Trading ideas: Yong Tai, MY EG, Inix, MTD ACPI, Masteel, Tropicana

KUALA LUMPUR: JF Apex Research expects Yong Tai, MY EG, Inix, MTD ACPI, Masteel and Tropicana to be among the stocks to watch on Tuesday following their corporate announcements.

Yong Tai plans to place out new shares to raise up to RM92mill to fund the development of its Impression City and Impression U-Thant projects, as well as for working capital. The private placement involves up to 20% of its issued shares.

As for MyEG, it has teamed up with Anhui Zhifei Longcom Biopharmaceutical Co Ltd (Zhifei) to obtain aMalaysian halal certification for the Chinese biopharma company’s Covid-19 vaccine and to exclusively distribute the vaccine in Malaysia over three years.

Former inspector-general of police (IGP) Tan Sri Mohamad Fuzi Harun resigned from his role as Inix's independent and non-executive chairman, five days after his appointment. Succeeding the former IGP as Inix's chairman will be Tan Sri Syed Mohd Yusof Tun Syed Nasir.

MTD ACPI Engineering has received an offer from its controlling shareholder MTD Capital Bhd to take it private via a selective capital reduction and repayment exercise (SCR).

Masteel proposed a rights issue with free detachable five-year warrants to raise up to RM81.5mil which will be used mainly for working capital and to repay bank borrowings.

Solarvest has secured a contract from Southern Cable to install a 2.7 megawatt (MW)-peak rooftop solar PV system on its cable and wires manufacturing plant in Kuala Ketil, Kedah.

Tropicana Corp announced a couple of boardroom changes, including the resignation of an independent director and the redesignation of one to a senior independent director's post. The company was asked to justify its recent acquisitions of RM78.47mil worth of Top Glove shares.

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