MY Morning Wrap | Sunway Redeems Sukuk in Advance

The $S&P 500 Index(.SPX.US)$ fell 0.5% to 4,569.78 while the $Dow Jones Industrial Average(.DJI.US)$ slipped 0.1% to 36,204.44. The $Nasdaq Composite Index(.IXIC.US)$ declined 0.8% to 14,185.49.

$KLK(2445.MY)$: Kuala Lumpur Kepong Bhd (KLK) has achieved a significant milestone in its pursuit of sustainable development practices by obtaining its first sustainability-linked loan (SLL) of RM500 million from Maybank to cater to the group's general working capital requirements.

$SUNWAY(5211.MY)$: Sunway Bhd has bought back and cancelled RM200 million in perpetual sukuk issued under the sixth series of its RM5 billion Perpetual Islamic Medium Term Note Programme. Post-buyback and redemption, there is no outstanding perpetual sukuk under the programme, according to the company.

$CARLSBG(2836.MY)$: Carlsberg Brewery Malaysia Bhd has announced a partnership with Japan's Sapporo Breweries Ltd. The deal allows the brewery to produce Sapporo Premium Beer for distribution in Malaysia and Singapore. Carlsberg will utilize the license granted by Sapporo, which is renowned for its longstanding reputation in beer brewing for over 140 years globally. Effective from January 1st, 2024, the license will enable Carlsberg to brew and manufacture Japan's pioneer beer within Malaysia for five years, with an automatic renewal for a further three years. The group will distribute the beer across all channels in the country, including duty-free zones.

$MAGNI(7087.MY)$: Magni-Tech Industries Bhd recorded a 12.8% decrease in net profit for the second quarter ended October 31, 2023 (2QFY2024), with figures dropping to RM21.78 million from RM24.98 million during the same period last year. The drop in revenue and other income from both its garment and packaging business segments contributed to this decline. Revenue also decreased by 16.2% to RM287.6 million compared to the previous corresponding period, mainly due to lower sales orders received. The garment segment accounted for approximately 94.5% of the group's revenue and profit from operations, recording a 15.6% decrease in revenue to RM266.12 million for 2QFY2024 compared with RM315.58 million a year ago.

$AAX(5238.MY)$: AirAsia X Bhd has entered into an aircraft lease agreement with Asia Aviation Capital Ltd, a wholly-owned subsidiary of AirAsia Bhd for a related party transaction. The agreement entails a one-year lease for an aircraft bearing MSN1596, with the total contract value (inclusive of lease rental and maintenance reserves) approximated at RM30.54 million.

$KAB(0193.MY)$: Kinergy Advancement Bhd (KAB) has been appointed as a sub-contractor to undertake electrical, telephone, and extra low voltage services for the M Nova residential development in Kepong, Kuala Lumpur, worth RM31.04 million. The one-stop sustainable energy and engineering solutions specialist said that it had accepted a letter of award issued by Myvilla Development Sdn Bhd, a subsidiary of property developer Mah Sing Group Bhd, for the appointment. KAB added that this project is an additional contribution to the group's order book and will further reinforce its expertise as an electrical specialist.

$ECOFIRS(3557.MY)$: EcoFirst Consolidated Bhd has awarded a RM389 million contract to China State Construction Engineering (M) Sdn Bhd. The agreement pertains to the superstructure works of serviced apartment KL48 located in Chan Sow Lin, Sungai Besi.

$CNERGEN(0246.MY)$: Cnergenz Bhd, a company listed on the ACE Market, has received approval from the Securities Commission Malaysia (SC) for its proposed transfer to the Main Market. The electronics manufacturing solutions provider confirmed that the SC had granted its approval under Section 214(1) of the Capital Markets and Services Act 2007, as well as under the Bumiputera equity requirement for public-listed companies.

$ADVCON(5281.MY)$: Advancecon Holdings Bhd has secured yet another earthworks contract from Sime Darby Property Bhd for the Bandar Bukit Raja project in Klang. The company's latest contract, valued at RM35.58 million, marks a continuation of their collaboration with Sime Darby Property.

$REACH(5256.MY)$: Reach Energy Holdings Sdn Bhd has sold its 3.61% stake in Reach Energy Bhd, thereby ceasing to be a substantial shareholder in the oil and gas services group. The stake, constituting 76.93 million shares, was disposed of via a direct business transaction on December 1st as per a filing made on Tuesday.

$HAILY(0237.MY)$: Haily Group Bhd has been awarded a contract worth RM64 million to construct landed homes in Mah Sing Group Bhd's township located in Johor Baru. The construction company confirmed that its subsidiary, Haily Construction Sdn Bhd, had accepted the letter of award from Meridin East Sdn Bhd to build 327 double-storey terrace houses and two substations in Parcel 2G of Mah Sing's township.