Trading ideas: Axiata, Mega First, Vstecs, Pharmaniaga, Sarawak Cable, Paragon Globe, CIMB, IHH, Ni Hsin

KUALA LUMPUR: Here is a summary of the news headlines from Corporate Malaysia.

Axiata Group Bhd and Indonesian group PT Sinar Mas have sought permission from the Indonesian government to merge their telco units, the Indonesian communications minister Budi Arie Setiadi told Reuters on Wednesday.

Mega First Corp Bhd is buying a 64% stake in CSC Agriculture Holdings Sdn Bhd, a company that is involved in plantation and the wholesale of fruits and vegetables, for RM25mn.

Vstecs Bhd’s wholly-owned subsidiary Vstecs Ku Sdn Bhd has been picked as Amazon Web Services' first distributor in Malaysia.

Pharmaniaga Bhd has been flagged by its independent auditors again, as its current deficit and capital deficiency for FY23 widened from a year ago.

Sarawak Cable Bhd has to look for a new white knight to regularise its financials as the Memorandum of Agreement it entered with Serendib Capital Ltd has fallen through.

Paragon Globe Bhd is selling part of a parcel of freehold land it had just acquired in the district of Plentong, Johor Bahru, for RM238.3mn to improve its liquidity and financial position.

Moody's Ratings has affirmed CIMB Group Holdings Bhd's Baa1 issuer ratings and maintained its stable outlook.

IHH Healthcare Bhd on Wednesday said it has invested in Belun Technology Company Ltd that makes devices tackling sleep apnea and other sleep disorders.

Ni Hsin Group Bhd’s wholly-owned subsidiary, Ni Hsin EV Tech Sdn Bhd, on Wednesday launched two high-powered electric motorcycles,

Artroniq Bhd’s 60% owned subsidiary, Fujim Digital Sdn Bhd has proposed to dispose of a piece of land in Ayer Itam, Penang and a single-storey semi-wooden house in Penang for RM1.8mn.

IJM Corporation Bhd’s property arm, IJM Land Bhd has achieved 55% take-up rate for serviced apartment Daffodil Residency since its launch on 1 March 2024.

Industronics Bhd has been appointed as the project management company to develop a hotel and golf course on a 155-acre parcel of land in Langkawi.

PN17 company Ivory Properties Group Bhd had been granted a restraining order by the High Court of Malaya in Penang to restrain all further proceedings against the company from its creditors.

Annum Bhd, formerly known as Cymao Holdings Bhd, has been categorised a PN17 company as its new external auditor Messrs SBY Partners PLT expressed a disclaimer of opinion on its audited financial statements for the 18 months ended 30 June 2023, after they failed to obtain sufficient evidence to verify the group's assets.

Go Hub Capital Bhd, a provider of information technology services catering to the transportation sector, said on Wednesday that it has received approval for its listing on the ACE Market of Bursa Malaysia.

Fitters Diversified Bhd saw Doris Wong Sing Ee emerge as its substantial shareholder after she acquired 45mn shares in the fire protection equipment supplier.

MNRB Holdings Bhd posted a record profit of RM232.6mn in 4QFY24, more than double the RM94.9mn a year ago.

Dufu Technology Corp Bhd’s net profit for 1QFY24 fell 59.3% YoY to RM4.4mn from RM10.9mn due to a drop in revenue and higher overhead costs.

Sentral Real Estate Investment Trust posted a 30.3% YoY increase in its net property income in 1QFY24 to RM38.2mn from RM29.3mn a year ago, on higher contribution from four of its key properties.

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