KUALA LUMPUR: JF Apex Research expects Progressive Impact Corp Bhd (PICorp), BTM Resources Bhd, Yee Lee Corp Bhd, MLABS Systems Bhd, SMTrack Bhd and Tasek Corp Bhd to be among the stocks to watch on Wednesday.
PICorp has won an RM8.46mil contract to construct a sewerage treatment plant in Port of Tanjung Pelepas.
BTM Resources is no longer proceeding with its plan to venture into the liquefied petroleum gas (LPG) business in Kazakhstan.
Yee Lee’s founder and executive chairman Datuk Lim A Heng @ Lim Kok Cheong and parties acting in concert (joint offerors), who collectively hold a 89.94% stake in the company, are making another attempt to acquire the rest of the shares they do not own.
The joint offerors have launched a voluntary general offer (VGO) for the rest of the shares in Yee Lee for RM2.06 per share — an 11.5% discount to its previous offer price of RM2.33 made last year.
Mlabs Systems has signed a memorandum of understanding (MoU) with Cisco International Ltd to strengthen its video conferencing business and offer a new product for listed companies to conduct virtual shareholder meetings.
SMTrack has proposed a private placement exercise to raise up to RM5.3mil for working capital.
The company said it intends to issue up to 53.01 million new shares, representing 30% of its issued shares as at May 8, 2020, at an issue price to be determined later.
K-One Technology said the nasal swabs it intends to manufacture are to be marketed in Malaysia, subject to getting the requisite approval from the authorities.
Hong Leong Asia Ltd — through subsidiaries HL Cement (Malaysia) Sdn Bhd and Ridge Start Ltd — have further cemented their ownership of loss-making cement manufacturer Tasek Corp, launching an unconditional voluntary takeover of the shares they do not own for RM5.80 apiece.
Destini has bagged a contract to provide tubular equipment and services for Japan's JX Nippon Oil & Gas Exploration (Malaysia) Ltd’s drilling campaign in Sarawak. The value of the contract was not disclosed.
Frontken saw its 1QFY20 net profit rise by 10.4% year-on-year, on the back of better revenue from its Taiwan semiconductor business.
Ecofirst Consolidated’s 3QFY20 net profit fell 20.1% year-on-year, on the back of lower revenue which declined 24.7%.
Meanwhile, US markets tumbled overnight as investors evaluate the reopening of economies.
Earlier, European stocks declined following new coronavirus cases.
“Following the negative performances in the US and Europe, the FBM KLCI could retest the support of 1,370 points,” JF Apex said.
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