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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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PMB Technology to Raise RM300 Million from Rights Issue

 

PMB Technology Bhd (KL) has announced plans to raise approximately RM300 million through a rights issue, subject to the final issue price and basis of entitlement.

Key Takeaways:

  • Rights Issue Proposal: PMB Technology, involved in metallic silicon and aluminium manufacturing, construction, and fabrications, aims to raise RM300 million. The exact amount will be finalized and announced later.

  • Current Shares: As of July 26, 2024, PMB Technology has issued 1.62 billion shares, including 25.2 million treasury shares. The company intends to retain these treasury shares and will not divest or distribute them before the entitlement date.

  • Use of Proceeds: The funds raised from the rights issue will be used to repay bank borrowings and cover expenses incurred during the exercise. The initiative aims to strengthen the group’s financial position and reduce its gearing.

  • Shareholder Participation: The proposed rights issue provides shareholders with an opportunity to participate in an equity offering on a pro-rata basis, allowing them to be involved in the group’s future growth and prospects.

  • Timeline: Subject to approvals from relevant authorities and barring unforeseen circumstances, the rights issue exercise is expected to be completed in the fourth quarter of 2024.

PMB Technology’s move to raise funds through a rights issue is designed to enhance its financial stability and provide shareholders with a chance to invest further in the company's growth.

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