural reforms under the Economy Madani framework initiated by Prime Minister Datuk Seri Anwar Ibrahim. With RM1.8 trillion in liquidity, the GLICs—comprising prominent funds such as EPF, Khazanah Nasional, KWAP, PNB, LTH, and LTAT—could become a major force in domestic direct investment (DDI). The Government-Linked Entities Activation and Reform Programme (GEAR-uP) aims to enhance GLICs' capacity to invest domestically, thereby driving equitable benefits for Malaysians and creating new economic ecosystems. Additionally, Amir Hamzah has plans to expand Malaysia's intergenerational wealth fund, Kumpulan Wang Amanah Negara (KWAN), as part of efforts to improve the country's fiscal space and address other economic issues, including the retargeting of RON95 fuel subsidies. More insights on these initiatives will be available in the upcoming Aug 12, 2024 issue of The Edge Malaysia weekly.
Stocks to Watch
$GENM (4715.MY)$: The Kuala Lumpur High Court has ruled that First World Hotels & Resorts Sdn Bhd is responsible for the death of a patron at Genting Highlands due to the negligence of one of its employees. Judicial Commissioner Raja Ahmad Mohzanuddin Shah found that Nurul Suhaida Dahlan, a 34-year-old housekeeping assistant, failed in her duty of care by allowing unauthorized entry into the room of Xie Ning, which resulted in his death in June 2019. Genting Malaysia Bhd, the parent company of the hotel, is thus indirectly held accountable. The court has awarded Wang Cui Lin, the widow of the deceased, damages exceeding RM800,000. This judgment emphasizes the legal obligations of hospitality service providers to ensure the safety and security of their guests.
$ASTEEL (7020.MY)$: Asteel Group Bhd, through its subsidiary Asteel (Sarawak) Sdn Bhd, has partnered with Sarnatec Sdn Bhd to clinch a RM61.2 million contract awarded by Gamuda Engineering Sdn Bhd. The consortium will undertake roofing and wall cladding works for the EBP1A Hyperscale Data Centre located at Elmina Business Park, Selangor. The project, set to commence on August 12, is expected to span a period of 15 months. This contract represents a significant venture for Asteel Group into the construction of high-tech infrastructure, aligning with the growing demand for advanced data centre facilities in the region.
$STRAITS (0080.MY)$: Straits Energy Resources Bhd has announced its intention to divest its 51% stake in Megah Port Management Sdn Bhd (MPM), the operator of Labuan Liberty Port, to LPM Holdings Sdn Bhd. The transaction, valued at RM5 million in cash, represents the company's strategic move to exit the port operation and management sector. This decision allows Straits Energy to streamline its focus on core businesses, which is expected to enhance operational efficiency and effectiveness across the group. The sale signifies a shift in the company's business strategy as it aims to optimize its operations and concentrate on its main areas of expertise within the oil trading and fuel bunkering service industry.
$SWIFT (5303.MY)$: Swift Haulage Bhd, Malaysia's leading container haulage company, has disclosed a 14.3% decrease in net profit for the second quarter of the fiscal year 2024 (2QFY2024), recording RM8.33 million compared to RM9.72 million in the same period last year. The drop in earnings is attributed to reduced profit margins. Consequently, earnings per share for 2QFY2024 also saw a decline, coming in at 0.95 sen compared to 1.48 sen in 2QFY2023. Nonetheless, the company experienced a 4.7% increase in revenue during the quarter, totaling RM172.87 million against RM165.1 million in the previous year. This revenue growth was primarily driven by the container haulage and land transportation sectors, which made up approximately 75.3% of the total revenue for the quarter.
$RANHILL (5272.MY)$: Following the acquisition of Ranhill Utilities Bhd by YTL Power International Bhd, the company has experienced a shake-up in its board composition with the resignation of four independent directors. The departing board members include Datuk Abdullah Karim, Abu Talib Abdul Rahman, Dr Arzu Topal, and Jeffrey Bosra. Their resignations occurred just after the introduction of five new board members, signaling a significant restructuring of Ranhill Utilities' governance following the takeover. This change in leadership is likely to align the utility company's direction with the strategic vision of its new parent company, YTL Power International.
$TMCLIFE (0101.MY)$: TMC Life Sciences Bhd has announced its decision to proceed with a domestic inquiry involving its currently suspended group chief executive officer, Wan Nadiah Wan Mohd Abdullah Yaakob. This move comes after unsuccessful attempts to resolve issues through two show cause letters and a subsequent mediation process. The company is set to issue a notice for the domestic inquiry, which will provide Wan Nadiah with the chance to present her case before an independent panel. The inquiry is part of the company's formal procedure to address the circumstances that led to the CEO's suspension.
$MNHLDG (0245.MY)$: MN Holdings Bhd is teaming up with Founder Energy Sdn Bhd, a majority-owned subsidiary of Reservoir Link Energy Bhd, to bid for a solar energy project on Pulau Tioman. The project, initiated by Malaysia's utility giant, Tenaga Nasional Bhd (TNB), will see MN Holdings' wholly-owned subsidiary, MN Power Transmission Sdn Bhd, entering into a 20:80 joint venture with Founder Energy. This strategic collaboration aims to leverage the strengths of both entities to secure and execute the renewable energy project as part of Malaysia’s ongoing efforts to increase the deployment of sustainable energy solutions.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
MY Morning Wrap | MN Holdings and Reservoir Link Form Joint Venture for Solar Project on Pulau Tioman
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