KUALA LUMPUR: Companies that recently made headlines include Rapid Synergy, KNM, SSF, Alliance Bank, Catcha Digital, DNeX, AWC
, Luster, PetChem, MAA and T7 Global, said Apex Research.
Rapid Synergy Bhd is disposing of a freehold land in Desa Sri Hartamas, together with a five-storey commercial building, for RM32.39 million.
Datuk Seri Mahmud Abu Bekir Taib, the son of Sarawak Yang di-Pertua Negeri Tun Abdul Taib Mahmud, has emerged as a substantial shareholder of KNM Group Bhd after acquiring 203.47 million shares or a 5.03% stake in the financially-distressed company that is currently embroiled in a boardroom tussle.
SSF Home Group Bhd, which is scheduled to be listed on the ACE Market of Bursa Malaysia on Oct 12, has posted a net profit of RM2.65 million on the back of revenue of RM39.3 million for the first quarter ended July 31, 2023.
Alliance Bank Malaysia Bhd has announced that it will relocate to a new corporate head office after it acquired a 24-floor office suite in Jalan Ampang, Kuala Lumpur, for RM405.84 million.
Catcha Digital Bhd has announced the acquisition of two digital media companies in a bid to complement its mission to build a leading digital group in Southeast Asia.
Dagang Nexchange Bhd (DNeX) expects to expand its revenue through the introduction of its new TradeSwift DagangNet superapp, developed by its wholly-owned unit Dagang Net Technologies Sdn Bhd, which intends to implement a monthly fee ranging from RM25 to RM28 for users starting January next year.
AWC Bhd has decided to exercise its call option to buy the rest of rail specialist Trackwork & Supplies Sdn Bhd it does not own for RM5.48 million.
Luster Industries Bhd has proposed to undertake a RM50 million capital reduction via cancellation of its paid-up share capital to eliminate its accumulated losses.
Petronas Chemicals Group Bhd (PCG) has reached a final investment decision to construct Asia’s largest advanced chemical recycling plant in Pengerang, Johor with a capacity of 33 kilotonnes per annum.
MAA Group Bhd, which holds an 8.55% equity stake in cash-strapped KNM Group Bhd, intends to vote in favour of retaining the current KNM directors, and vote against the appointment of new candidates at KNM's EGM scheduled to be held on Oct 16.
T7 Global Bhd has secured a contract award worth RM21.17 million from Tenaga Nasional Bhd (TNB).
Overnight, Wall Street recovered from intraday lows to extend its gains after several US Federal Reserve officials undertook a dovish tone on future interest rate hikes this year. European stock markets retreated, while Asia markets closed mixed.
In Malaysia, the FBM KLCI (+0.03%) ended on a flattish note as gains were capped by rising geopolitical tension between Israel and Palestine. The lower liners also staged a pullback, while the Energy sector (+2.1%) rallied on expectations of tighter crude oil supplies.
"Choppiness is expected to prevail overtime as the FBM KLCI recovery is limited by the geopolitical instability in Middle East.
"The lower liners are expecting further pullback as traders were quick to lock in profits from recent gains," said Apex.
