Trading ideas: Top Glove, Greatech, Muar Ban Lee

KUALA LUMPUR: Following related corporate announcements and news flow, there may be trading interest in Top Glove, Greatech, Muar Ban Lee, Symphony Life, Scientex, Ekovest, AMMB, Advancecon and Gabungan AQRS, said JF Apex Research.

Top Glove has been instructed by the US Customs and Border Protection (CBP) to carry out additional rectification and verification works in relation to its efforts addressing forced labour issues.

Greatech said it has secured its first purchase order in the United States from a new electric vehicle customer for equipment to produce lithium-ion battery cells.

Muar Ban Lee announced the cash buy of a 3.5% stake in Symphony Life, and the proposed acquisition of a further 10.6% stake in the property developer, from Symphony's executive chairman Tan Sri Mohamed Azman Yahya.

Scientex is acquiring three pieces of freehold agriculture land in Penang for RM246.67 million; Ekovest is purchasing a total of 38.96ha (96.27 acres) of freehold land in Pulai, Johor from Iskandar Waterfront Holdings Sdn Bhd (IWH) for RM944.62 million.

AMMB has confirmed that the issue price for its 300 million private placement shares is fixed at RM2.75 apiece.

The group said the issue price constitutes a 7.44% discount to its five-day volume-weighted average of its shares up to April 2 of RM2.9711.

The group also confirmed that the private placement has been oversubscribed.

Advancecon's agreement with Mydin Mohamed Holdings Bhd to develop a rooftop solar power system at the latter's outlet in Bandar Seremban Utama, Negeri Sembilan has been terminated.

Businesswoman Datuk Kamisah Johan has become a substantial shareholder of Gabungan AQRS after acquiring the entire 49.34 million shares, or a 9.09% stake, in the group offered for sale by way of private placement.
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