TSA Group Bhd, a supplier of industrial hardware products that also manufactures stainless steel pipes and metal products, has inked an underwriting agreement with AmInvestment Bank Bhd for its upcoming initial public offering on the ACE Market of Bursa Malaysia.

TSA inks underwriting agreement with AmInvestment Bank for ACE debut

KUALA LUMPUR (Nov 28): Engineering support services provider CPE Technology Bhd, which is en route to listing on the Main Market of Bursa Malaysia on Dec 7, said its initial public offering (IPO) has been oversubscribed by 17.69 times by the Malaysian public.

Public portion of CPE Tech’s IPO oversubscribed by over 17 times

Reddit Inc is again holding talks with potential investors for an initial public offering for the social media company, according to people familiar with the matter, as hopefuls prepare for a long-awaited reopening of the market for new listings.

Reddit leads class of 2024 US IPO candidates testing the water

KUALA LUMPUR (Nov 27): Mechanical, electrical and process utilities (MEP) engineering company Critical Holdings Bhd, which is set to debut on the ACE Market on Dec 18, has set its initial public offering (IPO) price at 35 sen per share, to raise RM39.03 million under the listing exercise.

Critical Holdings sets IPO price at 35 sen per share, to raise RM39 mil

CGMI Bhd, which provides information and communication technology (ICT) managed services, said it has received approval from Bursa Securities to list on the ACE Market.  

The group, which provides ICT services for the food and beverage (F&B) service management system and  hospital information system (HIS), has planned a public issue of 110 million new shares, representing 16.39% of its enlarged issued share capital.

ICT managed services provider CGMI gets Bursa Malaysia nod for ACE Market listing  

Building support services provider KJTS Group Bhd said it has received the approval from Bursa Securities to list on Bursa Malaysia’s ACE Market.

The group, which installs and manages building cooling energy systems and provides other facilities management services in Malaysia, Thailand and Singapore, is set to offer 31.69% of its enlarged share capital through an initial public offering (IPO) with no offer for sale by existing shareholders

Building support services provider KJTS gets Bursa nod for ACE Market listing

SINGAPORE (Nov 22): Carro, a Southeast Asian online automotive marketplace, is in talks with potential investors to raise over US$100 million ahead of a possible US listing in 18 months, said a senior executive at the Singapore-headquartered unicorn.

SoftBank-backed Carro in talks to raise over US$100 mil ahead of potential US IPO — exec

Engineering precision parts manufacturer CPE Technology Bhd has priced its shares at RM1.07 apiece for its initial public offering (IPO), which seeks to raise approximately RM179.58 million.

Main Market-bound CPE Technology sets IPO price at RM1.07, to raise RM179.58m

ACE Market-bound Panda EcoSystem Bhd's shares offered to the public were oversubscribed by 153.47 times, said the issuing house.

A total of 20,021 applications for 5.18 billion shares worth RM829.41 million were received for the 33.56 million shares offered to the public, representing an overall oversubscription rate of 153.47 times, said Tricor Investor & Issuing House Services Sdn Bhd in a statement on Friday.

Retail management solutions group Panda EcoSystem's IPO oversubscribed by 153 times

The initial public offering (IPO) market in Malaysia is expected to remain robust in 2024, supported by a strong pipeline of offerings and healthy institutional and retail investors' appetites for companies with good growth propositions, particularly those in the consumer and tech or tech-related industries, according to Deloitte Malaysia.

IPO market in Malaysia to remain robust in 2024, especially for consumer, tech-related industries, says Deloitte Malaysia

Cable and wire manufacturer Master Tec Group Bhd has obtained Bursa Malaysia's approval to launch an initial public offering (IPO) on the ACE Market, and targets to list by the first quarter of 2024.

Cable and wire manufacturer Master Tec gets Bursa nod to list on ACE Market

KUALA LUMPUR (Nov 8): Panda Eco System Bhd is pricing its shares at 16 sen apiece, seeking to raise some RM17.5 million through an initial public offering (IPO) on Bursa Malaysia’s ACE Market by end of this month.

Panda Eco prices IPO at 16 sen, seeks to raise RM17.5m on ACE Market

Shein is touting its hopes for a valuation of as much as US$90 billion (RM419.76 billion) as it lays the groundwork for an eventual US initial public offering (IPO), a level that far exceeds how the fast-fashion giant is valued in private trades, according to people familiar with the matter.

Shein targets up to US$90b valuation in US IPO, sources say

Chinese electric truck maker Windrose Technology Inc has started preparatory work for an initial public offering (IPO) in the US next year, as it plans the commercial roll-out of its first vehicle.

Chinese electric truck maker Windrose seeking US IPO in 2024

(Nov 30): As a rush of Wall Street strategists call for all-time highs in US stocks in the year ahead, JPMorgan Chase & Co. stands apart, releasing the gloomiest forecast so far among its peers.

The S&P 500 Index is set to drop to 4,200 by the end of 2024 — roughly 8% from its c...

JPMorgan’s S&P 500 outlook for 2024 is grimmest on Wall Street

(Nov 30): Warren Buffett’s Berkshire Hathaway Inc. said the billionaire former owner of Pilot Travel Centers sought to influence Pilot executives’ business decisions in order to juice the company’s quarterly earnings and pump up the value of his remaining stake in the truck stop chain.

...

Berkshire says billionaire Haslam promised illicit payments to juice Pilot’s profit

(Nov 30): Alphabet Inc.’s Google struck a deal with Canadian Prime Minister Justin Trudeau’s government over a contentious law requiring digital platforms to pay for news.

Google agreed to contribute C$100 million (US$74 million) in financial support annually, indexed to inflation, for ...

Google strikes deal with Canada to pay for online news

(Nov 30): Federal prosecutors accused an Indian government agent of directing a thwarted plot to assassinate a Sikh separatist with US citizenship in New York, allegations that mirror a killing in Canada and risk inflaming already delicate US-India ties.

The accusations were spelled out...

US accuses Indian agent in plot to kill US citizen in NY

MUNICH, Germany (Nov 30): FC Copenhagen earned a goalless draw at already-qualified Bayern Munich in their Champions League Group A match on Wednesday to snap their opponents' 17-game winning run in group-stage matches and stay in contention for a second-place finish.

The Bavarians have...

Copenhagen snap Bayern's winning run in Champions League with goalless draw

NEW YORK/LONDON (Nov 30): MSCI's global equities index crept higher on Wednesday while Treasury yields fell as third-quarter data provided encouraging signs for the economy even as U.S. Federal Reserve officials provided mixed messages on monetary policy.

Commerce Department data showed...

Equities gain while Treasury yields fall on data, talk of Fed rate cuts

ISTANBUL (Nov 30): Manchester United goalkeeper Andre Onana made two bad errors as hosts Galatasaray twice fought back from two goals down to earn a thrilling 3-3 draw on Wednesday and leave the English side's hopes of reaching the Champions League last 16 in serious doubt.

Alejandro Ga...

Onana woe as Galatasaray fight back to deny Man United

NEW YORK (Nov 30): U.S. stocks edged lower on Wednesday as a robust upward GDP revision eased recession fears, while Federal Reserve officials' remarks raised questions about the duration of the central bank's restrictive policy.

The Nasdaq joined the S&P 500 in negative territory, ...

S&P 500 ends lower on mixed Fed messages, PCE on deck

LOS ANGELES (Nov 30): Walt Disney Chief Executive Bob Iger said on Wednesday he would "definitely" step down when his current contract ends in 2026 and that the ABC broadcast network was not for sale.

In a wide-ranging interview at the New York Times Dealbook Conference, Iger also said ...

Disney CEO Iger promises 2026 exit, says ABC not for sale

KUALA LUMPUR (Nov 29): Rapid KL has denied a viral post that there was an explosion or fire involving a Mass Rail Transit (MRT) train along the Kajang route this afternoon.

Rapid KL in a statement on Wednesday informed that the incident only involved the sound of a spark from train numb...

Rapid KL denies explosion involving MRT train

Here is a brief recap of some corporate announcements that made news on Wednesday: Axiata Group Bhd, Cahya Mata Sarawak Bhd, Berjaya Corp Bhd, Mega First Corp Bhd, QL Resources Bhd, Sarawak Oil Palms Bhd, PPB Group Bhd, PJBumi Bhd, Apex Healthcare Bhd, Boustead Heavy Industries Corporation Bhd, FGV Holdings Bhd, Supermax Bhd, Genetec Technology Bhd, Icon Offshore Bhd, Titijaya Land Bhd, Public Bank Bhd, KSL Holdings Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Pharmaniaga Bhd.

Axiata, CMSB, Berjaya Corp, Mega First, QL Resources, Sarawak Oil Palms, PPB, PJBumi, Apex Healthcare, Boustead Heavy, FGV, Supermax, Genetec, Icon Offshore, Titijaya, Public Bank, KSL, MHB, Pharmaniaga

Keretapi Tanah Melayu's (KTM) Komuter service and Electric Train Service (ETS) are experiencing disruptions of between 15 and 30 minutes from the original schedule on Wednesday due to a train derailment incident at the Klang Valley Double Tracking project engineering 1 (KVDT1) at KM387.755 between the Kuala Lumpur Station and KL Sentral Station at 4.05am.

KTM Kommuter, ETS services disrupted by derailed train

Supermax Corp Bhd logged a net loss of RM2.05 million in the first quarter ended Sept 30, 2023 (1QFY2024), marking the group's fourth straight loss-making quarter, as revenue shrunk amid weaker demand and persistent lower selling prices.&nbsp;

Supermax remains in the red, but narrows net loss in 1QFY2024 

Pharmaniaga Bhd, which has been granted seven concessions to provide medical supplies to public hospitals, is making a cash call via a renounceable rights issue of new shares plus private placement, to raise up to RM654.61 million to pare down debts.&nbsp;

Pharmaniaga proposes rights issue and private placement to raise up to RM654.6 mil fresh capital 

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EVENING 5: Five things you need to know today

Huawei Technologies' new smart car software and components firm is set for a valuation of up to 250 billion yuan (RM161.3 billion) after it sells stakes to investors including Changan Auto, three people with knowledge of the matter said.

Huawei's new smart car firm valued up to US$35b amid advanced stake talks — sources

Pharmaniaga Bhd, which is making a cash call plus private placement to raise RM654.6 million in fresh equity, announced a net loss of RM49.34 million or 3.67 sen per share for the third quarter ended Sept 30, 2023 (3QFY2023), more than double the RM13.99 million net loss, or 1.07 sen per share, it logged a year earlier.

After vaccines impairment, Pharmaniaga makes RM65.2m provision for ‘stock obsolescence’

Property developer KSL Holdings Bhd has posted a 43.1% jump in its net profit for the third quarter ended Sept 30, 2023 (3QFY2023) to RM84.58 million from RM59.12 million a year ago, mainly contributed by the group’s flagship property projects in Johor Bahru, Kluang and Klang.

KSL posts 43% jump in 3Q net profit on contributions from flagship projects 

Titijaya Land Bhd reported an accident occurred on Tuesday night (Nov 28) at its purpose-built logistics facility construction site in Barat Daya, Penang, resulting in the death of a worker.

Titijaya Land confirms fatal accident at construction site in Penang

UEM Sunrise Bhd said its former Canadian unit has been sued for defects in one of its buildings in the mixed residential and commercial use complex located in the province of British Columbia, known as Quintet Tower D.

UEM Sunrise's Canadian unit sued for defects in building

Cahya Mata Sarawak Bhd (CMS)’s net profit fell 93.5% to RM9.98 million in the third quarter ended Sept 30, 2023 (3QFY2023) from RM154.36 million a year earlier, due to a lower share of profit from its associates as well as absence of one-off gains recognised during the previous year's corresponding quarter.

Cahya Mata Sarawak's 3Q net profit down on lower contribution from associates, absence of one-off gains

E-government service provider MyEG Services Bhd (MyEG) said it has received approval from the Road Transport Department (JPJ) to proceed with the pilot phase of the MyEG Drive Testing System (MYDTS) involving actual test candidates.

MyEG gets JPJ nod to start driving test system on actual candidates

KUALA LUMPUR (Nov 29): Rapid KL has denied a viral post that there was an explosion or fire involving a Mass Rail Transit (MRT) train along the Kajang route this afternoon.

Rapid KL in a statement on Wednesday informed that the incident only involved the sound of a spark from train numb...

Malaysia Airports Holdings Bhd (MAHB) registered a net profit of RM94.76 million in the third quarter ended Sept 30, 2023 (3QFY2023) against a net loss of RM9.04 million in the previous year, on the back of an increase in revenue, other income, and improved share of profits from associates and joint ventures plus lower finance costs.

MAHB posts RM95 mil net profit in 3Q on lower finance costs, higher revenue

Oil and gas (O&amp;G) services provider Velesto Energy Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) dropped 91.9% to RM1.22 million from RM14.97 million in the corresponding quarter a year ago, despite higher revenue, as it incurred higher operating and finance costs.

Velesto Energy's 3Q profit drops 91%, dragged by higher costs

Lower tax expenses helped Berjaya Corp Bhd (BCorp) return to the black with a net profit of RM15.77 million for its first quarter ended Sept 30, 2023 (1QFY2024), after incurring a net loss of RM79.33 million in the immediate preceding quarter and a net loss of RM16.42 million in the year-ago first quarter.

Berjaya Corp back in black in 1Q on lower tax expenses

Malaysia Building Society Bhd’s (MBSB) net profit dropped 44.3% to RM32.84 million or 0.46 sen for the third quarter ended Sept 30, 2023 (3QFY2023), from RM58.96 million or 0.82 sen a year earlier.

MBSB's 3Q net profit down 44% on higher opex, impairment

The US economy grew at an even faster pace in the third quarter than originally estimated, reflecting upward revisions to business investment and government spending.

US economy grew 5.2% in 3Q, more than first estimated 

Oriental Holdings Bhd's net profit jumped 190.59% to RM297.42 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM102.35 million a year earlier, thanks to a gain from a bargain purchase on step acquisition of RM102.4 million as well as a gain on disposal of its associate of RM116.4 million.

Oriental Holdings 3Q net profit jumps on gain on disposal of associate

Expressing disappointment over the removal of the generational endgame (GEG) component in the revised tobacco bill, former health minister Datuk Seri Dr Dzulkefly Ahmad has nevertheless called on both government and opposition lawmakers to support the bill.

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