Trading ideas: AAX, Gamuda, ACO Group, Inari and MyEG

KUALA LUMPUR: AirAsia X, Gamuda, ACO Group, Inari Amertron and MyEG Services are among the stocks to watch on Wednesday after their corporate news, JF Apex Research said.

AAX is proposing to pay just 0.5% of debt owed to each of its creditors and to terminate all existing contracts so that it can restructure RM33.65bil (US$8.1bil) of liabilities based on a news report.

JF Apex Research also noted that Gamuda’s wholly-owned sub-subsidiary in Vietnam, Gamuda Land HCMC Joint Stock Company, has acquired 5.6 hectares of land in Binh Duong New City, Vietnam for US$53.88mil.

ACO Group is teaming up with electric vehicle (EV) charging specialist EV Connection Sdn Bhd to install a direct current fast-charging station at ACO Group’s new headquarters in Johor Baru, as part of its initiatives to tap into the green technology sector.

Inari Amertron inked an MoU with China Fortune-Tech Capital Co Ltd to set up a joint venture firm in China to carry out outsourced semiconductor assembly and test (OSAT) manufacturing and related businesses for the Chinese market.

MyEG plans to raise up to RM309mil via a private placement.

Straits Energy Resources plans to acquire a vessel for US$3.5mil (RM14.55mil) to expand the business of its 67%-owned Straits Marine Fuels and Energy Sdn Bhd, especially in the supply of low sulphur fuel oil.

Southern Cable has secured a RM18.5mil contract from Tenaga Nasional Bhd for the supply of underground cables and conductors.

Haily has bagged a contract worth RM24.5mil from Meridin East Sdn Bhd for the construction and completion of a terraced residential project in Plentong, Johor Bahru.

Comintel Corp has accepted a revised letter of award from Binastra Construction (M) Sdn Bhd worth RM96.64mil.