MY Morning Wrap | MyEG Acquires 14.4% Strategic Stake in HeiTech Padu for RM31m

Moomoo News MY wrote a column · Mar 12, 2024 08:42

Good morning mooers! Here are things you need to know about today's market:

●Nvidia shares take a breather as US stock market rally pauses

●Foreign investors record highest net sell of Malaysian equities at RM1.51bn

●Stocks to watch: MyEG, FLEXI

-moomoo News MY

MY Morning Wrap | MyEG Acquires 14.4% Strategic Stake in HeiTech Padu for RM31m

Wall Street Summary

On Monday, U.S. stocks traded mostly lower, continuing the previous week's pullback from record levels. Investors were eagerly awaiting key inflation readings to be released this week to help determine the timing of the Federal Reserve's rate cuts. The $Dow Jones Industrial Average (.DJI.US)$ edged up by 47 points, or less than 0.12%, while the $S&P 500 Index (.SPX.US)$ declined by 5 points, or 0.11%. The $Nasdaq Composite Index (.IXIC.US)$ fell by 65 points or 0.41% to 16,042. Similar to last week, the market was closely watching macro data, with the consumer-price index set to release on Tuesday and the producer-price index on Thursday.

Breaking News

Foreign investors record highest net sell of Malaysian equities at RM1.51bn

Foreign investors recorded a record high net sell of RM1.51bn worth of equities for the week ended March 8, according to a weekly fund flow report by MIDF Research. However, towards the end of the week, there was a moderation in the net selling, likely influenced by Bank Negara's decision to maintain its overnight policy rate at 3%, as expected. Utilities, transportation, and telecommunications and media sectors received the highest net foreign inflows, while financial services, industrial products and services, and plantation sectors recorded the highest net foreign outflows. On the other hand, local institutions and retailers continued their trend of net buying for two consecutive weeks. Average daily trading volume declined across all investor classes.

Stocks to Watch

$MYEG (0138.MY)$: MyEG Services Bhd's unit, MyEG Capital Sdn Bhd, has acquired a 14.4% stake in HeiTech Padu Bhd for RM31.25m through open market and direct business transactions. The acquisition involved 5.16 million shares purchased from the open market on March 7 for RM11m in cash, or RM2.134 per HeiTech share, and another 9.42 million shares acquired through direct business transactions for RM20.25m, or RM2.15 per share on average. MyEG said that the investment would enable potential collaborations with HeiTech, creating synergies leveraging their expertise and experience as established e-government service providers.

$HTPADU (5028.MY)$ has announced that it secured a contract extension worth RM13.11m for providing maintenance services to the Malaysian Immigration System (MyIMMs). The one-year contract extension started on Feb 18, and any further renewal or extension will be at the discretion of the government.

$REXIT (0106.MY)$: Rexit Bhd has made several changes to its boardroom, appointing Datuk Seow Gim Shen as its new CEO, effective from Monday, succeeding Datuk Chung Hon Cheong, who stepped down on the same day. Wong Tack Heng has been appointed as the new chief operating officer, following the resignation of Si Tho Yoke Meng.

$DESTINI (7212.MY)$: Destini Bhd has announced the resignation of former Dewan Rakyat speaker Tan Sri Azhar Azizan Harun as its independent and non-executive chairman. Harun served for nine months at the helm but resigned due to personal commitments. The group has also appointed its non-independent director Datuk Abd Aziz Sheikh Fadzir as the new chairman.

$FLEXI (0231.MY)$: Flexidynamic Holdings Bhd, a rubber glove solution provider, has secured a contract worth RM12.4m to install mechanical and electrical works for a water treatment plant and intake in Jajahan Gua Musang, Kelantan. The contract was awarded to its wholly-owned subsidiary, Flexidynamic Engineering Sdn Bhd, by Usaha Pammek Sdn Bhd, and the project is expected to be completed by March 20, 2025. Additionally, Sea Capital Holdings Sdn Bhd has become a substantial shareholder in Flexidynamic after subscribing to 15 million shares or a 5% stake as part of a private placement exercise.

$MJPERAK (8141.MY)$: Perak Corporation Bhd has signed a development agreement to proceed with a housing project that will help rescue the financially troubled state-owned real estate developer. The Teluk Dalam land, which measures 56.31 acres (22.78 hectares), will be developed into a gated housing scheme that includes bungalows, semi-detached houses, and terraced houses.

$UMC (0256.MY)$: UMediC Group Bhd has reported a 14.8% decline in net profit for the second quarter ended Jan 31, 2024 (2QFY2024), which fell to RM2.48 million from RM2.91 million in the previous year. The decrease was primarily due to a drop in orders for the marketing and distribution segments. However, revenue for the quarter increased to RM13.48 million from RM12.52 million previously. For the first six months of the financial year, the company's net profit fell to RM4.37 million from RM4.91 million, while revenue increased to RM28 million from RM23.83 million.

Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more

Translate

Report

323K Views

Comment

Moomoo News MY

Moomoo News Official Account

14K

Followers

Following

18K

Visitors